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Financial Integration: A New Methodology and an Illustration
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2003
rates. Further, the S&P 500 market seems to be well integrated, and the NASDAQ is generally (but not always) integrated. The …
Persistent link: https://www.econbiz.de/10005497716
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Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk
Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 2004
assets traded on a given market share the same EMRS. The technique is also powerful enough to reject integration between the …
Persistent link: https://www.econbiz.de/10005656417
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Trade Barrier Volatility and Agricultural Price Stabilization
Anderson, Kym; Nelgen, Signe - C.E.P.R. Discussion Papers - 2010
National barriers to trade are often varied to insulate domestic markets from international price variability. This … paper explores the extent of that behavior by governments using estimates of agricultural price distortions in 75 countries …. Newly estimated price transmission elasticities are quite low, albeit slightly higher since than before 1985. In the case of …
Persistent link: https://www.econbiz.de/10008692306
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Optimal Public Policy for Venture Capital Backed Innovation
Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2003
This Paper discusses the role of public policy towards the venture capital industry. The model emphasises four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, simultaneous entrepreneurial effort and managerial advice...
Persistent link: https://www.econbiz.de/10005497714
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The Endogenous Determination of Minimum Wage
Epstein, Gil S; Nitzan, Shmuel - C.E.P.R. Discussion Papers - 1999
In this paper we study the endogenous determination of minimum wage employing a political-economic game-theoretic approach. A major objective of the paper is to clarify the crucial role of the strength of the workers' union and of political culture on the determination of the minimum wage. In...
Persistent link: https://www.econbiz.de/10005497998
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The Political Economy of Clientelism
Robinson, James A; Verdier, Thierry - C.E.P.R. Discussion Papers - 2002
Income redistribution often takes highly inefficient forms, such as employment in the bureaucracy. We argue that this arises as an optimal political strategy in situations where politicians cannot commit to policies. Political exchanges between politicians and voters must be self-enforcing and...
Persistent link: https://www.econbiz.de/10005504795
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The Implications of British Macroeconomic Policy in the 1930s for Long Run Growth Performance
Broadberry, Stephen N; Crafts, Nicholas - C.E.P.R. Discussion Papers - 1990
The paper provides a synthesis of recent research relating to supply side policy in the 1930s in a period when government sought to raise prices given sticky wages. We argue that as a politically constrained strategy to limit rises in unemployment this made sense. A bargaining model approach...
Persistent link: https://www.econbiz.de/10005667002
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Income Taxes and Women's Economic Dependency: A Comparison of West Germany and Sweden
Gustafsson, Siv - C.E.P.R. Discussion Papers - 1988
Swedish wives' market earnings contribute 39% of the net family earnings of couples living together. German wives … switching tax systems is to increase the share of German wives' market earnings to 17% and decrease that of Swedish wives to 33 …
Persistent link: https://www.econbiz.de/10005791943
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Escaping Epidemics Through Migration? Quarantine Measures Under Asymmetric Information About Infection Risk.
Mesnard, Alice; Seabright, Paul - C.E.P.R. Discussion Papers - 2008
This paper explores implications of the fact that individuals know more than the authorities about their risk of infection and can take migration decisions before their health status is publicly observable. In a 2-period model we study under which conditions the presence of quarantine measures...
Persistent link: https://www.econbiz.de/10005661880
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The Geography of Development: Evaluating Migration Restrictions and Coastal Flooding
Desmet, Klaus; Nagy, David Krisztián; Rossi-Hansberg, … - C.E.P.R. Discussion Papers - 2015
We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with different levels of migration frictions. We...
Persistent link: https://www.econbiz.de/10011252617