We study the effect of borrowing limits on welfare in several versions of exchange and production economies. There is a … are worse off. The combination of these effects produces that aggregate welfare in equilibrium (or ex ante welfare …

We study the effect of borrowing limits on welfare in several versions of exchange and production economies. There is a … are worse off. The combination of these effects produces that aggregate welfare in equilibrium (or ex ante welfare …

shown that a fixed payment will lower wages, leave employment and welfare unaffected if there are no wage-dependent taxes … firing costs and unemployment benefits are independent of redundancy pay, employment and welfare will rise with redundancy …

quantitative welfare analysis. We conclude that when the dispersion in wages found in the sample is low and the share that workers … receive from the surplus their job generates is below a particular level, the maximum level of welfare can be attained using … minimum wage, by itself, can no longer reach the economy's maximum level of welfare; and when it is high enough, no policy in …

This paper calculates the quantitative significance of the welfare effects of wage compression in Sweden. This is done … compression lead to large welfare losses, since wage compression creates costly unemployment among low-skilled workers. This … welfare loss can be significantly reduced (but not eliminated) if firms and unions bargain over efficient labor contracts. In …

workers have the same probability of being hired. We argue that selective hiring crucially affects welfare analysis. Our model … predictions of the model change very little, but the welfare costs of unemployment are much larger because unemployment risk is … distributed unequally across workers. As a result, optimal unemployment insurance may be higher and welfare is lower if hiring is …

workers have the same probability of being hired. We argue that selective hiring crucially affects welfare analysis. Our model … predictions of the model change very little, but the welfare costs of unemployment are much larger because unemployment risk is … distributed unequally across workers. As a result, optimal unemployment insurance may be higher and welfare is lower if hiring is …

the same probability of being hired. We argue that selective hiring crucially affects welfare analysis. Our model is …, the positive predictions of the model change very little, but the welfare costs of unemployment are much larger because … unemployment risk is distributed unequally across workers. As a result, optimal unemployment insurance may be higher and welfare is …

workers have the same probability of being hired. We argue that selective hiring crucially affects welfare analysis. Our model … predictions of the model change very little, but the welfare costs of unemployment are much larger because unemployment risk is … distributed unequally across workers. As a result, optimal unemployment insurance may be higher and welfare is lower if hiring is …