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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

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

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

Journal Article
Who is concealing earnings and still collecting unemployment benefits?
Fuller, David L.; Ravikumar, B.; Zhang, Yuzhe (2013-04)
Concealed earnings represent the largest source of fraud in the U.S. unemployment insurance system. Individuals with relatively low earnings constitute a larger fraction of those committing such fraud. High-earnings individuals, however, account for larger dollar amounts of this fraud.
The Regional Economist , Issue Apr

Journal Article
Have Labor Costs Slowed the Recovery?
Shao, Lin; Ravikumar, B. (2016)
Labor costs after 2009 grew more slowly than labor costs after 2001.
Economic Synopses , Issue 14 , Pages 1-2

Working Paper
Price equalization does not imply free trade
Riezman, Raymond; Ravikumar, B.; Mutreja, Piyusha; Sposi, Michael (2012)
In this paper we show that price equalization alone is not sufficient to establish that there are no barriers to international trade. There are many barrier combinations that deliver price equalization, but each combination implies a different volume of trade. Therefore, in order to make statements about trade barriers it is necessary to know the trade flows. We demonstrate this first theoretically in a simple two-country model. We then extend the result quantitatively to a multicountry model with two sectors. We show that for the case of capital goods trade, barriers have to be large in ...
Globalization Institute Working Papers , Paper 129

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

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