Anarchy, state, and utopia

Econometric policy evaluation: A critique

Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process.

The History of Economic Analysis

Impact of COVID-19 on the travel and tourism industry

https://halshs.archives-ouvertes.fr/halshs-02354576/document

Monetary dynamics in a network economy

We develop a tractable model of out-of-equilibrium dynamics in a general equilibrium economy with cash-in-advance constraints. The dynamics emerge from local interactions between firms governed by the production network underlying the economy. We analytically characterise the influence of network structure on the propagation of monetary shocks. In the long run, the model converges to general equilibrium and the quantity theory of money holds. In the short run, monetary shocks propagate upstream via nominal demand changes and downstream via real supply changes. Lags in the evolution of supply and demand at the micro level can give rise to arbitrary dynamics of the distribution of prices. Our model explains the long standing Price Puzzle: a temporary rise in the price level in response to monetary contractions. The Price Puzzle emerges under two assumptions about downstream firms: they are disproportionally affected by monetary contractions and they account for a sufficiently small share of the wage bill. Empirical evidence supports the two assumptions for the US economy. Our model calibrated to the US economy using a data set of more than fifty thousand firms generates the empirically observed magnitude of the price level rise after monetary contractions.

Extended shareholder liability as a means to constrain moral hazard in insured banks

This paper studies the problem of accumulating heterogeneous capital goods in an economy with imperfect markets populated by boundedly rational agents. It relaxes classical assumptions about information and cognition. The agents are not capable of computing an equilibrium path to steady state. Agents discover prices by interacting with each other. The economy accumulates a near-optimal mix of capital goods. The structure of interactions between agents filters their behavior in such a way that limited rationality at the micro-level does not translate to grossly inefficient outcomes at the macro-level.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2788337_code582878.pdf?abstractid=2600648&mirid=1

Out-of-Equilibrium Dynamics with Heterogeneous Capital Goods

The paper tries to capture the research and understanding along with innovations and policy reforms in assuring quality school education to all, with a particular focus on the poor. It begins with quantitative and qualitative narration of the two most fundamental problems in the education of the poor: Access and the quality. The problem of access is of 'can't afford;' and the problem of quality is 'not worth the time, particularly of the poor.' The access problem is further compounded along the gender, caste, and physical and mental disability lines. The quality of state schools is particularly low. Recent research documents the flight of the poor from state schools to 'budget' private schools. On the one hand, governments are incapable of improving state schools, largely due to the power of teacher unions, and on the other hand, their regulatory systems are stifling private initiatives, condemning most private schools to illegal/informal status where they are unable to access formal capital to expand. The continuing decline of the quality of the state education system has led, by default, to one of the highest levels of privatization of education in the developing world. The proportion of students in private schools in urban areas of many states in India is higher than that in any developed country. Private 'edupreneurs' are serving as safety valve to the failing state education systems. In any efforts to assure quality education to the poor, their role must be understood and appreciated. The first four sections then deal with the problems of access and quality and the duality of private edupreneurs. The last section suggests possible solutions through the use of technology and recent local experiments in innovations and policy reforms. It is hard to escape the conclusion that the role of the government in education is to liberate the supply side, fund the demand of the poor, and monitor the access and quality of education. Let the private initiative and entrepreneurship - for profit and non-profit - govern our schools. Scholarships, education vouchers, and loans would offer the same freedom of choice to the poor as the rich enjoy today. An unshackled and competitive market for education would prepare students to lead a productive and meaningful life.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID950146_code582878.pdf?abstractid=950146&mirid=1&type=2

Vipin P. Veetil

Papers

Monetary dynamics in a network economy

Monetary dynamics in a network economy

Extended shareholder liability as a means to constrain moral hazard in insured banks

Out-of-Equilibrium Dynamics with Heterogeneous Capital Goods

Private Education for Poor in India