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How does Risk Selection Respond to Risk Adjustment? Evidence from the Medicare Advantage Program

Brown, Jason - 2011

Governments often contract with private firms to provide public services such as health care and education. To decrease …

Persistent link: https://www.econbiz.de/10012461681

Fiscal Policy and Macroeconomic Uncertainty in Developing Countries : The Tale of the Tormented Insurer

Mendoza, Enrique G. - 2006

Governments in emerging markets often behave like a "tormented insurer," trying to use non-state-contingent debt instruments to avoid cuts in payments to private agents despite large fluctuations in public revenues. In the data, average public debt-GDP ratios decline as the variability of...

Persistent link: https://www.econbiz.de/10012466076

Distortionary Taxes and the Provision of Public Goods

Ballard, Charles L. - 1990

When comparing marginal costs and benefits of a public project, most economists think in terms of adding together the marginal costs of production plus marginal costs of additional distortionary taxation. This paper clarifies how the "revenue effect" offsets the "distortionary effect." For...

Persistent link: https://www.econbiz.de/10012475520

Terms of Trade Shocks and Fiscal Cycles

Kaminsky, Graciela L. - 2010

The latest boom in commodity prices fueled concerns about fiscal policies in commodity-exporting countries, with many claiming that it triggered loose fiscal policy and left no funds for a rainy day. This paper examines the links between fiscal policy and terms-of-trade fluctuations using a...

Persistent link: https://www.econbiz.de/10012462872

What Has Financed Government Debt?

Chung, Hess - 2007

Dynamic rational expectations models imply that the real value of debt in the hands of the public must be equal to the expected present-value of surpluses. We impose this equilibrium condition on an identified VAR and characterize the way in which the present-value support of debt varies across...

Persistent link: https://www.econbiz.de/10012465224

State Responses to Fiscal Crisis : The Effects of Budgetary Institutionsand Politics

Poterba, James M. - 1993

This paper explores how state fiscal institutions and political circumstances affect the dynamics of state taxes and spending during periods of fiscal stress. The analysis focuses on the late 1980s, when sharp economic downturns in several regions, coupled with increased expenditure demands, led...

Persistent link: https://www.econbiz.de/10012474582

Russia's Fiscal Gap

Goryunov, Eugene - 2013

Every country faces what economists call an intertemporal (across time) budget constraint, which requires that its government's future expenditures, including the servicing of its outstanding official debt, be covered by its government's future receipts when measured in present value. The...

Persistent link: https://www.econbiz.de/10012459053

How Wide is the Scope of Hold-Up-Based Theories? Contractual Form and Market Thickness in Trucking

Hubbard, Thomas N. - 1999

How far do the contractual implications of hold-up-based theories (Klein, Crawford, and Alchian (1978), Williamson (1979, 1985)) extend? I investigate this in the context of trucking. Quasi-rents in trucking are generally smaller than in the contexts studied in the previous empirical literature....

Persistent link: https://www.econbiz.de/10012471437

The Self-Enforcing Provisions of Oil and Gas Unit Operating Agreements : Theory and Evidence

Libecap, Gary D. - 1999

-term contracts. We argue that only if the parties to a unitization contract have unit production shares that are the same as their … cost shares will the contract be incentive compatible. Using a data base of sixty unit operating agreements, we measure the … desirable contract rules for avoiding moral hazard. It also shows how the effects of those rules can be replicated in difficult …

Persistent link: https://www.econbiz.de/10012471652

Incentive Contracts

Lazear, Edward P. - 1986

Persistent link: https://www.econbiz.de/10012477157

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