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Following the rationale for regional redistribution programs described in the official documents of the European Union, this paper studies a very simple multi-country model built around two regions: a core and a periphery. Technological spill-overs link firms' productivity in each of the two...
Persistent link: https://www.econbiz.de/10012469451
How much of the spatial distribution of economic activity today is determined by history rather than by geographic fundamentals? And if history matters for the distribution, does it also affect overall efficiency? This paper develops a tractable theoretical and empirical framework that aims to...
Persistent link: https://www.econbiz.de/10012482278
This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...
Persistent link: https://www.econbiz.de/10012464832
This paper starts from two sets of facts about Continental Europe.The first is the steady increase in unemployment … of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe …
Persistent link: https://www.econbiz.de/10012472243
Persistent link: https://www.econbiz.de/10012477122
partial equilibrium estimates suggest that without a rise in zombie credit post 2012, annual inflation in Europe during 2012 …
Persistent link: https://www.econbiz.de/10012481741
We develop a credit market competition model that distinguishes between the information span (breadth) and signal precision (quality), capturing the emerging trend in fintech/non-bank lending where traditionally subjective ("soft") information becomes more objective and concrete ("hard"). In a...
Persistent link: https://www.econbiz.de/10015145092
The economics of environmental federalism identifies two book-end departures from the first-best, which equates marginal costs and benefits in all local jurisdictions. Local governments may respond to local conditions, but ignore inter-jurisdictional spillovers. Alternatively, central...
Persistent link: https://www.econbiz.de/10012462986
We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of empirical work, which was largely correlational and marred by interpretational...
Persistent link: https://www.econbiz.de/10014337772
There has been an increased interest in the efficacy of industrial policy. We show that policy design for vertically-related industries hinges on the nature of market interactions as well as technological linkages. Using a model in which final-good producers realize productivity gains from...
Persistent link: https://www.econbiz.de/10012474140