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A large body of evidence suggests that social comparisons matter for workers' valuation of the wage they receive. The consequences of social comparisons in imperfectly competitive labor markets are less well understood. We analyze an oligopsonistic model of the labor market where workers derive...
Persistent link: https://www.econbiz.de/10011665750
In contrast to much recent work regarding the causes of European unemployment, in this paper, we emphasise the importance of capital accumulation. But unlike the few previous studies which have examined the relationship between capital accumulation and unemployment, we argue that what matters...
Persistent link: https://www.econbiz.de/10009781506
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates of inflation and growth? We find that a central bank that...
Persistent link: https://www.econbiz.de/10009781604
We examine alternative performance measures for a manager who has superior information about the profitability of an investment project and who contributes to periodic operating cash flows through his efforts. We find that residual income based on a suitably chosen depreciation schedule is an...
Persistent link: https://www.econbiz.de/10009781635
Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothi ng to be gained from a transition to a funded system even though the latter offers a permanently higher rate of return. The sum of...
Persistent link: https://www.econbiz.de/10009781690
COVID-19 abruptly impacted the labor market with the unemployment rate jumping to 14.7 percent less than two months after state governments began adopting social distancing measures. Unemployment of this magnitude has not been seen since the Great Depression. This paper provides the first study...
Persistent link: https://www.econbiz.de/10012223833
We study individual demand for COVID-19 antibody tests in an incentivized study on a representative sample of the US population. Almost 2,000 participants trade off obtaining an at-home test kit against money. At prices close to zero, 80 percent of individuals want the test. However, this broad...
Persistent link: https://www.econbiz.de/10012226595
Building on the epidemiological SIR model we present an economic model with heterogeneous individuals deriving utility from social contacts creating infection risks. Focusing on social distancing of individuals susceptible to an infection we theoretically analyze the gap between private and...
Persistent link: https://www.econbiz.de/10012226761
Social distancing restrictions and health- and economic-driven demand shifts from COVID-19 are expected to shutter many small businesses and entrepreneurial ventures, but there is very little early evidence on impacts. This paper provides the first analysis of impacts of the pandemic on the...
Persistent link: https://www.econbiz.de/10012291885
By changing many aspects of everyday life, the COVID-19 pandemic and the social distance policies implemented to face it have affected the behaviour of many people, all over the world. Has the pandemic also affected people approach toward the divine? Previous evidences suggest that the prayer...
Persistent link: https://www.econbiz.de/10012294706