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efficiency gains can be sizable, but we find that most of the improvements can then attributed to the relaxation of borrowing constraints, rather than the introduction of savings distortions.
Persistent link: https://www.econbiz.de/10011080520
model. (JEL: E43, E44, F31, G12, G15)
Persistent link: https://www.econbiz.de/10011080904
We study the effects of labor mobility within a currency union suffering from nominal rigidities. When the demand shortfall in depressed region is mostly internal, migration may not help regional macroeconomic adjustment. When external demand is also at the root of the problem, migration out of...
Persistent link: https://www.econbiz.de/10011081948
Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny when calibrating preferences, the long-run risks literature as well as the broader literature using recursive utility to address asset pricing puzzles have ignored the full...
Persistent link: https://www.econbiz.de/10010945623
Three of the most important recent facts in global macroeconomics — the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio — appear as anomalies from the perspective of...
Persistent link: https://www.econbiz.de/10005090729
Persistent link: https://www.econbiz.de/10005090851
We consider a dynamic Mirrlees economy in a life cycle context and study the optimal insurance arrangement. Individual productivity evolves as a Markov process and is private information. We use a first order approach in discrete and continuous time and obtain novel theoretical and numerical...
Persistent link: https://www.econbiz.de/10010554459
A Positive Theory of Capital Taxation
Persistent link: https://www.econbiz.de/10010554513
Persistent link: https://www.econbiz.de/10010554920
which takes the form of a minimum liquidity requirement coupled with monitoring of the quality of liquid assets. We establish the robustness of our insights when the set of bailout instruments is endogenous and characterize the structure of optimal bailouts.
Persistent link: https://www.econbiz.de/10010570161