This paper computes the welfare effect of the Great Moderation, using a representative-agent consumption-based asset … only a modest welfare gain from Great Moderation (0.38 percent in consumption equivalent), due mainly to the utility cost …

. We further analyse the impact of more information and more reliable information on the trader’s ex ante expected welfare … from the trade. We show that his expected welfare always increases with more information and with more reliable information … welfare is ambiguous. …

of the expert's action. The previous literature has found that this “transparency of consequence” can only improve the …'s expected welfare. In addition, we show that, when the prior on the state of the world is sufficiently strong, if the principal … not the action taken. For such priors, the optimal transparency regime will involve either the principal observing only …

feature of the main welfare scheme in France (Revenu Minimum d'Insertion, RMI), namely that childless adults under age 25 are …

We examine the impact of high school graduation on the probability individuals from welfare backgrounds use welfare … their own and their parents' welfare records. We address potential endogeneity problems by: 1) controlling for ability using …- Singer type unobserved heterogeneity estimator. Graduation would reduce welfare receipt of dropoutsby Ý to 3/4. Effects are …

standards enhances Southern welfare unambiguously. …

System will have positive effects in terms of GDP and welfare in the selected EU Member States. …

agglomeration is highest when trade costs are high. Besides this minor problem, the second critical issue concerns the welfare … and underagglomeration when trade costs are low, bringing it in line with other welfare analyses of new economic geography …