dominates the substitution effect. This is in line with the adverse effect of productivity shocks on employment found in …

This paper combines the standard incomplete markets model of uninsurable idiosyncratic risks and borrowing constraints … with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter … also endogenously determined in equilibrium. We derive conditions on existence and nonexistence of balanced growth paths …

The effect of a permanent change of inflation on the distribution of wealth is analyzed in a general equilibrium OLG … model that is calibrated with regard to the characteristics of the US economy. Poor agents accumulate savings predominantly … in the form of money, while rich agents participate in the stock market and accumulate equity. Surprisingly, an increase …

We compare two commonly used mechanisms in procurement: auctions and negotiations. The execution of the procurement … mechanism is delegated to an agent of the buyer. The agent has private information about the buyer’s preferences and may collude … with one of the sellers. We provide a precise definition of both mechanisms and show – contrary to conventional wisdom …

large-scale land deals indeed occur more often in countries with higher levels of corruption. The estimated effects are also …Large-scale land acquisitions often take place in developing countries which are also known for their corruption …-friendliness caused by weak institutional frameworks. We hypothesize that corruption indeed leads to more land deals. We argue that …

Habsburg affiliation increases current trust and reduces corruption in courts and police. Falsification tests of spuriously … countries, communities on both sides of the long-gone Habsburg border have been sharing common formal institutions for a century …

Corporation (MCC) was successful in promoting better control of corruption. We employ a difference … conditional on the reform promises of recipient countries. However, hardly any empirical evidence exists on whether ex post …-in-difference-in-differences (DDD) approach, considering different ways of defining the treatment group as well as different time periods during which …

be accompanied by higher pollution levels. Our theoretical model predicts that controlling the levels of corruption can … levels of pollution are dependent on the levels of corruption. Our results hold when we control for the effects of other …We study how the shadow economy affects pollution and how this effect depends on corruption levels in public …

We examine the effect of the interaction between resource rents and democracy on corruption for a panel of 29 Sub …-Saharan countries during the period from 1985 to 2007. We find that higher resource rents lead to more corruption and that the effect is … conflicts and that less democratic countries face not a higher but a lower likelihood of conflicts following an increase in …

This essay critically revisits the roles and influences of tax havens in the world economy. It combines various … massages of available studies in one scheme, documents a number of observations, and proposes several issues for future …