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The Wage-Productivity Hypothesis : its Economic Consequences and Policy Implications

Stiglitz, Joseph E. - 2021

the wages they receive. In particular, we show that this hypothesis may explain the high urban wages and unemployment … control urbaxv'rural migration, but could control wages and urban employment, it would, in general, set wages and employment … into accounce, both In the determination of shadow wages to be used in cost benefit analysis and In the analysisis of the …

Persistent link: https://www.econbiz.de/10013226192

Discouraging Rivals : Managerial Rent-Seeking and Economic Inefficiencies

Edlin, Aaron S.; Stiglitz, Joseph E. - 2021

We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not … managerial discretion, managers have an incentive to exercise that discretion to enhance their income. Any managerial contract is …

Persistent link: https://www.econbiz.de/10013230600

Optimal Provision of Loans and Insurance Against Unemployment from a Lifetime Perspective

Stiglitz, Joseph E. - 2013

provided unemployment insurance (UI) and loans against pension accounts changes over time in a model where unemployment may …

Persistent link: https://www.econbiz.de/10013081509

Dynamic Optimal Income Taxation with Government Commitment

Brito, Dagobert L. - 2007

The optimal income taxation problem has been extensively studied in one-period models. This paper analyzes optimal income taxation when consumers work for many periods. We also analyze what information, if any, that the government learns about abilities in one period can be used in later periods...

Persistent link: https://www.econbiz.de/10012777113

The Informational Content of Initial Public Offerings

Gale, Ian L. - 2007

The ability of capital markets to distinguish firms of different value by the size of their initial equity offerings is attenuated when insiders can sell equity more than once. A model is developed in which there is price risk from holding equity between periods. When the uncertainty is small....

Persistent link: https://www.econbiz.de/10012777115

Aggregate Land Rents and Aggregate Transport Costs

Arnott, Richard J. - 2001

This paper explores the relationship between aggregate land rents and aggregate transport costs for land markets in which locations differ solely in terms of accessibility. That there exists a relationship between land rents and transport costs has been recognized at least since the time of von...

Persistent link: https://www.econbiz.de/10012787780

Information and Multi-Period Optimal Income Taxation with Government Commitment

Brito, Dagobert L. - 2010

The optimal income taxation problem has been extensively studied in one- period models. When consumers work for many periods, this paper analyzes what information, if any, that the government learns about abilities in one period can be used in later periods to attain more redistribution than in...

Persistent link: https://www.econbiz.de/10012760230

Informational Imperfections in the Capital Market and Macro-Economic Fluctuations

Greenwald, Bruce C. N. - 2010

This paper describes the role that informational imperfections in capital markets are likely to play in business cycles. It then developes a simple illustrative model of the impact of adverse selection in the equity market and the way in which this may lead to large fluctuations in the effective...

Persistent link: https://www.econbiz.de/10012760340

The Pure Theory of Country Risk

Eaton, Jonathan - 2010

essential to a theory of international lending is that of enforcement. The difficulty is one of ensuring that the two sides of a …

Persistent link: https://www.econbiz.de/10012763435

Macroeconomic Models with Equity and Credit Rationing

Greenwald, Bruce C. N. - 2010

This paper presents a simple, general equilibrium macroeconomic model incorporating financial constraints, both credit and equity rationing, as well as other informational imperfections in labor and product markets, such as efficiency wage effects. A formulation somewhat analogous to the...

Persistent link: https://www.econbiz.de/10012763490