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Gersbach, Hans; Haller, Hans - 2014 - This Version: August 2014

favorable conditions for matching on the one hand, and for global collective decisions on the other hand. We establish …

Persistent link: https://www.econbiz.de/10010399075

Balanced growth despite Uzawa

Grossman, Gene M.; Helpman, Elhanan; Oberfield, Ezra; … - 2016

Evidence for the United States suggests balanced growth despite falling investment-good prices and less than unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa.s theorem to show that introducing human capital...

Persistent link: https://www.econbiz.de/10011434429

Political institutions and policy outcomes : what are the stylized facts?

Persson, Torsten; Tabellini, Guido Enrico - 2001

We investigate the effect of electoral rules and political regimes on fiscal policy outcomes in a panel of 61 democracies from 1960 and onwards. In presidential regimes, the size of government is smaller and less responsive to income shocks, compared to parliamentary regimes. Under majoritarian...

Persistent link: https://www.econbiz.de/10011398379

The elusive welfare economics of price stability as a monetary policy objective: why New Keynesian central bankers should validate core inflation

Buiter, Willem H. - 2006

whether nominal price and/or wage rigidities are due to New-Keynesian, Old-Keynesian or sticky-information Phillips curves …

Persistent link: https://www.econbiz.de/10011604655

Campaigns, political mobility, and communication

Gersbach, Hans - 2009

We present a model of elections in which interest group donations allow candidates to shift policy positions. We show that if donations were prohibited, then a unique equilibrium regarding the platform choices of candidates would exist. Our game with financing of political campaigns exhibits two...

Persistent link: https://www.econbiz.de/10003897539

Democratic provision of divisible public goods

Gersbach, Hans - 2010

In this paper we examine the potential of democratic constitutions for the provision of divisible public goods in a large economy. Our main insights are as follows: When aggregate shocks are absent, the combination of the following rules yields first-best allocations: a supermajority rule, equal...

Persistent link: https://www.econbiz.de/10003937264

Information markets, elections and contracts

Gersbach, Hans; Müller, Markus - 2011

problem, we introduce a triple mechanism involving political information markets, reelection threshold contracts, and … democratic elections. An information market is used to predict the long-term performance of a policy, while threshold contracts … stipulate a price level on the political information market that a politician must reach to have the right to stand for …

Persistent link: https://www.econbiz.de/10009009663

Modeling two Macro policy instruments : interest rates and aggregate capital requirements

Gersbach, Hans; Hahn, Volker - 2011 - This Version: September 2011

We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...

Persistent link: https://www.econbiz.de/10009307956

Integration vs. outsourcing in industry equilibrium

Grossman, Gene M.; Helpman, Elhanan - 2001

We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

Persistent link: https://www.econbiz.de/10011398409

When inefficiency begets efficiency

Gersbach, Hans; Haller, Hans - 2004

Collective consumption decisions taken by the members of a household may prove inefficient. The impact on market performance depends on whether household inefficiencies are caused by inefficient net trades with the market or by inefficient distribution of resources within households. Inefficient...

Persistent link: https://www.econbiz.de/10011399478