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On the Relationship between Public and Private Investment in the Euro Area
Dreger, Christian; Reimers, Hans-Eggert - Institute for the Study of Labor (IZA) - 2014
This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques ac-counting for international spillovers are employed. While private and public capital stocks are cointegrated, the...
Persistent link: https://www.econbiz.de/10010751643
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Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency
Cahuc, Pierre; Challe, Edouard - Institute for the Study of Labor (IZA) - 2009
We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and where agents freely choose between working in the production or in the financial sector. Frictions in the market for deposits create...
Persistent link: https://www.econbiz.de/10008558939
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Venture Capital Investment and Labor Market Performance: New Empirical Evidence for OECD Countries
Belke, Ansgar; Schaal, Andreas - Institute for the Study of Labor (IZA) - 2004
Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany...
Persistent link: https://www.econbiz.de/10005822244
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Oil Price Shocks and Labor Market Fluctuations
Ordóñez, Javier; Sala, Hector; Silva, José I. - Institute for the Study of Labor (IZA) - 2010
We examine the impact of real oil price shocks on labor market flows in the U.S. We first use smooth transition regression (STR) models to investigate to what extent oil prices can be considered as a driving force of labor market fluctuations. Then we develop and calibrate a modified version of...
Persistent link: https://www.econbiz.de/10008548709
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Fiscal Policy and the Labour Market: The Effects of Public Sector Employment and Wages
Gomes, Pedro Maia - Institute for the Study of Labor (IZA) - 2010
I build a dynamic stochastic general equilibrium model with search and matching frictions and two sectors in order to study the labour market effects of public sector employment and wages. Public sector wages plays an important role in achieving the efficient allocation. High wages induce too...
Persistent link: https://www.econbiz.de/10008727771
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Can Taxes Stabilize the Economy in the Presence of Consumption Externalities?
Lloyd-Braga, Teresa; Modesto, Leonor - Institute for the Study of Labor (IZA) - 2012
Considering a finance constrained economy, we discuss the stabilization role of variable labour and capital income taxes under a balanced-budget rule in the presence of consumption externalities of the "keeping up with the Joneses" type. We find that sufficiently procyclical labor and/or capital...
Persistent link: https://www.econbiz.de/10010578209
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Does Short-Time Work Save Jobs? A Business Cycle Analysis
Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - Institute for the Study of Labor (IZA) - 2013
In the Great Recession most OECD countries used short-time work (publicly subsidized working time reductions) to counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important distinction to be made: While the rule-based component...
Persistent link: https://www.econbiz.de/10011188129
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, Hashem; Xu, TengTeng - Institute for the Study of Labor (IZA) - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10009325438
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Technical Change and Total Factor Productivity Growth for Chinese Provinces: A Panel Data Analysis
Shiu, Alice; Heshmati, Almas - Institute for the Study of Labor (IZA) - 2006
We present in this paper the panel econometrics estimation approach of measuring the technical change and total factor productivity (TFP) growth of 30 Chinese provinces during the period of 1993 to 2003. The random effects model with heteroscedastic variances has been used for the estimation of...
Persistent link: https://www.econbiz.de/10005233841
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China's Emergence in the World Economy and Business Cycles in Latin America
Cesa-Bianchi, Ambrogio; Pesaran, Hashem; Rebucci, Alessandro - Institute for the Study of Labor (IZA) - 2011
vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the … world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … to Latin America and the rest of emerging Asia (excluding China and India) GDP has not undergone any significant change …
Persistent link: https://www.econbiz.de/10009225765