Similar Search Results

Irrational Exuberance in the U.S. Housing Market; Were Evangelicals Left Behind?

Crowe, Christopher W. - International Monetary Fund (IMF) - 2009

The recent housing bust has reignited interest in psychological theories of speculative excess (Shiller, 2007). I investigate this issue by identifying a segment of the U.S. population-evangelical protestants-that may be less prone to speculative motives, and uncover a significant negative...

Persistent link: https://www.econbiz.de/10005825622

Trust As a Means of Improving Corporate Governance and Efficiency

Chami, Ralph; Fullenkamp, Connel - International Monetary Fund (IMF) - 2002

Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We show how trust induces employees to work harder,...

Persistent link: https://www.econbiz.de/10005826212

Conditional Lending Under Altruism

Mourmouras, Alex; Rangazas, Peter - International Monetary Fund (IMF) - 2004

We analyze how the altruism of an international financial institution (IFI) towards its lowincome member countries …. Thus, IFI altruism and the inability to commit are sufficient reasons to equip loans with conditions. Conditional loans … produce an efficient allocation of resources, so altruism is not a fundamental reason that loans fail to increase welfare. …

Persistent link: https://www.econbiz.de/10005604948

Germany; 2006 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germa...

International Monetary Fund (IMF); International … - 2006

The three-point VAT increase is part of a package in which unemployment payroll taxes will be reduced. Risks to the recovery are balanced but the range of forecasts for 2007 is unusually wide. The priority for Germany is to transmit its external strength to the domestic economy, thus further...

Persistent link: https://www.econbiz.de/10011244866

Regional Wage Differentiation and Wage Bargaining Systems in the EU

Vamvakidis, Athanasios - International Monetary Fund (IMF) - 2008

The theoretical literature has argued that a centralized wage bargaining system may result in low regional wage … differentiation and high regional unemployment differentials. The empirical literature has found that centralized wage bargaining … countries with more coordinated wage bargaining systems have lower regional wage differentials, after controlling for regional …

Persistent link: https://www.econbiz.de/10005264211

Can Institutional Reform Reduce Job Destruction and Unemployment Duration? Yes it Can

International Monetary Fund (IMF); International … - 2012

We read search theory's unemployment equilibrium condition as an Iso-Unemployment Curve(IUC).The IUC is the locus of job destruction rates and expected unemployment durations rendering the same unemployment level. A country's position along the curve reveals its preferences over the...

Persistent link: https://www.econbiz.de/10009654152

Unemployment and Productivity in the Long Run; The Role of Macroeconomic Volatility

Surico, Paolo; Ricci, Luca Antonio; Benigno, Pierpaolo - International Monetary Fund (IMF) - 2010

We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence...

Persistent link: https://www.econbiz.de/10008727811

Germany; Selected Issues

International Monetary Fund (IMF); International … - 2006

This Selected Issues paper attempts to analyze the end-point problem and improve the quality of potential GDP estimates for Germany. It projects that Germanyâ€™s potential GDP growth will slow over the coming decade, mainly because of declining labor input. The paper focuses on a long-term...

Persistent link: https://www.econbiz.de/10005825173

Regional Economic Disparities in Australia

Ramakrishnan, Uma; Cerisola, Martin D. - International Monetary Fund (IMF) - 2004

Australia's remarkable economic performance during the 1990s has not resulted in a significant convergence of real per capita income, output, and employment levels across the country's states and territories. This paper explores the role of certain economic rigidities that may have contributed...

Persistent link: https://www.econbiz.de/10005826034

Republic of Korea; Selected Issues

International Monetary Fund (IMF); International … - 2003

This Selected Issues paper highlights that the authorities in the Republic of Korea recognize the pension policy challenges ahead, and a first wave of reforms has already been launched. Despite the reforms to date, much remains to be done. Without further reforms, the public pension systems in...

Persistent link: https://www.econbiz.de/10005768475