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Environmental policy and the macroeconomy under shallow-lake dynamics
Heijdra, Ben J.; Heijnen, Pim - 2009
-state ecological equilibria. Under shallow-lake dynamics (SLD), the isocline for the stock of pollution features two stable branches, a …
Persistent link: https://www.econbiz.de/10010274231
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Indeterminacy and imperfect information
Lubik, Thomas A.; Matthes, Christian; Mertens, Elmar - 2020
We study equilibrium determination in an environment where two kinds of agents have different information sets: The fully informed agents know the structure of the model and observe histories of all exogenous and endogenous variables. The less informed agents observe only a strict subset of the...
Persistent link: https://www.econbiz.de/10012160543
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Optimal sovereign default
Adam, Klaus; Grill, Michael - 2013
When is it optimal for a government to default on its legal repayment obligations? We answer this question for a small open economy with domestic production risk in which contracting frictions make it optimal for the government to finance itself by issuing non-contingent debt. We show that...
Persistent link: https://www.econbiz.de/10009733001
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Die Theorie der optimalen Währungsräume und die politische Reformfähigkeit - ein vernachlässigtes Kriterium
Heinemann, Friedrich - 1998
In this paper, a short survey is given on the contents and some problems of the theory of optimal currency areas. In … conventional theory is inspired by a phenomenon that can be observed for example in Germany but also in other European countries … the nominal exchange rate. The conventional theory with the focus on private agents' behaviour - e.g. in the context of …
Persistent link: https://www.econbiz.de/10013428120
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Variable rare disasters : a tractabel theory of ten puzzles in macro-finance
Gabaix, Xavier - In: The American economic review 98 (2008) 2, pp. 64-67
Persistent link: https://www.econbiz.de/10003730014
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The impact of uncertainty shocks : firm level estimation and a 9/11 simulation
Bloom, Nicholas (contributor) - 2006
Persistent link: https://www.econbiz.de/10003319792
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Optimal sticky prices under rational inattention
Maćkowiak, Bartosz; Wiederholt, Mirko - In: The American economic review 99 (2009) 3, pp. 769-803
Persistent link: https://www.econbiz.de/10003863200
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Rare disasters, asset prices, and welfare costs
Barro, Robert J. - In: The American economic review 99 (2009) 1, pp. 243-264
Persistent link: https://www.econbiz.de/10003825435
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On the international dimension of fiscal policy
Benigno, Gianluca (contributor);  … - 2009
This paper analyses the international dimension of fiscal policy using a small open economy framework in which the government finances its spending by levying distortionary taxation and issuing non-state-contingent debt. The main finding of the paper is that, once the open economy aspect of the...
Persistent link: https://www.econbiz.de/10003867915
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Risk sharing across communities
Bramoullé, Yann; Kranton, Rachel E. - In: The American economic review 97 (2007) 2, pp. 70-74
Persistent link: https://www.econbiz.de/10003501212