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Active and Passive Waste in Government Spending: Evidence from a Policy Experiment

Bandiera, Oriana; Prat, Andrea; Valletti, Tommaso - C.E.P.R. Discussion Papers - 2008

We propose a distinction between active waste and passive waste as determinants of the cost of public services. Active … waste entails utility for the public decision maker (as in the case of bribery) whereas passive waste does not (as in the … case of inefficiency due to red tape). To assess the empirical relevance of both forms of waste, we analyze purchases of …

Persistent link: https://www.econbiz.de/10005667034

Common Ground Between Free-traders and Environmentalists

Karp, Larry; Sacheti, Sandeep - C.E.P.R. Discussion Papers - 1997

We use a North-South model with property right differences and resource dynamics to study the effects of trade on resource use and welfare. Autarky is likely to Pareto-dominate free trade in the long run when the environment is quite fragile, and the result is reversed when the environment is...

Persistent link: https://www.econbiz.de/10005123684

Corporate Efficiency in Europe

Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in … efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership …, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic …

Persistent link: https://www.econbiz.de/10011213309

Simultaneous Search and Network Efficiency

Gautier, Pieter A; Holzner, Christian - C.E.P.R. Discussion Papers - 2011

When workers send applications to vacancies they create a network. Frictions arise if workers do not know where other workers apply to (this affects network creation) and firms do not know which candidates other firms consider (this affects network clearing). We show that those frictions and the...

Persistent link: https://www.econbiz.de/10009246606

Inattention to Rare Events

Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2011

Why were people so unprepared for the global financial crisis, the European debt crisis, and the Fukushima nuclear accident? To address this question, we study a model in which agents make state-contingent plans - think about actions in different contingencies - subject to the constraint that...

Persistent link: https://www.econbiz.de/10009351517

Assessing the impact of Mali’s water privatization across stakeholders

Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011

shows that taxpayers are the main losers as subsidies are still needed. There are also serious efficiency-equity trade …

Persistent link: https://www.econbiz.de/10009399719

Flat Tax Reforms in the US: A Boon for the Income Poor

Díaz-Giménez, Javier; Pijoan-Mas, Josep - C.E.P.R. Discussion Papers - 2006

In this article we quantify the aggregate, distributional and welfare consequences of two revenue neutral flat-tax reforms using a model economy that replicates the U.S. distributions of earnings, income and wealth in very much detail. We find that the less progressive reform brings about a 2.4%...

Persistent link: https://www.econbiz.de/10005662104

The Term Structure of Forward Exchange Premia and the Forecastability of Spot Exchange Rates: Correcting the Errors

Clarida, Richard; Taylor, Mark P - C.E.P.R. Discussion Papers - 1993

This paper challenges the widespread view that forward exchange premia contain little information regarding subsequent spot rate movements. Using weekly dollar/Deutschmark and dollar/sterling data, we show that spot and forward exchange rates are well represented by a vector error correction...

Persistent link: https://www.econbiz.de/10005662140

Credit Risk Transfer and Financial Sector Performance

Marsh, Ian W; Wagner, Wolf - C.E.P.R. Discussion Papers - 2004

In this Paper we study the impact of credit risk transfer (CRT) on the stability and the efficiency of a financial …

Persistent link: https://www.econbiz.de/10005662362

Training and Unions

Booth, Alison L; Chatterji, Monojit - C.E.P.R. Discussion Papers - 1997

The paper examines the optimal level of training investment when trained workers are mobile, wage contracts are time-consistent, and training comprises both specific and general skills. It is shown that, in the absence of a social planner, the firm has ex-post monopsonistic power that drives...

Persistent link: https://www.econbiz.de/10005666579