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Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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
distribution of public investment in the 81 provinces of Turkey between 2004 and 2012. Our results show that, although electoral … concerns mattered for the allocation, socioeconomic measures remained the most relevant predictors of investment. Moreover, in …
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
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
relative to the present is reduced. Hence, due to a rise in terror activity, investment goes down, and in the long run income …
Persistent link: https://www.econbiz.de/10005504271
and investment, so it may take some time before an unemployed worker finds a job. Wages are determined by bargaining. A … subsidize entrepreneurial investment (there is a wage bargaining distortion and a search externality), simulations show that the …
Persistent link: https://www.econbiz.de/10005504418
fertility, and lower investment in physical and human capital. Furthermore, the feedback effect from economic prosperity to …
Persistent link: https://www.econbiz.de/10005504520
and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital … allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical … thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment …
Persistent link: https://www.econbiz.de/10005504629
This paper provides a theoretical and empirical analysis of the role played by domestic political incentives in the accumulation of large external debts by developing countries between 1972 and 1981. The theoretical model characterizes two equilibrium regimes. In one the borrower is on its...
Persistent link: https://www.econbiz.de/10005504639