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Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

Acemoglu, Daron; Simsek, Alp - C.E.P.R. Discussion Papers - 2010

A 'folk theorem' originating, among others, in the work of Stiglitz maintains that competitive equilibria are always or 'generically' inefficient (unless contracts directly specify consumption levels as in Prescott and Townsend, thus bypassing trading in anonymous markets). This paper critically...

Persistent link: https://www.econbiz.de/10008468520

Efficient Wage Dispersion

Acemoglu, Daron; Shimer, Robert - C.E.P.R. Discussion Papers - 1997

, equilibrium wage dispersion is necessary for the economy to approximate efficiency. Without wage dispersion, workers do not search …

Persistent link: https://www.econbiz.de/10005124074

Inefficient Redistribution

Acemoglu, Daron; Robinson, James A - C.E.P.R. Discussion Papers - 1999

There are many well developed theories which explain why governments redistribute income. There are very few theories, however, which can explain why this redistribution often takes an inefficient form. In this paper we develop a theory of why redistribution is made inefficiently. Inefficient...

Persistent link: https://www.econbiz.de/10005067380

Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth

Acemoglu, Daron; Johnson, Simon; Robinson, James A; … - C.E.P.R. Discussion Papers - 2002

misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more ‘extractive’ institutions from their colonial past were more likely to experience high volatility and economic crises … appear to have only a minor impact on volatility and crises. This suggests that distortionary macroeconomic policies are more …

Persistent link: https://www.econbiz.de/10005136626