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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...
Persistent link: https://www.econbiz.de/10009488413
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Strategic mismatches in competing teams
Kräkel, Matthias - 1999
This paper discusses the strategic role of mismatching, where players voluntarily form inefficient teams or forego the formation of efficient teams, respectively. Strategic mismatching can be rational when players realize a competitive advantage (e.g. harming other competitors). In addition, the...
Persistent link: https://www.econbiz.de/10011313938
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Transfer fee regulations in European football
Feess, Eberhard; Mühlheußer, Gerd - 2002
We analyze the impact of three different transfer fee systems on payoffs, contract lengths, training and effort incentives in European football. The different regimes, being used until 1995 ("Pre-Bosman" or P), currently in use ("Bosman" or B), and recently approved ("Monti" or M) differ with...
Persistent link: https://www.econbiz.de/10011405887
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Optimal unemployment insurance for older workers
Hairault, Jean-Olivier; Langot, François; Ménard, … - 2009
nearly retired unemployed workers rationally expect never to suffer from the punishment. This is why imposing a tax on the …
Persistent link: https://www.econbiz.de/10003825176
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Wage-hours contracts, overtime working and premium pay
Hart, Robert A. (contributor); Ma, Yue (contributor) - 2008
This paper offers a contract-based theory to explain the determination of standard hours, overtime hours and overtime … closely to earlier developments in hedonic wage theory. Throughout, we emphasise the intuitive reasoning behind the theory and …
Persistent link: https://www.econbiz.de/10003771694
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How do informal agreements and renegotiation shape contractual reference points?
Fehr, Ernst; Hart, Oliver D.; Zehnder, Christian - 2011
(2008)'s theory of contractual reference points. However, existing studies ignore realistic aspects of trading relationships … suggest refinements of the theory. In particular, we find that the availability of informal agreements and ex post …
Persistent link: https://www.econbiz.de/10009517867
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Competition, hidden information and efficiency : an experiment
Cabrales, Antonio (contributor); Charness, Gary (contributor) - 2006
"We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden-information context. In our benchmark case, each principal is matched with one agent of unknown type. In our second treatment, a principal can select one of three agents, while in...
Persistent link: https://www.econbiz.de/10003373398
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Reputations, relationships and the enforcement of incomplete contracts
MacLeod, William Bentley (contributor) - 2006
This paper discusses the literature on the enforcement of incomplete contracts. It compares legal enforcement to enforcement via relationships and reputations. A number of mechanisms, such as the repeat purchase mechanism (Klein and Leffler (1981)) and efficiency wages (Shapiro and Stiglitz...
Persistent link: https://www.econbiz.de/10003278957
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Earmarking and the political support of fat taxes
Cremer, Helmuth; Goulão, Catarina; Roeder, Kerstin - 2015
concerning the health effects of the consumption of fat and of healthy goods. The level of the fat tax is determined through … fraction of the fat tax proceeds is "earmarked" to reduce health insurance premiums while the remaining fraction finances a … welfare, anticipating the induced political equilibrium. We show that the fat tax in the political equilibrium is always lower …
Persistent link: https://www.econbiz.de/10011336980
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Child labor and the education of a society
Bell, Clive; Gersbach, Hans - 2001
We examine economic growth, inequality and education when the wellspring of growth is the formation of human capital through a combination of the quality of child-rearing and formal schooling. The existence of multiple steady states is established, including a poverty trap, wherein children work...
Persistent link: https://www.econbiz.de/10011403095