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We provide new characterizations of the equal surplus division value and the equal division value as well as of the class of their convex mixtures. This way, the difference between the Shapley value, the equal division value, and the equal surplus division value is pinpointed to one axiom....
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While it is often argued that exchange rate depreciation has a beggar-thy-neighbour effect, in this paper, we … investigate, whether exchange rate depreciation has a beggarthyself effect. Specifically, we explore the distributional … currency. Using the local projections (LP) approach, we find that managed depreciation shocks decrease income inequality. We …
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National authorities are presently not willing to install a supranational authority vested with the competencies required to internalize global environmental externalities. Therefore we adopt a dynamic framework of two economies (i.e. Europe and rest of world) and analyze their strategic...
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