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Unemployment, Growth and Taxation in Industrial Countries

Daveri, Francesco; Tabellini, Guido - C.E.P.R. Discussion Papers - 1997

To the layperson, the upward trend in European unemployment is related to the slowdown in economic growth. We argue … that the layperson’s view is correct. The increase in European unemployment and the slowdown in economic growth are related …, and thus creates unemployment. Second, as firms substitute capital for labour, the marginal product of capital falls; over …

Persistent link: https://www.econbiz.de/10005662079

Inequality and the Political Economy of Eurosclerosis

Krugman, Paul - C.E.P.R. Discussion Papers - 1993

Before the early 1970s generous welfare states seemed to be consistent with high employment. Since then, there has been growing concern over disincentive effects of social insurance. This paper suggests that the problem may have arisen in part because European nations were in effect trying to...

Persistent link: https://www.econbiz.de/10005662317

Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009

The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...

Persistent link: https://www.econbiz.de/10005034754

Competitive Markets with Endogenous Health Risks

Bennardo, Alberto; Piccolo, Salvatore - C.E.P.R. Discussion Papers - 2005

We study a general equilibrium model where agents' preferences, productivity and labour endowments depend on their health status, and occupational choices affect individual health distributions. Efficiency typically requires agents of the same type to obtain different expected utilities if...

Persistent link: https://www.econbiz.de/10005662275

Selection of Boundedly Rational Firms and the Allocation of Resources

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2006

I study how savers allocate funds between boundedly rational firms which follow simple pricing rules. Firms need cash to pay their inputs in advance, and savers-shareholders allocate cash between them so as to maximize their rate of return. When the rate of return on each firm is observed, there...

Persistent link: https://www.econbiz.de/10005666616

General Equilibrium and the Emergence of (Non) Market Clearing Trading Institutions

Alos-Ferrer, Carlos; Kirchsteiger, Georg - C.E.P.R. Discussion Papers - 2006

We consider a pure exchange economy, where for each good several trading institutions are available, only one of which is market-clearing. The other feasible trading institutions lead to rationing. To learn on which trading institutions to coordinate, traders follow behavioural rules of thumb...

Persistent link: https://www.econbiz.de/10005666746

Bargaining cum Voice

Gersbach, Hans; Haller, Hans - C.E.P.R. Discussion Papers - 2010

We propose a formal concept of the power of voice in the context of a simple model where individuals form groups and trade in competitive markets. Individuals use outside options in two different ways. Actual outside options reflect the possibility to exit or to join other existing groups....

Persistent link: https://www.econbiz.de/10008468573

Common Ground Between Free-traders and Environmentalists

Karp, Larry; Sacheti, Sandeep - C.E.P.R. Discussion Papers - 1997

We use a North-South model with property right differences and resource dynamics to study the effects of trade on resource use and welfare. Autarky is likely to Pareto-dominate free trade in the long run when the environment is quite fragile, and the result is reversed when the environment is...

Persistent link: https://www.econbiz.de/10005123684

An Institutional Theory of Momentum and Reversal

Vayanos, Dimitri; Woolley, Paul - C.E.P.R. Discussion Papers - 2008

We propose a rational theory of momentum and reversal based on delegated portfolio management. A competitive investor can invest through an index fund or an active fund run by a manager with unknown ability. Following a negative cashflow shock to assets held by the active fund, the investor...

Persistent link: https://www.econbiz.de/10005504572

Other-Regarding Preferences in General Equilibrium

Dufwenberg, Martin; Heidhues, Paul; Kirchsteiger, Georg; … - C.E.P.R. Discussion Papers - 2008

We study competitive market outcomes in economies where agents have other-regarding preferences. We identify a separability condition on monotone preferences that is necessary and sufficient for one's own demand to be independent of the allocations and characteristics of other agents in the...

Persistent link: https://www.econbiz.de/10005114265

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