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Information Revelation and Efficiency in Auctions

Mikusheva, Anna; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2002

We study the impact of information revelation on efficiency in auctions. In a constrained-efficient mechanism, i.e. a … mechanism that is efficient subject to the incentive-compatibility constraint, any additional information available to bidders …-price sealed-bid auction, revelation of information might lead to efficiency losses. …

Persistent link: https://www.econbiz.de/10005067415

Labour Adjustment and Gradual Reform: Is Commitment Important?

Karp, Larry; Paul, Thierry - C.E.P.R. Discussion Papers - 1995

We analyse a model in which a government uses a second-best policy to affect the reallocation of labour, following a change in relative prices. We consider two extreme cases, in which the government has either unlimited or negligible ability to commit to future actions. We explain why the...

Persistent link: https://www.econbiz.de/10005662164

Strategic Complementarities in Multi-Stage Games

Vives, Xavier - C.E.P.R. Discussion Papers - 2006

We provide sufficient conditions in finite-horizon multi-stage games for the value function of each player, associated to extremal Markov perfect equilibria, to display strategic complementarities and for the contemporaneous equilibrium to be increasing in the state variables.

Persistent link: https://www.econbiz.de/10005666822

Multinational Corporations, Wages and Employment: Do Adjustment Costs Matter?

Bruno, Giovanni; Falzoni, Anna M - C.E.P.R. Discussion Papers - 2000

This paper investigates the extent to which expansion of international production by US multinationals reduces labour demand at home and at other foreign locations in the presence of labour adjustment costs. The adjustment-cost model of the firm is applied to estimate short-run and long-run...

Persistent link: https://www.econbiz.de/10005788886

Phasing in and Phasing Out Protectionism with Costly Adjustment of Labour

Karp, Larry; Paul, Thierry - C.E.P.R. Discussion Papers - 1993

We study the dynamics of optimal trade policy in a model with costly inter-sectoral adjustment of labour, where migrants pay less than the marginal social cost of migration. If workers have rational expectations, a future tariff has an announcement effect on the current migration decision. If...

Persistent link: https://www.econbiz.de/10005791493

Public Investment and Endogenous Growth in a Small Open Economy

Alogoskoufis, George; Kalyvitis, Sarantis C - C.E.P.R. Discussion Papers - 1996

This paper examines the effects of three alternative rules for public investment on output growth in a model with private and public capital. The rules considered are: (i) a fixed ratio of public capital to output; (ii) a fixed growth rate for public capital; and (iii) a fixed ratio of public...

Persistent link: https://www.econbiz.de/10005791732

Labour Adjustment: Disentangling Firing and Mobility Costs

Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2006

This paper studies the costs of adjusting employment, distinguishing between firms' firing and workers' mobility costs. We construct a simple dynamic general equilibrium model of labour demand and supply and show that only the joint response of employment and wages to firm level shocks can...

Persistent link: https://www.econbiz.de/10005792087

Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

Peel, David; Sarno, Lucio; Taylor, Mark P - C.E.P.R. Discussion Papers - 2002

Several theoretical models of money demand imply non-linear functional forms for the aggregate demand for money characterized by smooth adjustment towards long-run equilibrium. In this Paper, we propose a non-linear equilibrium correction model of US money demand, which is shown to be stable...

Persistent link: https://www.econbiz.de/10005792480

Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants

Eslava, Marcela; Haltiwanger Jr, John C; Kugler, Adriana D. - C.E.P.R. Discussion Papers - 2005

In this paper, we analyse employment and capital adjustments using a panel of plants from Colombia. We allow for nonlinear adjustment of employment to reflect not only adjustment costs of labour but also adjustment costs of capital, and vice-versa. Using data from the Annual Manufacturing...

Persistent link: https://www.econbiz.de/10005124008

Is the Natural Rate a Reference Point?

Karanassou, Marika; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1996

This paper explores the two common concepts of the natural rate of unemployment: (i) the stable, long-run equilibrium rate of unemployment; and (ii) the equilibrium unemployment rate at which there is no tendency for this rate to change, given the exogenous variables. The first concept (common...

Persistent link: https://www.econbiz.de/10005136587

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