Showing 1 - 10 of 25
It has been argued that the inflationary bias of discretionary monetary policy can be eliminated, and welfare maximized, by the appointment of a central banker who does not care at all about inflation (a 'populist central banker'). We show that this result hinges crucially on the assumption that...
Persistent link: https://www.econbiz.de/10005662413
This paper views movements in unemployment as the result of the interaction between: (a) lags in labour market decisions; and (b) labour market shocks with temporary and permanent components. Two features of unemployment dynamics are examined: (i) `unemployment persistence', arising when...
Persistent link: https://www.econbiz.de/10005791454
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....
Persistent link: https://www.econbiz.de/10005791558
We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...
Persistent link: https://www.econbiz.de/10008468516
This paper evaluates two theories of unemployment: the natural rate theory (whereby unemployment is depicted as fluctuating around a reasonably stable natural rate) and the chain reaction theory (which views movements in unemployment as the outcome of the interplay between labour market shocks...
Persistent link: https://www.econbiz.de/10005504680
The paper analyses the determinants of interwar unemployment using a previously unexploited quarterly data set for 1924-39. Individual equations for insured employment, insured unemployment and the nominal wage rate are estimated and tested. The results indicate that the real wage was an...
Persistent link: https://www.econbiz.de/10005656339
Spain's financial position during the late 19th and early 20th century has usually been presented as one of persistent …
Persistent link: https://www.econbiz.de/10008458296
institutional and macroeconomic features as the ultimate explanations of Spain's post-war growth performance. The following main … relative stagnation of the transition from Franco's dictatorship to democracy (1975-85), which ended with Spain's membership of …
Persistent link: https://www.econbiz.de/10005666440
In this paper we analyse the underlying causes behind Spanish unemployment which is now at 24%. We interpret this unfortunate outcome as the result of a series of adverse shocks, compounded by disinflationary policies and by a flawed system of labour market institutions. Our aim is to explain...
Persistent link: https://www.econbiz.de/10005667046
This Paper compares the observed distribution of the stock of infrastructures across the Spanish regions with the optimal allocation derived from a planning problem in which the observed degree of ex-post redistribution is taken as given. The results suggest that Spanish public investment policy...
Persistent link: https://www.econbiz.de/10005792256