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The Austrian Theory of Business Cycles : Old Lessons for Modern Economic Policy?
Oppers, Stefan E. - 2002
This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …
Persistent link: https://www.econbiz.de/10014400055
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Can Markets Compute Equilibria?
Monroe, Hunter K. - 2009
Recent turmoil in financial and commodities markets has renewed questions regarding how well markets discover equilibrium prices, particularly when those markets are highly complex. A relatively new critique questions whether markets can realistically find equilibrium prices if computers cannot....
Persistent link: https://www.econbiz.de/10014404280
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General Equilibrium Under Shortage : A Generalized Barro-Grossman Model
Osband, Kent - 1991
In several recent articles, the Barro-Grossman model of general equilibrium under shortage has been modified to incorporate money demand and alternative retail sales mechanisms. This paper extends this work to allow for spillovers in deficit goods markets (modeled as feedback of black market...
Persistent link: https://www.econbiz.de/10014396505
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Do Tax Rates Encourage Entrepreneurial Activity?
Gordon, Roger H. - 1997
When the top personal tax rates are above the corporate rate, high-income individuals have an incentive to reclassify their earnings as corporate rather than personal income for tax purposes. U.S. tax law at least imposes strict limits on the extent to which employees in publicly traded...
Persistent link: https://www.econbiz.de/10014400644
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Economic Transition, Entrepreneurial Capacity, and Intergenerational Distribution
Rutherford, Thomas Fox - 2002
A defining feature of transition economies is the expansion of the private sector. Motivated by the observation that new enterprises in transition economies seem to have a strong preference for recruiting young people, this paper studies intergenerational redistribution following from market...
Persistent link: https://www.econbiz.de/10014399553
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Inefficient fire-sales in decentralized asset markets
Ebrahimy, Ehsan - 2019
It is challenging to explain the collapse in the price of subprime mortgage-backed securities (MBS) during the Financial Crisis of 2008, using the existing models of fire-sale. I present a model to demonstrate that fire-sales may happen even when there is a relatively sizable pool of natural...
Persistent link: https://www.econbiz.de/10012021779
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Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries
Everaert, Luc - 2006
Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most...
Persistent link: https://www.econbiz.de/10014402975
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Helping Hand or Grabbing Hand? : Supervisory Architecture, Financial Structure and Market View
Quintyn, Marc - 2008
The literature stresses the importance of financial market characteristics in determining the supervisory architectures. In the real world it is not always clear to what extent market features are taken into account. We present two complementary approaches to gain insights in the above...
Persistent link: https://www.econbiz.de/10014401754
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Does IT help? : information technology in banking and entrepreneurship
Ahnert, Toni; Dörr, Sebastian; Pierri, Nicola; Timmer, … - 2021
This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our … entrepreneurship by making it easier for startups to borrow against collateral. We provide empirical evidence that job creation by … lending channel for IT banks, entrepreneurship increases more in IT-exposed counties when house prices rise. In line with the …
Persistent link: https://www.econbiz.de/10012605121
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Bankruptcy technology, finance, and entrepreneurship
Souza Sobrinho, Nelson Ferreira - 2017
technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneurship (high costs of doing … protection, and eliminate obstacles to entrepreneurship …
Persistent link: https://www.econbiz.de/10011705385