Peter Rupert

This paper extends the Pissarides (2000) model of the labor market to include crime and punishment à la Becker (1968).

In this paper, we use an overlapping generations model where individuals are allowed to engage in both legitimate market activities and criminal behavior in order to assess the role of certain factors on the property crime rate.

Real business cycle models have difficulty replicating the volatility of S&P 500 returns.

We study general equilibrium with nonconvexities. In these economies there exist sunspot equilibria without the usual assumptions needed in convex economies, and they have good welfare properties.

Calibration has become a standard tool of macroeconomics.

Observing the current wage at a job may not fully reflect the "value" of that job.

While the majority of job changers who state they were not fired or laid off choose jobs with wages that are higher than their previous jobs, a substantial proportion of these job changers choose jobs that have lower wages.

The authors’ dynamic equilibrium model guides their quantitative investigation of the major determinants of property-crime patterns in the U.S.

An innovation in this paper is to introduce a time-to-build technology for the production of market capital into a model with home production.

We present new results on existence, the number of equilibria, and welfare for search-theoretic models of money that extend the literature in several ways.

How much technological progress has there been in structures? An attempt is made to measure this using panel data on the age and rents for buildings. This data is interpreted through the eyes of a vintage capital model where buildings are replaced at some chosen periodicity. There appears to have been significant technological advance in structures that accounts for a major part of economic growth.

In this paper, we consider a general equilibrium model in which heterogeneous agents specialize either in legitimate market activities or in criminal activities.

Most of the public concern about housing markets is based on claims that house prices have increased at historically anomalous rates and that house prices have outpaced incomes.

Economic theory says the average income of different regions should grow closer over time.

Economists have long observed that wages alone do not fully reflect a job’s value—job “amenities” also play a role. Recent empirical studies have confirmed this observation to be the case.

It wasn’t A Beautiful Mind—the book or the movie—that made John Forbes Nash, Jr., famous. It was his work in game theory, a theory that models strategic interactions between people as games.

Economies can’t grow without a sufficiently developed infrastructure, but how deep does the infrastructure have to be to make a difference?

By all accounts, economic inequality is growing — the rich are getting richer, and the poor are getting poorer.

In the late nineteenth century, the economist Thomas Malthus made a simple prediction of economic theory that would result in the discipline being forthwith known as the dismal science.

Gross domestic product today is only modestly bigger than it was 100 years ago, at least if it’s measured in tons! While this may seem an absurd way to measure GDP, the point is that how economic variables are measured is important.

The quotation above expresses a common, if not dominant, view of the genesis of inflationary pressure in an economy. The story goes something like this: High GDP growth eventually places excessive strain on a nation’s resources.

Just before the Federal Open Market Committee’s (FOMC) May 20 meeting, popular opinion about the near-term future of U.S. monetary policy was summarized by John 0. Wilson, chief economist at Bank America Corp.

Over the past few years, there have been several proposals for replacing the income tax system with a system based on taxing consumption.

A perennial debate that has become even more sharply contested in recent months concerns the size and scope of government participation in markets.