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An Empirical Growth Model for Major Oil Exporters
Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2021
-run output equation with a coefficient equal to the share of capital (α). The long-run theory is tested using quarterly data on … results support the long-run theory. The existence of long-run relations between real output, foreign output and real oil … steadily over the past three decades, the theory suggests that the effect of oil income on the economy’s steady state growth …
Persistent link: https://www.econbiz.de/10013315924
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Tariff Liberalization and Trade Integration of Emerging Countries
Luca d'Agliano, Centro Studi - 2013
We investigate how tariff liberalization has affected exporting in emerging countries. We use a highly disaggregated bilateral measure of market access to compare tariffs applied in 1996 and 2006, which includes the timing of the Uruguay Round and episodes of bilateral liberalization. Our...
Persistent link: https://www.econbiz.de/10013074397
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Agricultural Exports, Tariffs and Growth
Azarnert, Leonid V. - 2014
This article presents a Ricardian model of trade with learning-by-doing to study the effect of barriers to trade in products with low growth potential on the long-run economic growth. The model shows that, when elasticity of demand for the product with a lower learning potential is lower than...
Persistent link: https://www.econbiz.de/10013059480
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Error Prone Inference from Response Time : The Case of Intuitive Generosity
Recalde, Maria P. - 2017
Research on public-good games reveals greater contributions by fast decision-makers than by slow decision-makers. Interpreting greater contributions as generosity, this is seen as evidence of generosity being intuitive. We caution that mistakes may lead to the observed comparative static....
Persistent link: https://www.econbiz.de/10012972651
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Profressivity of Burden-Sharing in a Lindahl Equilibrium
Buchholz, Wolfgang - 2017
In this paper, we show that progressivity (regressivity) of burden sharing in a Lindahl equilibrium is a direct consequence of gross complementarity (substitutability) between the private and the public good when the public good is taken as the numéraire. We, moreover, link the respective...
Persistent link: https://www.econbiz.de/10012942375
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Equilibrium Theory of Banks' Capital Structure
Gale, Douglas M. - 2017
We study an environment where the capital structure of banks and firms are jointly determined in equilibrium, so as to balance the benefits of the provision of liquidity services by bank deposits with the costs of bankruptcy. The risk in the assets held by firms and banks is determined by the...
Persistent link: https://www.econbiz.de/10012949371
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Reaching Market Equilibrium Merely by Bilateral Barters
Flam, Sjur Didrik - 2013
Motivated by emission and resource markets, this paper considers repeated, bilateral barters between owners of commodity bundles, contingent claims, or property rights. Focus is on feasible, voluntary exchanges, driven only by differences in substitution rates. No coordination is ever needed....
Persistent link: https://www.econbiz.de/10013071386
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Justifying the Lindahl Solution as an Outcome of Fair Cooperation
Buchholz, Wolfgang; Peters, Wolfgang - 2021
The Lindahl equilibrium is mostly motivated by a rather artificial price mechanism. Even though the analogy to a competitive market has been emphasised by Lindahl himself his approach does not directly explain the normative ideas, which are behind this concept. In the present paper we therefore...
Persistent link: https://www.econbiz.de/10013318275
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Differentiated Annuities in a Pooling Equilibrium
Sheshinski, Eytan - 2021
Regular annuities provide payment for the duration of an owner's lifetime. Period-Certain annuities provide additional payment after death to a beneficiary provided the insured dies within a certain period after annuitization. It has been argued that the bequest option offered by the latter is...
Persistent link: https://www.econbiz.de/10013317340
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Existence, Uniqueness and Some Comparative Statics for Ratio and Lindahl Equilibria : New Wine in Old Bottles
Buchholz, Wolfgang; Cornes, Richard C.; Peters, Wolfgang - 2021
We present a rigorous, yet elementary, demonstration of the existence of a unique Lindahl equilibrium under the assumptions that characterize the standard n-player public good model. Indeed, our approach, which exploits the aggregative structure of the public good model, lends itself to a...
Persistent link: https://www.econbiz.de/10013317426