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Now or Never: Environmental Protection under Hyperbolic Discounting
Winkler, Ralph - 2009
The author analyzes the optimal investment in environmental protection in a model of an infinite series of non-overlapping hyperbolically discounting agents. He shows that without a commitment mechanism society is eventually stuck in a situation where all agents prefer further investment in the...
Persistent link: https://www.econbiz.de/10010298585
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Low quality as a signal of high quality
Clements, Matthew T. - 2010
If a product has two dimensions of quality, one observable and one not, a firm can use observable quality as a signal of unobservable quality. The correlation between consumers' valuation of high quality in each dimension is a key determinant of the feasibility of such signaling. A firm may use...
Persistent link: https://www.econbiz.de/10010300754
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Wage inequality, labor income taxes, and the notion of social status
Bilancini, Ennio; Boncinelli, Leonardo - 2018
The authors investigate the desirability of income taxes when the objective is to mitigate wasteful conspicuous consumption generated by people's status-seeking behavior. They consider the joint role of pre-tax wage inequality and of social norms determining how social status is assigned. They...
Persistent link: https://www.econbiz.de/10011848208
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The influence of the specification of climate change damages on the social cost of carbon
Kopp, Robert E.; Golub, Alexander; Keohane, Nathaniel O.; … - 2011
Drawing upon climate change damage functions previously proposed in the literature that we have calibrated to a common level of damages at 2.5 C, we examine the effect upon the social cost of carbon (SCC) of varying the specification of damages in a DICE-like integrated assessment model. In the...
Persistent link: https://www.econbiz.de/10010305854
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Endogenous Indexing and Monetary Policy Models
Mash, Richard - 2007
Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal...
Persistent link: https://www.econbiz.de/10010295244
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Technology Shocks and Employment in Open Economies
Tervala, Juha - 2007
A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in employment. A two-country model is used to demonstrate that the open economy dimension can enhance the ability of sticky price models to account for the evidence. The reasoning is as...
Persistent link: https://www.econbiz.de/10010295248
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The Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment
Bokan, Nikola; Hughes Hallett, Andrew - 2007
Most people accept that structural and labour market reforms are needed in Europe. However few have been undertaken. The usual conjecture is that reforms are costly in economic performance and costly to finance. Blanchard and Giavazzi (2003) and Spector (2004) develop a general equilibrium model...
Persistent link: https://www.econbiz.de/10010295250
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Measuring Real Value and Inflation
Hillinger, Claude - 2008
derive these measures are largely unsatisfactory. The axiomatic theory of indexes does not make clear which economic problem …. For example, the theory of the CPI is usually developed for a single consumer with homothetic preferences and then applied … to a large aggregate of diverse consumers with non-homothetic preferences. In this paper I develop a unitary theory that …
Persistent link: https://www.econbiz.de/10010295262
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Corruption and Political Competition
Damania, Richard; Yalcýn, Erkan - 2008
There is a growing evidence that political corruption is often closely associated with the rent seeking activities of special interest groups. This paper examines the nature of the interaction between the lobbying activities of special interest groups and the incidence of political corruption...
Persistent link: https://www.econbiz.de/10010295264
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On the Explosive Nature of Hyper-Inflation Data
Nielsen, Bent - 2008
Empirical analyses of Cagan?s money demand schedule for hyper-inflation have largely ignored the explosive nature of hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation, and to (ii) discrepancies between ?estimated?...
Persistent link: https://www.econbiz.de/10010295266