Showing 1 - 10 of 30
Following on Keynes's Economic Possibilities for Our Grandchildren, this paper develops conjectures about the world we …
Persistent link: https://www.econbiz.de/10009540751
Despite the major advances in information technology that have shaped the recent wave of globalization, openness to trade is still a political choice, and trade policy can change with shifts in domestic political equilibria. This paper suggests that a particular threat and a limiting factor to...
Persistent link: https://www.econbiz.de/10014045773
Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the export sector. In this paper we present a model of irreversible destruction where exchange rate intervention may be justified if the...
Persistent link: https://www.econbiz.de/10014051212
We study a dynamic general equilibrium model where innovation takes the form of the introduction new goods, whose production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are adapted to be produced using unskilled labor. Our...
Persistent link: https://www.econbiz.de/10014195649
This paper uses household surveys from 13 developing countries to describe consumption choices, health and education investments, employment patterns and other features of the of the economic lives of the middle classes defined as those whose daily consumption per capita is between $2 and $4 or...
Persistent link: https://www.econbiz.de/10014221786
Thomas Piketty's (2013) book, Capital in the 21st Century, follows in the tradition of the great classical economists, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We argue that general economic laws are unhelpful as a guide...
Persistent link: https://www.econbiz.de/10013040288
also differ. I use this caricature of the world economy to describe several of the main driving forces behind recent global …
Persistent link: https://www.econbiz.de/10013132265
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10013152926
Vines, The Leaderless Economy, Why the World Economic System Fell Apart and How to Fix It (Princeton, 2013) …
Persistent link: https://www.econbiz.de/10013086806
In this paper we revisit the relationship between democracy, redistribution and inequality. We first explain the theoretical reasons why democracy is expected to increase redistribution and reduce inequality, and why this expectation may fail to be realized when democracy is captured by the...
Persistent link: https://www.econbiz.de/10013071803