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Hyperbolic Discounting and Positive Optimal Inflation

Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2011

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...

Persistent link: https://www.econbiz.de/10009021640

Unemployment, Growth and Fiscal Policy: New Insights on the Hysteresis Hypothesis

Raurich, Xavier; Sala, Hector; Sorolla, Valeri - Institute for the Study of Labor (IZA) - 2004

We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and balanced budget rules cause a complementarity between capital and employment capable of explaining the existence of multiple equilibrium paths. Hysteresis is viewed as the result...

Persistent link: https://www.econbiz.de/10005822131

Where Has All the Money Gone? Foreign Aid and the Quest for Growth

Chatterjee, Santanu; Giuliano, Paola; Kaya, Ilker - Institute for the Study of Labor (IZA) - 2007

This paper examines fungibility as a possible explanation for the "missing link" between foreign aid and economic growth. The composition of aid plays a crucial role in determining the composition of government spending and, consequently, the magnitude of fungibility and its impact on growth....

Persistent link: https://www.econbiz.de/10005703140

Repayment versus Investment Conditions and Exclusivity in Lending Contracts

Bougheas, Spiros; Dasgupta, Indraneel; Morrissey, Oliver - Institute for the Study of Labor (IZA) - 2009

Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action (‘investment’). We build an...

Persistent link: https://www.econbiz.de/10008558941

Labor Market Reforms and Current Account Imbalances: Beggar-Thy-Neighbor Policies in a Currency Union?

Baas, Timo; Belke, Ansgar - Institute for the Study of Labor (IZA) - 2014

Member countries of the European Monetary Union (EMU) initiated wide-ranging labor market reforms in the last decade. This process is ongoing as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union....

Persistent link: https://www.econbiz.de/10010959728

Government Debt as Insurance against Macroeconomic Risk

Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - Institute for the Study of Labor (IZA) - 2001

Is there a role for debt beyond curing overaccumulation of capital? Does dynamic efficiency and the infeasibility of debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is there an optimal maturity structure of public debt?...

Persistent link: https://www.econbiz.de/10005763659

Shifting Perspectives in Pensions

Góra, Marek; Palmer, Edward - Institute for the Study of Labor (IZA) - 2004

This paper addresses the questions of what is an economically efficient pension system, what are the externalities and what are the risks of the four alternative pension systems: financial defined contribution (FDC), notional or non-financial defined contribution (NDC), financial defined benefit...

Persistent link: https://www.econbiz.de/10005703380

Children's Schooling and Parental Migration: Empirical Evidence on the "Left Behind" Generation in Albania

Giannelli, Gianna Claudia; Mangiavacchi, Lucia - Institute for the Study of Labor (IZA) - 2010

in Albania. Although parents' migration usually benefits children economically, the lack of parental care may cause … –mainly by fathers – is very relevant in Albania where migration has represented the only viable way to cope with increasing … poverty and the absence of public resources for sustaining households’ incomes. Between 1990 and 2005 in Albania 21.7% of …

Persistent link: https://www.econbiz.de/10008536010

Petersberger Erklaerung: Anstoesse fuer eine zukunftsgerichtete Arbeitsmarktpolitik

Zimmermann, Klaus F.; Burda, Michael C.; Hagen, Juergen von - Institute for the Study of Labor (IZA) - 1998

In this paper six authors propose guidelines for German labor market policy, to overcome current discouragement and lead to a new balance of social security and individual competetiveness. Crucial aspects in this regard should be a reformed tax system based on excise instead of income taxes, and...

Persistent link: https://www.econbiz.de/10005761759

Welfare and Labor Earnings: An Evaluation of the Financial Gains to Work

Gurgand, Marc; Margolis, David N. - Institute for the Study of Labor (IZA) - 2002

In this paper, we estimate the difference in long-run after-tax and transfer income from employment and from non-employment available in January 1998 to families in France that received the Guaranteed Minimum Income (RMI) in December 1996. Based on estimated wages we compute potential increases...

Persistent link: https://www.econbiz.de/10005762156

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