We characterize the values of government debt and debt's maturity structure under which financial crises brought on by a loss confidence in can arise within dynamic, stochastic general equilibrium model. also optimal policy response to threat such crisis. show that when country's fundamentals place it inside crisis zone, may be motivated reduce its exit zone because this leads an economic boom reduction interest rate government's debt. gradual if is high or probability low. that, while...

We argue that many goods and decisions are not allocated or made through markets. interpret an agent's status as a ranking device determines how well he she fares in the nonmarket sector. The existence of sector can endogenously generate concern for relative position in, example, income distribution so higher implies status. Moreover, it naturally yield multiple equilibria. It is thus possible to explain differences growth rates across countries without recourse underlying preferences,...

There are two striking aspects of the recovery from Great Depression in United States: was very weak, and real wages several sectors rose significantly above trend. These data contrast sharply with neoclassical theory, which predicts a strong low wages. We evaluate contribution to persistence New Deal cartelization policies designed limit competition increase labor bargaining power. develop model process between firms that occurred these embed within multisector dynamic general equilibrium...

This paper evaluates the social gains from international risk sharing in some simple general-equilibrium models with output uncertainty. A simulation model calibrated to selected moments of U.S. and Japanese data estimates incremental loss a ban on portfolio diversification be order 0.20 percent per year. Even theoretical asset trade may disappear under alternative sets assumptions preferences technology. The argues that small magnitude potential help explain apparently inconsistent findings...

Can neoclassical theory account for the Great Depression in United States—both downturn output between 1929 and 1933 recovery 1934 1939? Yes no. Given large real monetary shocks to U.S. economy during 1929–33, does predict a long, deep downturn. However, predicts much different from this than actually occurred. period's sharp increases total factor productivity money supply elimination of deflation bank failures, an extremely rapid that returns trend around 1936. In contrast, remained 25 30...

A series of laboratory tests have been conducted on several different batches Vaisala RS80 radiosondes to understand and develop methods correct six humidity measurement errors, including chemical contamination, temperature dependence, basic calibration model, ground check, sensor aging, arm heating. The contamination temperature-dependence (TD) errors dominate total errors. error produces a dry bias, is due the occupation binding sites in polymer by nonwater molecules emitted from sonde...

We examine whether the Mortensen‐Pissarides matching model can account for business‐cycle facts on employment, job creation, and destruction. A novel feature of our analysis is its emphasis reduced‐form implications model. Our main finding that facts, but only if average duration a nonemployment spell relatively high—about 9 months or longer.

This paper develops a simple model of sovereign debt in which defaulting nations are excluded from capital markets and regain access by making partial repayments. implication the is consistent with historical evidence that countries return to international loan soon after settlement but varying periods exclusion. Copyright 1995 Economics Department University Pennsylvania Osaka Institute Social Economic Research Association.

Bulow and Rogoff (1989b) show that as long governments can earn the market rate of return by saving abroad, standard reputation models cannot support debt.We argue these are partial in sense actions agents one arena affect only.We develop a general model which if government is viewed untrustworthy relationship, this will be other relationships.We our large amounts debt.

We consider an environment in which individuals receive income shocks that are unobservable to others and can privately store resources. provide a simple characterization of the unique efficient allocation consumption cases rate return on storage is sufficiently high or, alternatively, worst possible outcome dire. show that, unlike environments without storage, symmetric decentralizable through competitive asset market trade riskfree bonds among themselves.

What determines the technology that a country adopts? While there could be many factors, e¢ ciency of country’s …nancial system may play signi…cant role. To address this question, dynamic contract model is embedded into general equilibrium setting with competitive intermediation. The ability an intermediary to monitor and control cash ‡ows …rm plays important role in …rm’s decision adopt technology. Can such theory help explain

An Integrated Sounding System (ISS) that combines state-of-the-art remote and in situ sensors into a single transportable facility has been developed jointly by the National Center for Atmospheric Research (NCAR) Aeronomy Laboratory of Oceanic Administration (NOAA/AL). The instrumentation each ISS includes 915-MHz wind profiler, Radio Acoustic (RASS), an Omega-based NAVAID sounding system, enhanced surface meteorological station. general philosophy behind is integration various measurement...

Our paper examines the impact of heterogeneous trading technologies for households on asset prices and distribution wealth. We distinguish between passive traders who hold fixed portfolios stocks bonds, active adjust their to changes in expected returns. To solve model, we derive an optimal consumption sharing rule that does not depend technology, aggregation result state prices. This allows us equilibrium allocations without having search market clearing each separately. show fraction total...

Our paper examines whether the failure of unsophisticated investors to rebalance their portfolios can help explain countercyclical volatility aggregate risk compensation in financial markets. To answer this question, we set up a model which large mass do not portfolio shares response shocks, while smaller active do. We find that intermittent rebalancers more than double effect shocks on time variation premia by forcing traders sell good times and buy bad times. (JEL D14, E32, G11, G12)

This study evaluates performance of humidity sensors in two widely used operational radiosondes, Vaisala and Sippican (formally VIZ), comparison with a research quality, potentially more accurate, chilled mirror dew‐point hygrometer named “Snow White”. A radiosonde system carrying the Snow White (SW) was deployed Oklahoma panhandle at Dodge City, KS during International H 2 O Project (IHOP_2002). total sixteen sondes were launched either RS80 or VIZ‐B2 radiosondes on same balloons....

This article develops a simple model that captures concern for relative standing, or status. is instrumental, in the sense individuals do not get utility directly from their but, rather, induced because standing affects consumption of standard commodities. The investigates consequences wealth models which are making labor/leisure decisions. analysis shows how individuals' decisions affected by aggregate income distribution and can generate behavior be interpreted as conspicuous when observable.

There are two striking aspects of the recovery from Great Depression in United States: was very weak and real wages several sectors rose significantly above trend. These data contrast sharply with neoclassical theory, which predicts a strong low wages. We evaluate contribution New Deal cartelization policies designed to limit competition increase labor bargaining power persistence Depression. develop model process between firms that occurred these policies, embed within multi-sector dynamic...

The Viking Meteorology Experiment is one of nine experiments to be carried out on the surface Mars by each two Landers positioned at different latitudes and longitudes in Northern Hemisphere. meteorology experiment will measure pressure, temperature, wind speed, direction 1½ h intervals throughout Martian day. duration measurement period, interval between data samples for a time which period started varied mission. scientific investigation sensors electronics used making atmospheric are discussed.

Abstract The primary goal of this study is to explore the potential for estimating vertical velocity (VV) air from surface stratosphere, using widely available radiosonde and dropsonde data. rise fall rates radiosondes dropsondes, respectively, are a combination VV atmosphere still-air rise–fall rates. calculated basic fluid dynamics characteristics systems. This validates technique derive data demonstrates its value. can be easily implemented by other users various scientific applications....