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Should privately informed agents with diverging interests act independently or should they commit to a mechanism? This paper analyzes different communication and decision protocols when communication involves delay. It studies under which conditions agents should (i) choose their actions...
Persistent link: https://www.econbiz.de/10005498109
In late 1979 Turkey found itself in the throes of a foreign exchange crisis, with widespread shortages, negative growth … and three-digit inflation. A decade later, Turkey has a comfortable balance-of-payments situation, and holds considerable …
Persistent link: https://www.econbiz.de/10005281400
distribution of public investment in the 81 provinces of Turkey between 2004 and 2012. Our results show that, although electoral …
Persistent link: https://www.econbiz.de/10011083396
In this paper, we evaluate the impact of Turkey's membership on EU voting. The aspects that we discuss are decision …
Persistent link: https://www.econbiz.de/10005792179
We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU …
Persistent link: https://www.econbiz.de/10011272719
We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up (“high-leverage firms”) exhibit a significantly larger decline in employment in...
Persistent link: https://www.econbiz.de/10011252614
Germany experienced an even deeper fall in GDP in the Great Recession than the United States, with little employment loss. Employers’ reticence to hire in the preceding expansion, associated in part with a lack of confidence it would last, contributed to an employment shortfall equivalent to...
Persistent link: https://www.econbiz.de/10009246610
the indirect wage effect resulting from lower unemployment risks and shorter spells in unemployment associated with higher … accounting for the effects of unemployment on individual wages using EU-SILC data. Across countries we find a high variation of … the effect of education on unemployment duration. Overall, the returns to education are estimated to be the highest in the …
Persistent link: https://www.econbiz.de/10009293660
This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The … theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of … government spending on public-sector jobs reduces unemployment, especially during recessions: the fiscal multiplier …
Persistent link: https://www.econbiz.de/10009324257
and the unemployment rate in U.S. data since 1929. Second, it compares a new model of the economy developed in recent …
Persistent link: https://www.econbiz.de/10009351524