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Is the deficit under control? : a generational accounting perspective on fiscal policy and labour market trends in Spain

Bonin, Holger (contributor) - 2001

According to the 2001 Spanish budgetary previsions, the government deficit is about to disappear. We analyse this matter within a generational accounting framework. Accounting for the recent expansive phase of the economic cycle, we find that current fiscal policy is also intertemporally...

Persistent link: https://www.econbiz.de/10001604049

Unions, increasing returns and endogenous fluctuations

Coimbra, Rui; Lloyd-Braga, Teresa; Modesto, Leonor - 2000

We analyse the implications of unions (efficient bargaining) for multiplicity of stationary states and welfare, local indeterminacy, bifurcations and endogenous fluctuations (deterministic and stochastic). We use an overlapping generations model with external increasing returns to scale, where...

Persistent link: https://www.econbiz.de/10001605164

Labor market efficiency, wages and employment when search frictions interact with intrafirm bargaining

Cahuc, Pierre; Wasmer, Etienne - 2001

In search of a macroeconomic theory of wage determination, the agnostic reader should be puzzled by the apparent … contradiction between two influential theories. On one hand, in the standard search-matching theory with wage bargaining, hiring … overemployment or to under-employment compared with the first-best. On the other hand, in Stole and Zwiebel's theory of intrafirm …

Persistent link: https://www.econbiz.de/10001605197

Why funding is not a solution to the "social security crisis"

Breyer, Friedrich - 2001

It is now a commonplace that the unfunded public pension systems of many OECD countries will run into severe financing problems in the coming decades due to a dramatically increasing pensioner/worker ratio. While this diagnosis is completely undisputed, there is still a vigorous debate on the...

Persistent link: https://www.econbiz.de/10001605209

Betit : a family that nests probit and logit

Vijverberg, Wim P. M. - 2000

This paper proposes a dichotomous choice model that is based on a transformed beta (or "z") distribution. This model, called betit, nests both logit and probit and allows for various skewed and peaked disturbance densities. Because the shape of this density affects the estimated relation between...

Persistent link: https://www.econbiz.de/10001605236

The optimal size for a minority

Rapoport, Hillel; Weiss, Avi - 2001

We investigate a setting in which members of a population, bifurcated into a majority and a minority, transact with randomly matched partners. All members are uniformly altruistic, and each transaction can be carried out cooperatively or through a market mechanism, with cooperative transactions...

Persistent link: https://www.econbiz.de/10001605246

A theory of immigration amnesties

Epstein, Gil S.; Weiss, Avi - 2001

This paper presents a first attempt at understanding some of the many issues involved in the granting of an amnesty to illegal immigrants. We consider government behavior with respect to allocations on limiting infiltration (border control) and apprehending infiltrators (internal control) and...

Persistent link: https://www.econbiz.de/10001605260

Two-sided learning, labor turnover and worker displacement

Pfann, Gerard A.; Hamermesh, Daniel S. - 2001

We construct a general dynamic structural model of two-sided learning between a firm and its workers. We estimate an empirical version of the model using personnel data from Fokker Aircraft that cover the path of layoffs and quits through its bankruptcy. We find that the firm learns about its...

Persistent link: https://www.econbiz.de/10001605272

A product market theory of training and turnover in firms

Gersbach, Hans; Schmutzler, Armin - 2001

We develop a product market theory that explains why firms invest in general training of their workers. We consider a …

Persistent link: https://www.econbiz.de/10001610642

Household saving and full consumption over the life cycle

Apps, Patricia; Rees, Ray - 2001

This paper extends the standard model of life cycle consumption, saving and labor supply in a number of directions. First, it argues that consumption should be defined as expenditure on household production as well as on market goods, that is, we are interested in life cycle profiles of full...

Persistent link: https://www.econbiz.de/10001610691