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On modelling speculative prices: the empirical literature
(2001)
Traditionally, financial theory and in particular asset pricing models have assumed (implicitly or explicitly) a certain probabilistic structure for speculative prices. The probabilistic structure is usually defined in ...
Quality standards for used durables: An indirect subsidy?
(2008)
We construct a theoretical framework to study the impact of quality standards for used durable goods on trade flligatureows, profiligaturets and consumer welfare. We show that asymmetric quality standards generate trade ...
Welfare effects of migration in societies with indirect taxes, income transfers and public good provision
(2001)
We construct a general equilibrium trade model of a two-class small open host or source country. When consumption tax revenue finances the provision of a public good, marginal migration reduces social welfare in the source ...
R&D, innovation, and technological progress: A test of the Schumpeterian framework without scale effects
(2003)
I use U.S. manufacturing industry data to estimate a system of three equations implied by a model of R&D-induced growth in steady state. These equations relate R&D intensity to patenting, patenting to technological progress, ...