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Wren-Lewis, Simon; Eser, Fabian - Department of Economics, Oxford University - 2009

. Secondly, the optimal neutrality of government spending is robust to the issuance of public debt. In the presence of debt …

Persistent link: https://www.econbiz.de/10004999238

Optimal Fiscal Feedback on Debt in an Economy with Nominal Rigidities

Wren-Lewis, Simon; Kirsanova, Tatiana - Department of Economics, Oxford University - 2007

We examine the impact of different degrees of fiscal feedback on debt in an economy with nominal rigidities where …

Persistent link: https://www.econbiz.de/10005090694

Debt Forgiveness: the Case for Hyper-Incentive Contracts.

Douglas Menzies, G. - Department of Economics, Oxford University - 2000

We review two proposals for debt forgiveness; the Highly Indebted Poor Country Initiative (HIPC) and the Jubilee 2000 … Coalition Initiative (J2K). We then consider the workhorse model of debt forgiveness (Krugman 1988). We show that the workhorse …-optimal debt-overhang contract is derived, with an incentive parameter greater than the marginal social benefit of extra effort …

Persistent link: https://www.econbiz.de/10005047754

Ambiguity Aversion and the Absence of Indexed Debt.

Mukerji, S.; Tallon, J.-M. - Department of Economics, Oxford University - 2000

Inspite of wide and long-standing support among economists for indexation of loan contracts there has been relatively little use of indexation, except in situations of extremely high inflation. The object of this paper is to provide a (theoretical) explanation for this puzzling phenomenon based...

Persistent link: https://www.econbiz.de/10005047922

Financial Crises and the International Debt Problem.

Gibson, H.D.; Oppenheimer, M.P. - Department of Economics, Oxford University - 1992

Persistent link: https://www.econbiz.de/10005047957

Does China overinvest? Evidence from a panel of Chinese firms

Knight, John; Ding, Sai; Guariglia, Alessandra - Department of Economics, Oxford University - 2010

This paper addresses the hotly-debated question: do Chinese firms overinvest? A firm-level dataset of 100,000 firms over the period of 2000-07 is employed for this purpose. We initially calculate measures of investment efficiency, which is typically negatively associated with...

Persistent link: https://www.econbiz.de/10008763475

What should fiscal councils do?

Wren-Lewis, Simon; Calmfors, Lars - Department of Economics, Oxford University - 2011

Fiscal councils now exist in a number of countries. This paper first considers the extent of deficit bias, potential explanations for it, and how independent institutions could help reduce it. Are fiscal councils complements to or substitutes for fiscal rules, and why do none at present...

Persistent link: https://www.econbiz.de/10008852051

Good Cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management

Guembel, Alexander; White, Lucy - Department of Economics, Oxford University - 2003

firmââ‚¬â„¢s cash flow into a ââ‚¬Ëœsafeââ‚¬â„¢ claim (debt) and a ââ‚¬Ëœriskyââ‚¬â„¢ claim (equity). The former, being … provides the latter a greater incentive to collect information than a monitor holding the aggregate claim would have. Thus debt … transmitting information from equity to debt holders. This provides a novel argument as to why information contained in stock …

Persistent link: https://www.econbiz.de/10011146261

The Nature of Unemployment in Urban Ethiopia

Serneels, Pieter - Department of Economics, Oxford University - 2004

With around 50% of the urban men between age 15 and 30 unemployed, Ethiopia has one of the highest unemployment rates worldwide. This paper describes the nature of unemployment among young men in urban Ethiopia. We analyse the determinants of incidence and duration and find that most variables...

Persistent link: https://www.econbiz.de/10010605273

The Rising Well-Being of the Young.

Blanchflower, D-G; Oswald, A-J - Department of Economics, Oxford University - 1997

Many observers believe that times are growing harder for young people in Western society. This paper looks at the evidence and finds that conventional wisdom appears to be wrong.

Persistent link: https://www.econbiz.de/10005475147