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Moral Hazard and Unemployment in Competitive Equilibrium

Rey, Patrick; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024

Principal-agent models take outside options, determining participation and incentive constraints, as given. We construct a general equilibrium model where workers' reservation wages and the maximum punishment acceptable before workers quit are instead determined endogenously. We simultaneously...

Persistent link: https://www.econbiz.de/10014635663

Endogenous Growth and Cycles

Stiglitz, Joseph E. - 1993

fluctuations. It is the structure of the economy, not exogenous disturbances (as in real business cycle theory) which give rise to …

Persistent link: https://www.econbiz.de/10012474674

On the Relevance or Irrelevance of Public Financial Policy : Indexation,Price Rigidities and Optimal Monetary Policy

Stiglitz, Joseph E. - 1983

This paper is concerned with delineating conditions under which public financial policies have no real and/or price effects. In the absence of intergenerational distribution effects, public financial policy is irrelevant:an increase in government debt (whether indexed or not), an exchange of...

Persistent link: https://www.econbiz.de/10012477996

Credit, Land Speculation, and Long-Run Economic Growth

Hirano, Tomohiro; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024

This paper analyses the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy with credit frictions, with the driver of growth lying in one sector...

Persistent link: https://www.econbiz.de/10014544757

Theories of Wage Rigidity

Stiglitz, Joseph E. - 1984

theory and the efficiency wage theory. The basic thesis of the paper is that the former set of theories do not provide a …. Several of the more recent versions of implicit contract theory are considered: implicit contracts with asymmetric information …, explicitly long term in nature, may give rise to full employment. One version of implicit contract theory which does give rise to …

Persistent link: https://www.econbiz.de/10012477646

Net Worth, Exchange Rates, and Monetary Policy : The Effects of a Devaluation in a Financially Fragile Environment

Gatti, Domenico Delli - 2007

In this paper we propose an Open Economy Financial Accelerator model along the lines of Greenwald-Stiglitz (1993) close in spirit but different in many respects from the one proposed by Greenwald (1998.) The first goal of the paper is to provide a taxonomy of the effects of a devaluation in this...

Persistent link: https://www.econbiz.de/10012465409

Towards a Reformulation of Monetary Theory : Competitive Banking

Stiglitz, Joseph E. - 1992

This paper, after providing a critique of standard monetary theory based on the transactions demand for money, examines …

Persistent link: https://www.econbiz.de/10012474856

Money, Credit, and Business Fluctuations

Stiglitz, Joseph E. - 1989

This paper provides a critique of standard theories of money, in particular those based on money as a medium of exchange. Money is important because of the relationship between money and credit. The process of judging credit worthiness, in which banks play a central role, involves the collection...

Persistent link: https://www.econbiz.de/10012476234

Bail-ins and Bail-outs : Incentives, Connectivity, and Systemic Stability

Bernard, Benjamin - 2017

shock size above which sparser networks perform better is decreased; with sparser networks, a bail-in strategy is more …

Persistent link: https://www.econbiz.de/10012453964

The creation of the rule of law and the legitimacy of property rights : the political and economic consequences of a corrupt privatization

Hoff, Karla Ruth - 2005

"How does the lack of legitimacy of property rights affect the dynamics of the creation of the rule of law? We investigate the demand for the rule of law in post-Communist economies after privatization under the assumption that theft is possible, that those who have "stolen" assets cannot be...

Persistent link: https://www.econbiz.de/10010522421

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