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The Long-Run Evolution of Infrastructure Services
Goldsmith, Hugh - CESifo - 2014
This paper traces the 11,000 year evolution of infrastructure systems during major periods of innovation, expansion and diffusion. Throughout history, the key role of the State is self-evident. Private sector involvement has waxed and waned over millennia, although at times it has been pivotal...
Persistent link: https://www.econbiz.de/10011082831
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Pooling, Tranching and Credit Expansion
Bougheas, Spiros - CESifo - 2012
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well …-rated tranche. This paper builds a simple model of securitization that accounts for the above retention strategies. Banks in the …
Persistent link: https://www.econbiz.de/10010555214
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Securitization of Mortgage Debt, Asset Prices and International Risk Sharing
Hoffmann, Mathias; Nitschka, Thomas - CESifo - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption … countries that do not allow for mortgage securitization. Our results are based on quarterly data from a panel of 16 …
Persistent link: https://www.econbiz.de/10005406369
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Economic Analysis, Sustainability and Environmental Commons
Musu, Ignazio - CESifo - 2013
When confronted with market weaknesses and failures determining sustainability problems for environmental common-pool resources, economic analysis has proposed government intervention as the only alternative available. Elinor Ostrom showed that this dichotomy between market and government is not...
Persistent link: https://www.econbiz.de/10010723528
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Equilibrium Vengeance
Friedman, Daniel; Singh, Nirvikar - CESifo - 2002
This paper introduces two ideas, emotional state dependent utility components (ESDUCs), and evolutionary perfect Bayesian equilibrium (EPBE). Using a simple extensive form game, we illustrate the efficiency-enhancing role of a powerful ESDUC, the vengeance motive. Incorporating behavioral noise...
Persistent link: https://www.econbiz.de/10005051586
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Has Creative Destruction Become More Destructive?
Komlos, John - CESifo - 2014
Schumpeter’s concept of creative destruction as the engine of capitalist development is well-known. However, that the …
Persistent link: https://www.econbiz.de/10010888453
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View
Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007
theories of Hayek, Wicksell and Schumpeter. We argue that ample liquidity supply originating in the large industrialized …
Persistent link: https://www.econbiz.de/10005094169
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Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J.; Markiewicz, Agnieszka - CESifo - 2012
This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...
Persistent link: https://www.econbiz.de/10010877730
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Access to Technology and the Transfer Function of Community Colleges: Evidence from a Field Experiment
Fairlie, Robert W.; Grunberg, Samantha H. - CESifo - 2014
Access to information may represent an important barrier to learning about and ultimately transferring to 4-year colleges for low-income community college students. This paper explores the role that access to information technology, in particular, plays in enhancing, or possibly detracting from,...
Persistent link: https://www.econbiz.de/10010888455
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Globalization, Wage Polarization, and the Unstable Great Ratio
Cozzi, Guido; Impullitti, Giammario - CESifo - 2014
The US labour market has experienced a remarkable polarization in the 1980s and 1990s. Moreover, recent empirical work has documented a sharp increase in the wealth to income ratio in that period. Contemporary to these inequality trends, the US faced a fast technological catch-up as European...
Persistent link: https://www.econbiz.de/10010948905