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Can Capital Controls Alter the Inflation-Unemployment Trade-off?

Razin, Assaf; Yuen, Chi-Wa - C.E.P.R. Discussion Papers - 1995

It is well known that in the Mundell-Fleming model capital mobility creates a channel through which permanent (transitory) shocks to aggregate demand such as fiscal and trade shocks are completely (partially) neutralized by the response of the real exchange rate. An important policy implication...

Persistent link: https://www.econbiz.de/10005662259

Why Does Gasoline Cost so Much? A Joint Model of the Global Crude Oil Market and the U.S. Retail Gasoline Market

Kilian, Lutz - C.E.P.R. Discussion Papers - 2008

There is an important distinction between the price of gasoline in the U.S. and the price of crude oil in global markets that is often ignored in discussions of the impact of higher energy prices. This paper makes explicit the relationship between demand and supply shocks in these two markets....

Persistent link: https://www.econbiz.de/10005791204

Demand Uncertainty, Mismatch and (Un)Employment: A Microeconomic Approach

Jellal, Mohamed; Thisse, Jacques-François; Zenou, Yves - C.E.P.R. Discussion Papers - 1998

We consider a finite number of firms, which compete imperfectly for heterogeneous workers. Firms produce a homogeneous good, sold on a competitive market, and face demand-induced price fluctuations. It is then shown that unemployment may arise in equilibrium because of both uncertainty of...

Persistent link: https://www.econbiz.de/10005791611

The Misfortune of Non-financial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks

Tong, Hui; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2009

If a non-financial firm does not do well in a financial crisis, it could be due to either a contraction of demand for its output or a contraction of supply of external finance. We propose a framework to assess the relative importance of the two shocks, making use of a measure of a firm's...

Persistent link: https://www.econbiz.de/10005661997

Incomplete Contracts and Firm Boundaries: New Directions

Dessein, Wouter - C.E.P.R. Discussion Papers - 2012

The seminal work by Grossman and Hart (1986) made the study of firm boundaries susceptible to formal economic analysis, and illuminated an important role for markets in providing incentives. In this essay, I discuss some new directions that the literature has taken since. As a central challenge,...

Persistent link: https://www.econbiz.de/10011083406

Adaptation Can Help Mitigation: An Integrated Approach to Post-2012 Climate Policy

Bosello, Francesco; Carraro, Carlo; De Cian, Enrica - C.E.P.R. Discussion Papers - 2012

policy measures, adaptation will be needed to address climate related damages. What is the role of adaptation in this setting … adaptation and mitigation expenditures in a cost-effective setting in which countries cooperate to achieve a long … different adaptation modes (reactive and anticipatory), mitigation, and capacity building to analyse the optimal portfolio of …

Persistent link: https://www.econbiz.de/10011083452

The New Stylized Facts About Income and Subjective Well-Being

Sacks, Daniel W.; Stevenson, Betsey; Wolfers, Justin - C.E.P.R. Discussion Papers - 2013

In recent decades economists have turned their attention to data that asks people how happy or satisfied they are with their lives. Much of the early research concluded that the role of income in determining well-being was limited, and that only income relative to others was related to...

Persistent link: https://www.econbiz.de/10011083711