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Smart Machines and Long-Term Misery
Kotlikoff, Laurence; Sachs, Jeffrey D. - National Bureau of Economic Research (NBER) - 2012
Are smarter machines our children's friends? Or can they bring about a transfer from our relatively unskilled children to ourselves that leaves our children and, indeed, all our descendants - worse off? This, indeed, is the dire message of the model presented here in which smart machines...
Persistent link: https://www.econbiz.de/10010951178
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The Euro and Structural Reforms
Alesina, Alberto; Ardagna, Silvia; Galasso, Vincenzo - National Bureau of Economic Research (NBER) - 2008
This paper investigates whether or not the adoption of the Euro has facilitated the introduction of structural reforms, defined as deregulation in the product markets and liberalization and deregulation in the labor markets. After reviewing the theoretical arguments that may link the adoption of...
Persistent link: https://www.econbiz.de/10005248810
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The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation's Monetary System Emerged
Grubb, Farley - National Bureau of Economic Research (NBER) - 2005
The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the nation's monetary structure. They included determining what monies could be legal tender, who could emit fiat paper money, and who could incorporate banks. How the debate at the...
Persistent link: https://www.econbiz.de/10005087446
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Fiduciary Duties and Equity-Debtholder Conflicts
Becker, Bo; Stromberg, Per - National Bureau of Economic Research (NBER) - 2011
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers'...
Persistent link: https://www.econbiz.de/10009652869
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A Fiscal Union for the Euro: Some Lessons from History
Bordo, Michael David; Markiewicz, Agnieszka; Jonung, Lars - National Bureau of Economic Research (NBER) - 2011
The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...
Persistent link: https://www.econbiz.de/10009278243
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Trust in Public Finance
Slemrod, Joel - National Bureau of Economic Research (NBER) - 2002
the extent of tax cheating and the size of government that recognizes the interdependence of the two. The results reveal … that tax cheating is lower in countries that exhibit more (not-government-related) trustworthiness. However, holding that … constant, tax cheating becomes more acceptable as government grows. All in all, there is some weak evidence that the strong …
Persistent link: https://www.econbiz.de/10005714602
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International Experiences with Securities Transaction Taxes
Campbell, John Y.; Froot, Kenneth A. - National Bureau of Economic Research (NBER) - 1993
This paper studies the international experience with securities transaction taxes (STTs), using the Swedish and British systems as case studies. We argue that STTs are best thought of as taxes on different resources used in transactions: domestic brokerage services in the case of Sweden, and...
Persistent link: https://www.econbiz.de/10005720225
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The Origins of State Capacity: Property Rights, Taxation, and Politics
Besley, Timothy; Persson, Torsten - National Bureau of Economic Research (NBER) - 2007
Economists generally assume the existence of sufficient institutions to sustain a market economy and tax the citizens. However, this starting point cannot easily be taken for granted in many states, neither in history nor in the developing world of today. This paper develops a framework where...
Persistent link: https://www.econbiz.de/10005829304
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Rational Discounting for Regulatory Analysis
Viscusi, W Kip - National Bureau of Economic Research (NBER) - 2006
This article examines the economic basis for what is termed %u201Crational discounting,%u201D which entails full recognition of policy effects over time and exponential discounting at a riskless rate of return. Policies often cannot be ranked unambiguously in terms of their present or future...
Persistent link: https://www.econbiz.de/10005829821
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Segregation and the Quality of Government in a Cross-Section of Countries
Alesina, Alberto; Zhuravskaya, Ekaterina - National Bureau of Economic Research (NBER) - 2008
.e., those where groups live more spatially separately, have a substantially lower quality of government. In contrast, there is … no relationship between religious segregation and the government quality. …
Persistent link: https://www.econbiz.de/10005830650