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The Wage-Productivity Hypothesis : Its Economic Consequences and Policy Implications

Stiglitz, Joseph E. - 1986

the wages they receive. In particular, we show that this hypothesis may explain the high urban wages and unemployment … control urbaxv'rural migration, but could control wages and urban employment, it would, in general, set wages and employment … into accounce, both In the determination of shadow wages to be used in cost benefit analysis and In the analysisis of the …

Persistent link: https://www.econbiz.de/10012477096

Outsourcing in a Global Economy

Grossman, Gene M. - 2002

We study the determinants of the location of sub-contracted activity in a general equilibrium model of outsourcing and trade. We model outsourcing as an activity that requires search for a partner and relationship-specific investments that are governed by incomplete contracts. The extent of...

Persistent link: https://www.econbiz.de/10012469987

On the Almost Neutrality of Inflation : Notes on Taxation and the Welfare Costs of Inflation

Stiglitz, Joseph E. - 1980

In this paper I attempt to clarify the nature of the losses associated with inflation within a conventional model of a competitive economy. I shall argue that were inflation fully anticipated, it would be "almost neutral" provided (a) that the tax system were fully indexed and (b) that interest...

Persistent link: https://www.econbiz.de/10012478637

Income Distribution, Product Quality, and International Trade

Fajgelbaum, Pablo D. - 2009

We develop a framework for studying trade in vertically and horizontally differentiated products. In our model, consumers with heterogeneous incomes and tastes purchase a homogeneous good as well as making a discrete choice of quality and variety of a differentiated product. The distribution of...

Persistent link: https://www.econbiz.de/10012463321

Growth and Welfare in A Small Open Economy

Grossman, Gene M. - 1989

We construct a model of growth based on endogenous technological change in a small, open economy. Entrepreneurs develop new intermediate products whenever the present value of potential profits exceeds the cost of R&D. Diversity of intermediates contributes to total factor productivity in the...

Persistent link: https://www.econbiz.de/10012476078

Dynamics of Markups, Concentration and Product Span

Helpman, Elhanan - 2020

We develop a model with a finite number of multi-product firms that populate an industry together with a continuum of single product firms, and study the dynamics of this industry that arises from investments in the invention of new products. Consistent with the available evidence, the model...

Persistent link: https://www.econbiz.de/10012481584

Labor Market Rigidities, Trade and Unemployment

Helpman, Elhanan - 2007

We study a two-country two-sector model of international trade in which one sector produces homogeneous products while the other produces differentiated products. The differentiated-product industry has firm heterogeneity, monopolistic competition, search and matching in its labor market, and...

Persistent link: https://www.econbiz.de/10012465285

Equilibrium Unemployment as a Worker Screening Device

Nalebuff, Barry - 1993

unemployment and job queues so that wages may serve as an effective screening device. This happens because more productive workers … being unemployed than less productive workers. The model is consistent with cyclical movements in average real wages as well …

Persistent link: https://www.econbiz.de/10012474599

Export versus FDI

Helpman, Elhanan - 2003

This paper builds a multi-country, multi-sector general equilibrium model that explains the decision of heterogeneous firms to serve foreign markets either through exports or local subsidiary sales (FDI). These modes of market access involve different relative costs, some of which are sunk while...

Persistent link: https://www.econbiz.de/10012469264

Income-Contingent Loans As an Unemployment Benefit

Mateen, Haaris; Stiglitz, Joseph E.; Yun, Jungyoll - National Bureau of Economic Research - 2021

Imperfections in risk and capital markets imply that individuals who lose jobs suffer from imperfect smoothing of consumption across states and times. Compared to the first best, there will be too little search. Optimal unemployment programs, which balance the marginal benefit of consumption...

Persistent link: https://www.econbiz.de/10012616645

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