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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

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

Working Paper
Technology adoption, mortality and population dynamics
Hejkal, John P.; Vandenbroucke, Guillaume; Ravikumar, B. (2021-05)
We develop a quantitative theory of mortality trends and population dynamics. Our theory emphasizes individual choices on costly adoption of healthy technologies and diffusion of knowledge about infections as a key channel for reducing mortality. Our theory is consistent with three observations on mortality: (i) The cross-country correlation between levels of mortality and income is negative; (ii) mortality in poor countries has converged to that of rich countries despite no convergence in income; and (iii) economic growth is not a prerequisite for mortality to decline. We calibrate our model ...
Working Papers , Paper 2020-039

Working Paper
Technology Adoption, Mortality, and Population Dynamics
Hejkal, John P.; Vandenbroucke, Guillaume; Ravikumar, B. (2024-02)
We develop a quantitative theory of mortality and population dynamics. We emphasize individuals' decisions to reduce their mortality by adopting better health technology. Adoption becomes cheaper as more individuals use better technology. It also confers a dynamic externality by increasing the future number of individuals who use the better technology. Our model generates a diffusion curve whose shape dictates the pace of mortality reduction. The model explains historical trends in mortality rates and life expectancies at various ages and population dynamics in Western Europe. Unlike ...
Working Papers , Paper 2020-039

Journal Article
Geographic Disparity in U.S. Output
Reinbold, Brian; Ravikumar, B. (2020-03-06)
A mere 81 of more than 3,000 counties produced half of total U.S. GDP in 2018.
Economic Synopses , Issue 5

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

COVID-19: Projected Deaths in the U.S.
Vandenbroucke, Guillaume; Ravikumar, B. (2020-03-31)
This post documents COVID-19-related deaths in a few countries and uses those data to provide projections for the U.S.
On the Economy

Working Paper
Optimal auditing and insurance in a dynamic model of tax compliance
Ravikumar, B.; Zhang, Yuzhe (2011)
We study the optimal auditing of a taxpayer?s income in a dynamic principal- agent model of hidden income. Taxpayers in our model initially have low income and stochastically transit to high income that is an absorbing state. A low-income taxpayer who transits to high income can underreport his true income and evade his taxes. With a constant absolute risk-aversion utility function and a costly and imperfect auditing technology, we show that the optimal auditing mechanism in our model consists of cycles. Within each cycle, a low-income taxpayer is initially unaudited, but if the duration of ...
Working Papers , Paper 2011-020

Working Paper
Trade Liberalization versus Protectionism: Dynamic Welfare Asymmetries
Santacreu, Ana Maria; Ravikumar, B.; Sposi, Michael (2024-01-18)
We investigate whether the losses from an increase in trade costs (protectionism) are equal to the gains from a symmetric decrease in trade costs (liberalization). We incorporate dynamics through capital accumulation into a multicountry trade model and show that the welfare changes are asymmetric: Losses from protectionism are smaller than the gains from liberalization. In contrast, standard static trade models imply that the losses equal the gains. The intuition for asymmetry in our model is that, following protectionism, the economy can coast on its previously accumulated capital stock, so ...
Working Papers , Paper 2023-019

Working Paper
Technology adoption, mortality, and population dynamics
Hejkal, John P.; Vandenbroucke, Guillaume; Ravikumar, B. (2024-07)
We develop a quantitative theory of mortality and population dynamics. We emphasize individuals' decisions to reduce their mortality by adopting better health technology. Adoption becomes cheaper as more individuals use better technology. It also confers a dynamic externality by increasing the future number of individuals who use the better technology. Our model generates a diffusion curve whose shape dictates the pace of mortality reduction. The model explains historical trends in mortality rates and life expectancies at various ages and population dynamics in Western Europe. Unlike ...
Working Papers , Paper 2020-039

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