unpublished

Existence of an equilibrium in incomplete markets with discrete choices and many markets

We define and prove the existence of an equilibrium for Bewley-style models of heterogeneous agents in incomplete markets with discrete and continuous choices. Our sample model also features endogenous price volatility across many markets (locations) …

Multivariate Fractional Cointegration and GDP Convergence

Plant and firm level growth rates exhibit significant fat-tailed behavior. I show that these tails still exist after conditioning on some standard explanatory variables like the age and size of a plant, and that the resultant distributions are …

Plant Level Growth Rates - A case for disaggregating shocks

Tests of convergence in a time series framework are historically univariate and/or in an I(1)-versus-I(0) context. However, convergence hypotheses can and probably should be generalized to include multivariate, fractionally integrated processes. I …

Convergence of output in the G-7 countries