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Cash-in-Advance framework against the Quantity Theory of Money
This article revisits the Lucas illustration of the Quantity Theory of Money (QTM) and investigates whether it holds in the US monetary market

Kwangwon Ahn, Daeyong Lee

Working Paper | No. 2015001 |

Keywords: Cash-in-Advance, Default, Financial Intermediary, Quantity Theory of Money

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Monetary Uncertainty and Default
We investigate the effects of monetary uncertainty on the aggregate economy, especially default

Kwangwon Ahn, Chansoo Kim, Dimitrios Tsomocos, Lucy Wang

Working Paper | No. 2014006 |

Keywords: Default, Monetary policy, Uncertainty shock

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Income Tax Evasion and Optimal Income Taxation
This paper characterizes an optimal nonlinear income tax that incorporates individuals’decisions regarding tax evasion and labor supply and an optimal rate of tax enforcement when implementing tax code is costly

Insook Lee

Working Paper | No. 2014005 |

Keywords: Tax evasion, Optimal nonlinear income tax, Effect of tax rate on tax evasion, Effect of enforcement rate on tax

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Borrowing from the Future: 401(k) Plan Loans and Loan Defaults
Most active 401(k) participants have the option of borrowing from their retirement accounts, and many people - 40%- do so over a five-year period

Jun Lu, Olivia S. Mitchell, Stephen P. Utkus, Jean A. Young

Working Paper | No. 2014004 |

Keywords: 401(k) loans, Retirement wealth, Household debt, Loan default, Consumption

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Competition in Multi-Echelon Distributive Supply Chains with Linear Demand
We study competition in multi-echelon supply chains with a distributive structure

Deming Zhou, Uday S. Karmarkar,Jiang Bo

Working Paper | No. 2014003 |

Keywords: Distributed decision making, Successive Cournot competition, Supply chain management

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Vertical FDI and Exchange Rate in a Two-country Model
It has long been observed that the change in exchange rate of a country is positively correlated with Foreign Direct Investment (FDI) inflow into its border

Jiao Shi

Working Paper | No. 2014002 |

Keywords:

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The Road to Green Transition in China
China s reform and opening-up drive has catalyzed a series of transformations in society, economics and politics

Haifeng Huang

Working Paper | No. 2014001 |

Keywords:

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