How does the presence of labor market frictions change optimal redistributive policies? Embedding an otherwise standard Mirrlees’ (1971) economy in a directed search environment we show that optimal Utilitarian (and Rawlsian) ...

We propose to smooth the entire objective function rather than only the check function in a linear quantile regression context. We derive a uniform Bahadur-Kiefer representation for the resulting convolution-type kernel ...

We establish a novel determination of self-enforcing debt limits at the present value of default cost in a general competitive equilibrium. Agents can trade state-contingent debt but cannot commit to repay. If an agent ...

How does welfare change in the short- and long-run when trade integration takes place under imperfect labor markets? Even if consumers benefit from lower prices, there can be significant welfare losses from increases in ...

In this paper we discuss optimality conditions for optimal control problems with a semigroup structure. As an application we detail the case when the state equation is the Schrödinger one, with pointwise constraints on the ...