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An equilibrium analysis of the probabilistic serial mechanism
(Springer Science+Business Media, 2016-08)
The prominent mechanism of the recent literature in the assignment problem is the probabilistic serial (PS). Under PS, the truthful (preference) proÖle always constitutes an ordinal Nash Equilibrium, inducing a random ...
A new estimation technique of sovereign default risk
Using the fixed-point theorem, sovereign default models are solved by numerical value function iteration and calibration methods, which due to their computational constraints, greatly limits the models' quantitative ...
Credit decomposition and business cycles in emerging market economies
This paper analyzes the differential effects of household and business credit dynamics on business cycles in emerging market economies. We first provide evidence that existing results relating credit expansions to economic ...
Accounting for age in marital search decisions
Spouse quality, measured by educational attainment, varies significantly with the age at which an individual marries, peaking in the mid-twenties then declining through the early-forties. Interestingly, this decline is ...
Will a fat tax work?
Of the many proposals to reverse the obesity epidemic, the most contentious is the use of price-based interventions such as the fat tax. Previous investigations of the efficacy of such initiatives in altering consumption ...
Performance of inflation targeting in retrospect
(Springer International Publishing, 2016)
Both inflation and inflation expectations declined considerably in the inflation targeting countries during the past two decades. The questions of whether this decline has actually been an outcome of inflation targeting ...
The Turkish appetite for gold: An Islamic explanation
A significant constituent of household wealth in Turkey is gold. Families accumulate gold especially on a variety of cultural occasions such as female-only gold days, circumcision feasts, and engagement and wedding ceremonies. ...
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