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In his papers during the lead up to the birth of the European Monetary Union, Obstfeld considered whether the countries forming the EMU were sufficiently similar to survive a single monetary policy--and more importantly, whether they had the capacity to adjust to asymmetric shocks given a single...
Persistent link: https://www.econbiz.de/10014337753
Despite the recent inroads made by models of interregional trade based on external" economies, the analysis of the long-run trends in U.S. regional specialization in agriculture manufacturing, wholesale trade, retail trade, services, and all economic activities indicate that" these trends are...
Persistent link: https://www.econbiz.de/10012472480
In this paper we develop a new approach to measuring the gains from economic integration based on a generalization of the Ricardian model in which heterogeneous factors of production are allocated to multiple sectors in multiple local markets based on comparative advantage. We implement this...
Persistent link: https://www.econbiz.de/10012455734
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This paper shows that unilateral decarbonization pays for itself in large economies. We estimate economic damages from global temperature shocks and combine them with a climate-economy model to construct Domestic Costs of Carbon: $226 per ton for the United States and $216 per ton for the...
Persistent link: https://www.econbiz.de/10015195010
Wage structure, raises, and mobility : an introduction to international comparisons of the structure of wages within and across firms / Edward P. Lazear and Kathryn L. Shaw -- Adjusting imperfect data : overview and case studies / Lars Vilhuber -- Wage structure and labor mobility in the United...
Persistent link: https://www.econbiz.de/10003681741
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Americans average 25.1 working hours per person in working age per week, but the Germans average 18.6 hours. The average American works 46.2 weeks per year, while the French average 40 weeks per year. Why do western Europeans work so much less than Americans? Recent work argues that these...
Persistent link: https://www.econbiz.de/10012467406
Different beliefs about how fair social competition is and what determines income inequality, influence the redistributive policy chosen democratically in a society. But the composition of income in the first place depends on equilibrium tax policies. If a society believes that individual effort...
Persistent link: https://www.econbiz.de/10012469200