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The Pandemic Economic Crisis, Precautionary Behavior, and Mobility Constraints : An Application of the Dynamic Disequilibrium Model with Randomness

Stiglitz, Joseph E. - 2021

This paper analyzes the economic impact of the pandemic, providing insights into the consequences of alternative policies. Our framework focuses on three key features: (a) Covid-19 is a sectoral shock of unknown depth and duration affecting some sectors and technologies more than others; (b)...

Persistent link: https://www.econbiz.de/10013221955

Keynesian, New Keynesian, and New Classical Economics

Greenwald, Bruce C. N.; Stiglitz, Joseph E. - 2021

Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads …

Persistent link: https://www.econbiz.de/10013226085

Methodological Issues and the New Keynesian Economics

Stiglitz, Joseph E. - 2022

theories. The paper summarizes the basic questions with which macro-economic theory should be concerned. Focusing on the labor …

Persistent link: https://www.econbiz.de/10013324142

Towards a Dynamic Disequilibrium Theory with Randomness

Guzman, Martin; Stiglitz, Joseph E. - 2022

present a dynamic disequilibrium theory with randomness that is based on the premise that a better way to understand deep … coherent theory of how it is attained, the incompleteness of markets and the non-stationarity of the stochastic processes … describing the economy. We analyze the policy implications of this alternative theory, which typically differ markedly from those …

Persistent link: https://www.econbiz.de/10013309631

After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies

Hoff, Karla; Stiglitz, Joseph E. - 2021

When Russia launched mass privatization, it was widely believed that it would create a powerful constituency for the rule of law. That didn't happen. We present a dynamic equilibrium model of the political demand for the rule of law and show that beneficiaries of mass privatization may fail to...

Persistent link: https://www.econbiz.de/10013233844

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

Stiglitz, Joseph E. - 2013

In an earlier paper, we showed that integrated individual accounts, allowing individuals to borrow against future pensions when they are unemployed, can be welfare increasing, because it allows increased inter-temporal consumption smoothing without attenuating incentives to search. Here, we...

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