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Working Paper
Private Information and Optimal Infant Industry Protection
Riezman, Raymond; Ravikumar, B.; Zhang, Yuzhe (2024-04-18)
We study infant industry protection using a dynamic model in which the industry's cost is initially higher than that of foreign competitors. The industry can stochastically lower its cost via learning by doing. Whether the industry has transitioned to low cost is private information. Using a mechanism-design approach, we solve for the optimal protection policy that induces the industry to reveal its true cost. We show that (i) the optimal protection, measured by infant industry output, declines over time and is less than that under public information, (ii) the optimal protection policy is ...
Working Papers , Paper 2022-013

Working Paper
Private Information and Optimal Infant Industry Protection
Riezman, Raymond; Ravikumar, B.; Zhang, Yuzhe (2022-05-20)
We study infant industry protection using a dynamic model in which the industry's cost is initially higher than that of foreign competitors. The industry can stochastically lower its cost via learning by doing. Whether the industry has transitioned to low cost is private information. We use a mechanism-design approach to induce the industry to reveal its true cost. We show that (i) the optimal protection, measured by infant industry output, declines over time and is less than that under public information, (ii) the optimal protection policy is time consistent under public information but not ...
Working Papers , Paper 2022-013

Journal Article
Geographic Dispersion in COVID-19 Death Rates across the United States
Vandenbroucke, Guillaume; Ravikumar, B. (2020-06-15)
Geographic dispersion in the share of African Americans likely accounts for the dispersion of COVID-19-related deaths.
Economic Synopses , Issue 36

Journal Article
Unemployment insurance fraud
Fuller, David L.; Ravikumar, B.; Zhang, Yuzhe (2012)
Concealed Earnings fraud accounts for almost two-thirds of the total overpayments due to all fraud.
Economic Synopses

Journal Article
TFP, Capital Deepening, and Gains from Trade
Ravikumar, B.; Santacreu, Ana Maria; Sposi, Michael (2023-07-14)
Using a dynamic, multicountry model with capital accumulation, we compute the exact transition paths for 93 countries following a permanent, uniform, unanticipated trade liberalization and calculate the resulting welfare gains from trade. We find that while the dynamic gains are different across countries, consumption transition paths look similar except for scale. In addition, dynamic gains accrue gradually and are about 60 percent of steady-state gains for everycountry. Finally, the contribution of capital accumulation to dynamic gains is four times that of total factor productivity.
Review , Volume 105 , Issue 3 , Pages 150-176

Reopening the U.S.: Gauging the Trend of COVID-19 Transmissions
Mather, Ryan; Vandenbroucke, Guillaume; Ravikumar, B. (2020-04-28)
An analysis suggests that counties accounting for the vast bulk of U.S. GDP aren’t yet seeing a downward trajectory in COVID-19 cases, but growth rates have generally slowed.
On the Economy

Working Paper
Minimum consumptions requirements: theoretical and quantitative implications for growth and distribution
Ravikumar, B.; Chatterjee, Satyajit (1997)
The authors study the impact of a minimum consumption requirement on the rate of economic growth and the evolution of wealth distribution. The requirement introduces a positive dependence between the intertemporal elasticity of substitution and household wealth. This dependence implies a transition phase during which the growth rate of per-capita quantities rise toward their steady-state values and the distributions of wealth, consumption, and permanent income become more unequal. The authors calibrate the minimum consumption requirement to match estimates available for a sample of Indian ...
Working Papers , Paper 97-15

Working Paper
Private Information and Optimal Infant Industry Protection
Riezman, Raymond; Ravikumar, B.; Zhang, Yuzhe (2026-03-08)
We study infant industry protection using a dynamic model in which the industry’s cost is initially higher than that of foreign competitors. The industry can stochastically lower its cost via learning by doing. Whether the industry has transitioned to low cost is private information. Using a mechanism-design approach, we solve for the optimal protection policy that induces the industry to reveal its true cost. We show that (i) optimal protection, measured by infant industry output, declines over time and is less than that under public information and (ii) eventual viability of the infant ...
Working Papers , Paper 2022-013

Working Paper
Trade and Inequality in an Overlapping Generations Model with Capital Accumulation
Ravikumar, B.; Sposi, Michael; Nie, Jun (2024-09-23)
We study the lifecycle aspect of within-country inequality that stems from capital and labor services supplied by individuals. Our environment is a combination of a multicountry trade model and an overlapping generations model with production and capital accumulation. Trade liberalization increases the measured total factor productivity in each country, which increases the marginal product of capital and incentivizes capital accumulation. Higher capital stock and higher measured productivity raise the marginal product of labor and, hence, wages. Inequality, measured by the ratio of old ...
Working Papers , Paper 2024-018

Journal Article
Stability and Equilibrium Selection in Learning Models: A Note of Caution
Chien, YiLi; Cho, In-Koo; Ravikumar, B. (2021-10-18)
Relative to rational expectations models, learning models provide a theory of expectation formation where agents use observed data and a learning rule. Given the possibility of multiple equilibria under rational expectations, the learning literature often uses stability as a criterion to select an equilibrium. This article uses a monetary economy to illustrate that equilibrium selection based on stability is sensitive to specifications of the learning rule. The stability criterion selects qualitatively different equilibria even when the differences in learning specifications are small.
Review , Volume 103 , Issue 4 , Pages 477-488

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