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The Fiscal Theory of the Price Level with a Bubble

Brunnermeier, Markus K. - 2020

This paper incorporates a bubble term in the standard FTPL equation to explain why countries with persistently negative primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed-form solutions in which idiosyncratic risk on capital returns...

Persistent link: https://www.econbiz.de/10012834354

Financial Cycles, Credit Bubbles and Stabilization Policies

Corrado, Luisa - 2019

This paper analyzes the effects of several policy instruments to mitigate financial bubbles generated in the banking … policy instruments in counteracting financial bubbles. We find that an endogenous capital requirement reduces the impact of a …

Persistent link: https://www.econbiz.de/10012892165

The Neoclassical Model and the Welfare Costs of Selection

Collard, Fabrice; Licandro, Omar - 2021

This paper embeds firm dynamics into the Neoclassical model and provides a simple framework to solve for the transitional dynamics of economies moving towards more selection. As in the Neoclassical model, markets are perfectly competitive, there is only one good and two production factors...

Persistent link: https://www.econbiz.de/10013215673

Tasks, Technology, and Factor Prices in the Neoclassical Production Sector

Irmen, Andreas - 2020

This paper introduces tasks into the neoclassical production sector. Competitive firms choose the profit-maximizing amounts of factor-specific tasks that determine their factor demands and output supplies. We show that the effect of factor-augmenting technical change on relative and absolute...

Persistent link: https://www.econbiz.de/10012830998

The Neoclassical Growth of China

Fernández-Villaverde, Jesús; Ohanian, Lee E.; Yao, Wen - 2023

This paper studies China’s four-fold increase in per capita GDP relative to the U.S. between 1995 and 2019. First, we argue that China’s growth pattern is very similar to that of several other East Asia economies that initially grew very quickly. Second, we show that a minimalist...

Persistent link: https://www.econbiz.de/10014347723

Another Look at Cryptocurrency Bubbles

Gronwald, Marc - 2019

This paper deals with cryptocurrency bubbles. First, it points out that a number of recent papers on cryptocurrency … bubbles are awed due to an insufficient consideration of the fundamental value of cryptocurrencies. As even fiat money is said … to exhibit features of bubbles, the same applies to cryptocurrencies. Thus, any empirical investigation into either the …

Persistent link: https://www.econbiz.de/10012866076

The Role of Venture Capital and Governments in Clean Energy : Lessons from the First Cleantech Bubble

van den Heuvel, Matthias; Popp, David - 2022

After a boom and bust cycle in the early 2010s, venture capital (VC) investments are, once again, flowing towards green businesses. In this paper, we use Crunchbase data on 150,000 US startups founded between 2000 and 2020 to better understand why VC initially did not prove successful in funding...

Persistent link: https://www.econbiz.de/10013292501

Marriage and Divorce : The Role of Labor Market Institutions

Schulz, Bastian - 2020

Marriage and divorce decisions are influenced by the institutional environment they are made in. One example is the social insurance system, which acts as a substitute for within-household insurance against economic shocks. In this paper, we quantify the importance of household-level insurance...

Persistent link: https://www.econbiz.de/10012824595

Slavery, Corruption, and Institutions

Rauscher, Michael - 2019

We develop a model where firms profit from coercing workers into employment under conditions violating national law and international conventions and where bureaucrats benefit from accepting bribes from detected perpetrators. Firms and bureaucrats are heterogeneous. Employers differ in their...

Persistent link: https://www.econbiz.de/10012859047

A multiplicity of approaches to institutional analysis : applications to the government and the arts

Frey, Bruno S. - 2009

Four types of economics" relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of...

Persistent link: https://www.econbiz.de/10010265966

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