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Stock Markets, Banks and Long Run Economics Growth: A Panel Cointegration-Based Analysis

Cavenaile, Laurent; Gengenbach, Christian; Palm, Franz - CESifo - 2013

the direction of potential causality between financial and economic development. Our results conclude to the existence of … a single cointegrating vector between financial development and growth and of causality going from financial development … to economic growth. We find little evidence of reverse causation as well as bi-directional causality. We interpret this …

Persistent link: https://www.econbiz.de/10010723543

Price Dispersion in the Euro Area: The Case of a Symmetric Oil Price Shock

Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2009

according to the impact of the oil price shock on the overall price level. While cross–country heterogeneity in the short …–run pass–through can be attributed to different weights of energy items in the consumption basket, heterogeneity in the medium …

Persistent link: https://www.econbiz.de/10005013058

Voting on Punishment Systems within a Heterogeneous Group

Noussair, Charles; Tan, Fangfang - CESifo - 2009

We consider a voluntary contributions game, in which players may punish others after contributions are made and observed. The productivity of contributions, as captured in the marginal-per-capita return, differs among individuals, so that there are two types: high and low productivity. Every two...

Persistent link: https://www.econbiz.de/10005013941

Macroeconomic Consequences of Distributional Conflicts

Schäfer, Andreas; Steger, Thomas - CESifo - 2007

inconsistency problem; (ii) strategic interaction in the political process; (iii) heterogeneity among individuals and the resulting …

Persistent link: https://www.econbiz.de/10005405988

Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure

Pesaran, M. Hashem - CESifo - 2004

This paper presents a new approach to estimation and inference in panel data models with a multifactor error structure where the unobserved common factors are (possibly) correlated with exogenously given individual-specific regressors, and the factor loadings differ over the cross section units....

Persistent link: https://www.econbiz.de/10005406355

Should we Subsidize Longevity?

Leroux, Marie-Louise; Pestieau, Pierre; Ponthiere, Grégory - CESifo - 2009

This paper studies the design of the optimal non linear taxation in an economy where longevity varies across agents, and depends on three factors: longevity genes, health investment and farsightedness. Provided earnings, farsightedness and genes are correlated, governmental intervention can be...

Persistent link: https://www.econbiz.de/10005000380

Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes

Gahvari, Firouz; Micheletto, Luca - CESifo - 2012

that the Friedman rule is not in general optimal. The results are due to the existence of another source of heterogeneity … differences in earning ability were the only source of heterogeneity, the fiscal authority would be able to neutralize the effects …

Persistent link: https://www.econbiz.de/10009645639

Is Universal Child Care Leveling the Playing Field?

Havnes, Tarjei; Mogstad, Magne - CESifo - 2012

Many developed countries currently consider a move towards a universal child care program. The challenge in assessing the case for universal child care programs is that the evidence base is scarce. We analyze the staged expansion of subsidized, universally accessible child care in Norway. Our...

Persistent link: https://www.econbiz.de/10010595386

Decomposing China's Export Growth into Extensive Margin, Export Quality and Quantity Effects

Gao, Yue; Whalley, John; Ren, Yonglei - CESifo - 2013

This paper decomposes the growth of China’s export into three parts: growth in the extensive margin, increased quantity and increased prices; we perform a series of empirical analyses using China’s export data at HS-6 digit to analyze the characteristics of China’s export growth. From 1995...

Persistent link: https://www.econbiz.de/10010660134

What is European Integration Really About? A Political Guide for Economists

Spolaore, Enrico - CESifo - 2013

Europe’s monetary union is part of a broader process of integration that started in the aftermath of World War II. In this “political guide for economists” we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions...

Persistent link: https://www.econbiz.de/10010668470