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Working Paper
Majority Voting in a Model of Means Testing
Glomm, Gerhard; Ravikumar, B.; Cardak, Buly A. (2018-06-01)
We study a model of endogenous means testing where households differ in their income and where the in-kind transfer received by each household declines with income. Majority voting determines the two dimensions of public policy: the size of the welfare program and the means-testing rate. We establish the existence of a sequential majority voting equilibrium and show that the means-testing rate increases with the size of the program but the fraction and the identity of the households receiving the transfers are independent of the program size. Furthermore, the set of subsidy recipients does ...
Working Papers , Paper 2018-14

How Spread Out Is the U.S. Population?
Ravikumar, B.; Mather, Ryan (2020-06-22)
Half the nation’s population lives in less than 5% of its counties.
On the Economy

Discussion Paper
Endogenous expenditures on public schools and persistent growth
Ravikumar, B.; Glomm, Gerhard (1993)
In this paper, we present a model where individuals accumulate human capital through the formal schooling. To take into account the large involvement of the public sector in education we introduce a government which collects taxes from households and provides inputs to the learning technology. In our model the public expenditures on schools and growth rates are determined endogenously. Under plausible restrictions on the parameters of our model, we show that the predictions of our model qualitatively match the observations on per capita income, years of schooling, public expenditures on ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 85

Journal Article
Accounting for Discouraged Workers in the Unemployment Rate
Shao, Lin; Ravikumar, B. (2014)
We construct a new measure of the unemployment rate based on a plausible assumption that some, but not all, of the discouraged workers reenter the labor force.
Economic Synopses , Issue 9

Journal Article
Long-Term Trends in Gasoline Prices
Ravikumar, B.; Arbogast, Iris (2022-06-17)
Average annual CPI inflation from 1990 to 2021 was 2.4%, while average annual gasoline price inflation was 3.9%.
Economic Synopses , Issue 14 , Pages 1-2

The State of COVID-19 around the Eighth District
Vandenbroucke, Guillaume; Ravikumar, B. (2020-05-06)
What have COVID-19 trends in cases and deaths looked like in the largest MSAs in the District?
On the Economy

Working Paper
Capital Accumulation and Dynamic Gains from Trade
Santacreu, Ana Maria; Ravikumar, B.; Sposi, Michael (2017-02-27)
We compute welfare gains from trade in a dynamic, multicountry model with capital accumulation. We examine transition paths for 93 countries following a permanent, uniform, unanticipated trade liberalization. Both the relative price of investment and the investment rate respond to changes in trade frictions. Relative to a static model, the dynamic welfare gains in a model with balanced trade are three times as large. The gains including transition are 60 percent of those computed by comparing only steady states. Trade imbalances have negligible effects on the cross-country distribution of ...
Working Papers , Paper 2017-5

Working Paper
Convergence to Rational Expectations in Learning Models: A Note of Caution
Chien, YiLi; Cho, In-Koo; Ravikumar, B. (2020-09-19)
This paper illustrates a challenge in analyzing the learning algorithms resulting in second-order difference equations. We show in a simple monetary model that the learning dynamics do not converge to the rational expectations monetary steady state. We then show that to guarantee convergence, the gain parameter used in the learning rule has to be restricted based on economic fundamentals in the monetary model.
Working Papers , Paper 2020-027

Is the U.S. Looking Like Italy? Projections on COVID-19 Death Rates
Vandenbroucke, Guillaume; Ravikumar, B. (2020-04-13)
After adjusting for population, daily coronavirus deaths are less in the U.S. than in Italy. However, the U.S. seems to be catching up with Italy on that metric.
On the Economy

Working Paper
Capital Accumulation and Dynamic Gains from Trade
Sposi, Michael; Santacreu, Ana Maria; Ravikumar, B. (2017-01-01)
We compute welfare gains from trade in a dynamic, multi-country Ricardian model where international trade affects capital accumulation. We calibrate the model for 93 countries and examine transition paths between steady-states after a permanent, uniform trade liberalization across countries. Our model allows for both the relative price of investment and the investment rate to depend on the world distribution of trade barriers. Accounting for transitional dynamics, welfare gains are about 60 percent of those measured by comparing only the steady-states, and three times larger than those with ...
Globalization Institute Working Papers , Paper 296

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