Most developing countries urgently need massive highway construction programs. For this
reason, a growing number of countries are auctioning highway franchises to the private sector…

Public–private partnerships (PPPs) have been justified because they release public funds
or save on distortionary taxes. However, the resources saved by a government that does not …

In 2016, the Brazilian construction firm Odebrecht was fined $2.6 billion by the US Department
of Justice. It was the largest corruption case ever prosecuted under the US Foreign …

Americans who are caught evading taxes in one year may be audited for prior years. While
the IRS does not disclose its method of selecting tax returns to audit, it is widely believed that …

In this paper we derive a model of aggregate investment that builds from the lumpy
microeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of the standard …

… Eduardo Engel acknowledges financial support from FONDECYT (Chile) grant 195-520.
John … More recently, Caballero and Eduardo Engel have generalized this to a broader set of …

This paper studies quarterly employment flows of approximately 10,000 large US
manufacturing establishments during 1972:1-1980:4.After estimating the extent of short run …

This paper quantifies the direct impact of taxes on income distribution at the household level
in Chile and estimates the distributional effect of several changes in the tax structure. We …

The basic premise of this paper is that understanding aggregate dynamics requires considering
that agents are heterogeneous and that they do not adjust continuously to the shocks …

What is the relation between infrequent price adjustment and the dynamic response of the
aggregate price level to monetary shocks? The answer to this question ranges from a one-to-…