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Academics appreciate awards: a new aspect of incentives in research

Frey, Bruno S.; Neckermann, Susanne - 2009

This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are...

Persistent link: https://www.econbiz.de/10010264544

Money, credit and banking

Berentsen, Aleksander; Camera, Gabriele; Waller, … - 2005

In monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits...

Persistent link: https://www.econbiz.de/10010277060

Some Evolutionary Foundations for Price Level Rigidity

Saint-Paul, Gilles - 2002

This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...

Persistent link: https://www.econbiz.de/10010315352

How Money Relates to Value? An Empirical Examination on Gold, Silver and Bitcoin

Alves, José; Gonçalves, João Quental - 2022

The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why … understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on … social institutions, considering money as one. Such framework allows for the construction of axioms from which we formulate …

Persistent link: https://www.econbiz.de/10013266627

Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments

Auer, Raphael A.; Tercero-Lucas, David - 2021

Employing representative data from the U.S. Survey of Consumer Payment Choice, we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of...

Persistent link: https://www.econbiz.de/10012657993

Jean-Michel Grandmont - A Forthcoming Mind

Linnemer, Laurent; Visser, Michael - 2018

This profile of Jean-Michel Grandmont is based on several interviews we had with him between September 2016 and April 2017. The interviews took place at our CREST offices, located at that time in Malakoff, just south of Paris. The objective of the profile is twofold. First, we trace the career...

Persistent link: https://www.econbiz.de/10011872117

Money Is the Root of Asset Bubbles

Awaya, Yu; Iwasaki, Kohei; Watanabe, Makoto - 2024

not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing …

Persistent link: https://www.econbiz.de/10014534470

Investment in Productivity and the Long-Run Effect of Financial Crises on Output

de Ridder, Maarten - 2016

This paper analyzes the channels through which financial crises exert long-term negative effects on output. Recent models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap between pre-crisis trend and actual GDP. This...

Persistent link: https://www.econbiz.de/10011584942

Competition and Innovation in Automobile Markets

Ghosal, Vivek; Ni, Jiayao - 2015

Using data from the U.S. automobile market, we empirically examine the link between competition and innovation. Consistent with a large literature, we use patent counts as a measure of innovation. The combination of the U.S. market’s economic importance, market dynamics, and the significant...

Persistent link: https://www.econbiz.de/10011388173

Will stability last?

Martin, William; Rowthorn, Robert - 2004

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...

Persistent link: https://www.econbiz.de/10010261075