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Human Capital Formation, Income Inequality and Growth

Viaene, Jean-Marie; Zilcha, Itzhak - CESifo - 2001

The paper studies the determinants of income distribution and growth in an overlapping generations economy with heterogenous households. Our framework has the following main features: (1) heterogeneity of consumers with respect to wealth and parental human capital; (2) intergenerational...

Persistent link: https://www.econbiz.de/10005405855

An Economic Rationale for Public Education: The Value of Commitment

Gradstein, Mark - CESifo - 1999

This paper offers an explanation for the widespread phenomenon of uniform public schooling, which is viewed here as a way for the government to precommit itself to restraints on future income redistribution. Such precommitment is likely to enhance accumulation of human capital, to bolster...

Persistent link: https://www.econbiz.de/10005766315

Job Search, Human Capital and Wage Inequality

Carrillo-Tudela, Carlos - CESifo - 2012

The objective of this paper is to construct and quantitatively assess an equilibrium search model with on-the-job search and general human capital accumulation. In the model workers enter the labour market with different abilities and firms differ in their productivities. Wages are dispersed...

Persistent link: https://www.econbiz.de/10010586074

Persistence and Cycles in US Hours Worked

Caporale, Guglielmo Maria; Gil-Alana, Luis A. - CESifo - 2012

This paper analyses monthly hours worked in the US over the sample period 1939m1 – 2011m10 using a cyclical long memory model; this is based on Gegenbauer processes and characterised by autocorrelations decaying to zero cyclically and at a hyperbolic rate along with a spectral density that is...

Persistent link: https://www.econbiz.de/10010877961

Why We Should Use High Values for the Smoothing Parameter of the Hodrick-Prescott Filter

Flaig, Gebhard - CESifo - 2012

The HP filter is the most popular filter for extracting the trend and cycle components from an observed time series. Many researchers consider the smoothing parameter ë = 1600 as something like an universal constant. It is well known that the HP filter is an optimal filter under some...

Persistent link: https://www.econbiz.de/10010548563

Does the Euro-zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation

Flaig, Gebhard; Wollmershäuser, Timo - CESifo - 2007

This paper presents a stress indicator for the Euro-zone that summarizes developments of trends and cycles in real GDP …

Persistent link: https://www.econbiz.de/10005094297

Modelling Long-Run Trends and Cycles in Financial Time Series Data

Caporale, Guglielmo Maria; Cunado, Juncal; Gil-Alana, … - CESifo - 2008

This paper proposes a very general time series framework to capture the long-run behaviour of financial series. The suggested model includes linear and non-linear time trends, and stationary and nonstationary processes based on integer and/or fractional degrees of differentiation. Moreover, the...

Persistent link: https://www.econbiz.de/10005181402

Stabilizing Competitive Cycles with Distortionary Taxation

Koskela, Erkki; Puhakka, Mikko - CESifo - 2003

taxation on cycles and local stability of equilibria. We show that under proportional taxation there is a critical tax rate … above which cycles will vanish, while in the case of linearly progressive taxation there is a critical level of exemption … below which cycles will vanish as well. Hence, a sufficiently high tax rate and a low tax progression eliminate cycles. If …

Persistent link: https://www.econbiz.de/10005196218

Capital Accumulation and Employment Cycles in a Model of Creative Destruction

Palokangas, Tapio - CESifo - 2003

subject to cycles in which capital, output and employment vary in fixed proportion. These increase through saving and capital …

Persistent link: https://www.econbiz.de/10005405864

Growing Groups, Cooperation, and the Rate of Entry

Ranehill, Eva; Schneider, Frédéric; Weber, Roberto A. - CESifo - 2014

We study the stability of voluntary cooperation in response to varying rates at which a group grows. Using a laboratory public-good game with voluntary contributions and economies of scale, we construct a situation in which expanding a group’s size yields potential efficiency gains, but only...

Persistent link: https://www.econbiz.de/10010877699