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Decentralization schemes, cost-benefit-analysis, and net national product as a measure of social well-being
Dasgupta, Partha; Maler, Karl-Goran - London School of Economics (LSE) - 1998
This paper is about net national product (NNP). We are concerned with what NNP means, what it should include, what it offers us and, therefore, why we may be interested in it. We show that NNP, properly defined, can be used as a gauge for project evaluation, but we also show that it should not...
Persistent link: https://www.econbiz.de/10011071310
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Political competition and the limits of political compromise
Cunha, Alexandre B.; Ornelas, Emanuel - London School of Economics (LSE) - 2014
We consider an economy where competing political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimum level. Parties cannot commit to future policies, but they can forge a political compromise where each...
Persistent link: https://www.econbiz.de/10011126506
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Aggregate implications of defined benefit and defined contribution systems
Gomes, Francisco; Michaelides, Alexander - London School of Economics (LSE) - 2003
We use a general equilibrium life-cycle model with incomplete markets and heterogeneous agents to evaluate the macroeconomic and welfare implications of Defined Benefit (DB) versus Defined Contribution (DC) systems, and to investigate the effects of incremental reform within a particular system....
Persistent link: https://www.econbiz.de/10010746402
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Household finance and the welfare state: a case study of the United States, 1980-­2010
Gerba, Eddie; Schelkle, Waltraud - London School of Economics (LSE) - 2014
The sharp rise in household finance, both in debt and in assets, is one of the striking empirical facts about the US economy of the last two decades. But it is still not clear what caused it. Economists, both mainstream and heterodox, seek an explanation in financial market innovation and...
Persistent link: https://www.econbiz.de/10011126600
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James Tobin : an appreciation of his contribution to economics
Buiter, Willem H. - London School of Economics (LSE) - 2003
twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive …-variance portfolio demand and asset pricing theory, especially the Portfolio Separation Theorem; pitfalls in financial model building …
Persistent link: https://www.econbiz.de/10011071326
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Risk Sharing of Disaggregate Macroeconomic and Idiosyncratic Shocks.
Hess, G.D.; Shin, K. - London School of Economics (LSE) - 1999
a deeper understanding as to why the economy lacks in specific areas of risk sharing arrangements. As well, it can point … to areas where the economy's risk sharing capability can be enhanced. Using household data from the Panel Study of Income … Dynamics, we find that a negligible amount of risk (around 10%) is shared in the aggregate, about 50% is shared within regions …
Persistent link: https://www.econbiz.de/10005475171
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Institutional change in Greek industrial relations in an era of fiscal crisis
Voskeritsian, Horen; Kornelakis, Andreas - London School of Economics (LSE) - 2011
The main aim of this paper is to contribute to the ongoing debate on the facets of the Greek crisis via an analysis of the changes in the institutional framework of the labour market that are introduced as a result of the EU/IMF mechanism for financial support. The paper tries to make sense of...
Persistent link: https://www.econbiz.de/10010744857
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Inflation, inequality and social conflict
Crowe, Christopher - London School of Economics (LSE) - 2004
This paper presents a political economy model of inflation as a result of social conflict. Agents are heterogeneous in terms of income. Agents’ income levels determine their ability to hedge against the effects of inflation. The interaction of heterogeneous cash holdings and preferences over...
Persistent link: https://www.econbiz.de/10010745045
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What gives? Household consumption patterns and the ‘Big Trade Off’ with public consumption
Bastagli, Francesca; Hills, John - London School of Economics (LSE) - 2013
At the centre of politics in Britain and other countries is what is sometimes called ‘the big trade-off’ – where to strike the balance between private consumption and collective goods and social spending – and hence the sacrifices that would be entailed by the higher taxation required to...
Persistent link: https://www.econbiz.de/10010746039
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Eliciting taxpayer preferences increases tax compliance
De Neve, Jan-Emmanuel; Lamberton, Cait; Norton, Michael I. - London School of Economics (LSE) - 2014
Two experiments show that eliciting taxpayer preferences on government spending—providing taxpayer agency--increases tax compliance. We first create an income and taxation environment in a laboratory setting to test for compliance with a lab tax. Allowing a treatment group to express...
Persistent link: https://www.econbiz.de/10011125929