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Monetary Persistence, Imperfect Competition, and Staggering Complementarities
Merkl, Christian; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2005
This paper explores the influence of wage and price staggering on monetary persistence. First, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labor and product markets. We show that the...
Persistent link: https://www.econbiz.de/10010887022
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Hyperbolic Discounting and the Phillips Curve
Graham, Liam; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2007
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.
Persistent link: https://www.econbiz.de/10005755254
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Increasing Returns to Scale and the Long-Run Phillips Curve
Vaona, Andrea; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2006
A growing body of empirical evidence shows that there exists a long-run positive tradeoff between inflation and real macroeconomic activity. Within a New Keynesian framewok, we examine how increasing returns generate a positive long-run relation between inflation and output.
Persistent link: https://www.econbiz.de/10005700624
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Evolutionary model of the bank size distribution
Kaldasch, Joachim - Institut für Weltwirtschaft (IfW) - 2013
An evolutionary model of the bank size distribution is presented based on the exchange and expansion of deposit money … theory is to regard the creation of money as a slow process compared to exchange processes of deposit money. The exchange of … deposits causes a preferential growth of banks with a fitness determined by the competitive advantage to attract permanent …
Persistent link: https://www.econbiz.de/10010956102
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Modelling bank asset quality and profitability: An empirical assessment
Swamy, Vighneswara - Institut für Weltwirtschaft (IfW) - 2015
The determinants of default risk of banks in emerging economies have so far received inadequate attention in the … credit is a falsely founded perception. Bad debts are dependent more on the performance of industry than on other sectors of … the economy. Public sector banks have shown significant performance in containing bad debts. Private banks have continued …
Persistent link: https://www.econbiz.de/10011263002
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The Price-Price Phillips Curve in Small Open Economies and Monetary Unions: Theory and Empirics
Vaona, Andrea - Institut für Weltwirtschaft (IfW) - 2014
This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips curve, from a closed economy context to an open economy one with both commodity trade and capital mobility. We also consider the case of a monetary union (a...
Persistent link: https://www.econbiz.de/10010886968
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Statistical theories of income and wealth distribution
Chakrabarti, Anindya S.; Chakrabarti, Bikas K. - Institut für Weltwirtschaft (IfW) - 2009
The distributions of income and wealth in countries across the world are found to possess some robust and stable features independent of the specific economic, social and political conditions of the countries. We discuss a few physics-inspired multi-agent dynamic models along with their...
Persistent link: https://www.econbiz.de/10008561124
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The wage premium of globalization: Evidence from European mergers and acquisitions
Oberhofer, Harald; Stöckl, Matthias; Winner, Hannes - Institut für Weltwirtschaft (IfW) - 2012
We provide evidence on the impact of globalization on labor market outcomes analyzing pay differences between foreign-acquired and domestically-owned firms. For this purpose, we use firm level data from 16 European countries over the time period 1999-2006. Applying propensity score matching...
Persistent link: https://www.econbiz.de/10009646517
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The Positive Economics of Corporatism and Corporate Governance
Fehn, Rainer; Meier, Carsten-Patrick - Institut für Weltwirtschaft (IfW) - 2000
This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Two politicoeconomic equilibria arise from our model, one with little protection of insiders on capital and labor markets, and another one with...
Persistent link: https://www.econbiz.de/10005755253
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Causes and Consequences of Merger Waves
Kleinert, Jörn; Klodt, Henning - Institut für Weltwirtschaft (IfW) - 2002
This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis that sectoral shocks are at the root of merger waves....
Persistent link: https://www.econbiz.de/10005755269