programme when they take into account that workfare is a condition for remaining eligible for unemployment benefits. This … outside option becomes less attractive. Introduction of workfare policies into an unemployment insurance scheme is shown to … contribute to a reduction in both open and total unemployment. It is also shown that the direct search effects of workfare …

strategies. First, we show that the tangency portfolios fully diversify the risk associated with the factor component of asset …

This paper considers a simple model of credit risk and derives the limit distribution of losses under different … results obtained indicate that if firm-specific risk exposures (including their default thresholds) are heterogeneous but come … from a common parameter distribution, for sufficiently large portfolios there is no scope for further risk reduction …

A positive relationship between firm size and product diversification is a long-standing stylized fact. However, so far …

-being on health use identification strategies involving income increases; these studies as well as prior research on stock …

. In US election survey data, we find that income is more important in affecting voting behavior for more informed voters … strong correlation between income and political information, Congress representatives vote more conservatively, which is also …

attention in the literature on optimal income taxation. This paper offers a simple and transparent analysis of its main …

We investigate the evolution of global welfare in two dimensions: income per capita and life expectancy. First, we … estimate the marginal distributions of income and life expectancy separately. More importantly, in contrast to previous … univariate approaches, we consider income and life expectancy jointly and estimate their bivariate global distribution for 137 …