T his study examines how oil price shocks interact with the stock market index within a nonlinear autoregressive distributed lag model in Iran. Based on quarterly data for the period from 1991 to 2017, the findings revealed statistically significant evidence of short-run and long-run asymmetric behavior of stock market index in response to the positive a...

Many social commentators have raised concerns over the possibility that increased sorting in society can lead to greater inequality. To investigate this, we construct a dynamic model of intergenerational education acquisition, fertility and marital sorting and parameterize the steady state to match several basic empirical ...ndings. We ...nd that increased marital sorting will signi...cantly in...

I examine the idea of 'the long run' in Piketty (2014) and related works. In contrast to simplistic interpretations of long-run models of income- and wealth-distribution Piketty (2014) draws on a rich economic analysis that models the intra- and inter-generational processes that underly the development of the wealth distribution. These processes inevitably involve both market and non-market mec...

We model a long-run relationship as an infinitely repeated game played by two equally patient agents. In each period, the agents play an extensive-form game of perfect information. There is incomplete information about the type of player 1 while player 2’s type is commonly known. We show that a sufficiently patient player 1 can leverage player 2’s uncertainty about his type to secure his highes...

We provide the first direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We find that very longrun discount rates are low, much lower than implied by most economic theory. We estimate these discount rates by exploiting a unique feature of residential housing markets in England, Wales and Singapore, where...

the minimum wage determination is one of the most significant economic issues exerting effects on macroeconomic variables. this study provides an empirical model using var method to analyze the long run relationships and short run dynamisms of factors affect general price level (with emphasis on minimum wage) during the period of 1978-2010. to examine long run relationships we used johansen-jus...

There is considerable, if not conclusive, scientific evidence that the atmospheric accumulation of carbon dioxide, methane, and other "greenhouse" gases emitted through the combustion of fossil fuels will lead to major changes in the earth's climate, with important economic effects. The nations of the world have agreed at the Kyoto Conference in 1997 to put in place some system of economic ince...

We argue that exporting jobs – outsourcing is a market-based mechanism that has the potential to distribute wealth and raise the standards of living around the globe. International trade theories dictate that countries will attain mutual gains when they export those goods for which their relative costs of production are comparatively lower. A low wage environment is the Ricardian ‘comparative a...