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Think Locally, Act Locally : Spillovers, Spillbacks, and Efficient Decentralized Policymaking
Ogawa, Hikaru; Wildasin, David E. - 2021
decentralized system can still result in globally efficient allocation …
Persistent link: https://www.econbiz.de/10013316740
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Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy
González, Beatriz; Nuno, Galo; Thaler, Dominik; … - 2021
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10013311708
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Banks, Credit Reallocation, and Creative Destruction
Keuschnigg, Christian; Kogler, Michael; Matt, Johannes - 2022
How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...
Persistent link: https://www.econbiz.de/10014241611
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Smart Hedging against Carbon Leakage
Böhringer, Christoph - 2019
combine an emission trading system (ETS) with output-based allocation (OBA) of allowances to exposed industries. We first show …
Persistent link: https://www.econbiz.de/10012859992
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The Team Allocator Game : Allocation Power in Public Goods Games
Karakostas, Alexandros; Matzat, Dominik; Riewe, Gerhard; … - 2021
allocation power to distribute benefits from the public good in a way that motivates people to contribute. Re-allocating team …
Persistent link: https://www.econbiz.de/10013231971
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Structural Transformation of Occupation Employment
Duernecker, Georg; Herrendorf, Berthold - 2021
We use census data to show that structural transformation reflects a fundamental reallocation of labor from goods to services, instead of a relabelling that occurs when goods-producing firms outsource their in-house service production. The novelty of our approach is that it categorizes labor by...
Persistent link: https://www.econbiz.de/10013211114
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Quality Misallocation, Trade, and Regulations
Macedoni, Luca; Weinberger, Ariel - 2021
high-quality firms, who under-produce in the market allocation. Furthermore, the fixed cost generates a positive …
Persistent link: https://www.econbiz.de/10013229785
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Equity as a prerequisite for stable cooperation in a public-good economy: The core revisited
Buchholz, Wolfgang; Peters, Wolfgang - 2010
on the one hand and the core property of an allocation on the other. In particular we show that it is an inhomogeneous … allocation which can be interpreted as the outcome of a negotiation process when all agents form a grand coalition …. Distributional equity of the individual burdens of public-good contribution is assessed by a specific sacrifice measure (the 'Moulin …
Persistent link: https://www.econbiz.de/10010270530
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Predictability of asset returns and the efficient market hypothesis
Pesaran, Mohammad Hashem - 2010
This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...
Persistent link: https://www.econbiz.de/10010276273
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Justifying the Lindahl solution as an outcome of fair cooperation
Buchholz, Wolfgang; Peters, Wolfgang - 2005
equity axioms that in particular are related to the equal sacrifice principle and a nonenvy postulate as norms for … distributional equity. Fairness among agents with different preferences is taken into account by considering their marginal …
Persistent link: https://www.econbiz.de/10010261328