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Pollution perception: An inquiry into intergenerational equity
Schumacher, Ingmar; Zou, Benteng - 2005
In this article we extend the recent literature on overlapping generations with a pollution sector by allowing … generations to have a certain pollution perception with regards to the stock of pollution. Pollution perception, assumed to be … part of the generations' preferences, can be either a concern for the flow of pollution only, or for the stock, or anything …
Persistent link: https://www.econbiz.de/10010272623
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Voronoi languages: Equilibria in cheap-talk games with high-dimensional types and few signals
Jäger, Gerhard; Koch-Metzger, Lars; Riedel, Frank - 2009
We study a communication game of common interest in which the sender observes one of infinite types and sends one of finite messages which is interpreted by the receiver. In equilibrium there is no full separation but types are clustered into convex categories. We give a full characterization of...
Persistent link: https://www.econbiz.de/10010272564
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Distorted Voronoi languages
Förster, Manuel; Riedel, Frank - 2011
In a recent paper, Jäger, Metzger, and Riedel (2011) study communication games of common interest when signals are simple and types complex. They characterize strict Nash equilibria as so-called Voronoi languages that consist of Voronoi tesselations of the type set and Bayesian estimators on...
Persistent link: https://www.econbiz.de/10010319996
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Sustainable economic development and the environment: Theory and evidence
Bertinelli, Luisito; Strobl, Eric; Zou, Benteng - 2005
The relationship between growth and pollution is studied through a vintage capital model, where new technology is more … cases of sustainable development, one in which pollution falls and another in which it stabilizes, or a catastrophic outcome … the pollution-output relationship. …
Persistent link: https://www.econbiz.de/10010272619
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Polluting technologies and sustainable economic development
Bertinelli, Luisito; Strobl, Eric; Zou, Benteng - 2006
period until which pollution may eventually decrease and cause this turning point to be reached at a higher level of … pollution. An empirical analysis using export data of vintage technologies from the US and Europe to developing countries …
Persistent link: https://www.econbiz.de/10010285418
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Transparency and numeric rules in the budgeting process: Theory and evidence
Amoroso, Nicolás - 2008
In this paper I develop a simple dynamic agency model postulating that, among budgetary institutions, transparency of the budgeting process is the main driving force in explaining differences in fiscal outcomes and that budgetary numeric rules can be an active long-run constraint only if the...
Persistent link: https://www.econbiz.de/10010322596
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Preference for variety
Kaiser, Karen; Schwabe, Rainer - 2011
We consider a decision maker who enjoys choosing from a varied set of alternatives. Building on behavioral evidence, we propose testable axioms which characterize preference for variety, and provide a representation theorem. We go on to illustrate the potential effects of preference for variety...
Persistent link: https://www.econbiz.de/10010322612
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Cyclical unemployment, structural unemployment
Diamond, Peter - 2013
Whenever unemployment stays high for an extended period, it is common to see analyses, statements, and rebuttals about the extent to which the high unemployment is structural, not cyclical. This essay views the Beveridge curve pattern of unemployment and vacancy rates and the related matching...
Persistent link: https://www.econbiz.de/10010343343
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Uncertainty shocks in a model of effective demand
Basu, Susanto; Bundick, Brent - 2012
This paper examines the role of uncertainty shocks in a one-sector, representative-agent dynamic stochastic general equilibrium model. When prices are flexible, uncertainty shocks are not capable of producing business cycle comovements among key macro variables. With countercyclical markups...
Persistent link: https://www.econbiz.de/10010343352
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Monetary policy through production networks: Evidence from the stock market
Ozdagli, Ali; Weber, Michael - 2017
Monetary policy shocks have a large impact on stock prices during narrow time windows centered around press releases by the FOMC. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct effect and a network effect. We attribute 50 to 85 percent of...
Persistent link: https://www.econbiz.de/10012059589