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On the Design of Basic-Research Policy
Gersbach, Hans; Schneider, Maik T.; Schneller, Olivier - 2008
We augment a Schumpeterian growth model with a public basic-research sector to examine how much a country should invest in basic research. We find that the closer the country is to the world’s technological frontier the more the government should invest in basic research. Basic-research...
Persistent link: https://www.econbiz.de/10011753143
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Auctions with Variable Supply: Uniform Price versus Discriminatory
Damianov, Damian S.; Becker, Johannes Gerd - 2008
We examine an auction in which the seller determines the supply after observing the bids. We compare the uniform price and the discriminatory auction in a setting of supply uncertainty. Uncertainty is caused by the interplay of two factors: the seller's private information about marginal cost,...
Persistent link: https://www.econbiz.de/10011753144
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The Calm Before the Storm? - Anticipating the Arrival of General Purpose Technologies
Schiess, Daniel; Wehrli, Roger - 2008
This paper presents a Schumpeterian quality-ladder model incorporating the impact of new General Purpose Technologies (GPTs). GPTs are breakthrough technologies with a wide range of applications, opening up new innovational complementarities. In contrast to most existing models which focus on...
Persistent link: https://www.econbiz.de/10011753145
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A Permit Allocation Contest for a Tradable Pollution Permit Market
MacKenzie, Ian A.; Hanley, Nick; Kornienko, Tatiana - 2008
In this paper we advocate a new initial allocation mechanism for a tradable pollution permit market. We outline a Permit Allocation Contest (PAC) that distributes permits to firms based on their rank relative to other firms. This ranking is achieved by ordering firms based on an observable...
Persistent link: https://www.econbiz.de/10011753146
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On the Sequential Choice of Tradable Permit Allocations
MacKenzie, Ian A. - 2008
This paper investigates the sequential announcement of domestic emissions caps by regulators in a federal or international-based tradable pollution permit market for a transboundary pollutant. A leader-follower framework is used to analyse the consequences of regulators sequentially announcing...
Persistent link: https://www.econbiz.de/10011753147
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Forward Guidance for Monetary Policy: Is It Desirable?
Gersbach, Hans; Hahn, Volker - 2008
In this paper we assess whether forward guidance for monetary policy regarding the future path of interest rates is desirable. We distinguish between two cases where forward guidance for monetary policy may be helpful. First, forward guidance may reveal private information of the central bank....
Persistent link: https://www.econbiz.de/10011753148
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The Effect of CSR on Stock Performance: New Evidence for the USA and Europe
von Arx, Urs; Ziegler, Andreas - 2008
This paper provides new empirical evidence for the effect of corporate social responsibility (CSR) on corporate financial performance. In contrast to former studies, we examine two different regions, namely the USA and Europe. Our econometric analysis shows that environmental and social...
Persistent link: https://www.econbiz.de/10011753149
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Population growth and natural resource scarcity: long-run development under seemingly unfavourable conditions
Bretschger, Lucas - 2009
The paper develops a model with non-exponential population growth, nonrenewable natural resources, and endogenous knowledge creation to analyse substitution between primary inputs and an essential use of resources in the innovation sectors, which is generally considered as most unfavourable for...
Persistent link: https://www.econbiz.de/10011753151
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Countercyclical Taxation and Price Dispersion
Mayer, Eric; Grimm, Oliver - 2008
In this paper, we explore the benefits from a supply-side oriented fiscal tax policy within the framework of a New … Keynesian DSGE model. We show that countercyclical tax rules, which are contingent on the observed welfare gap or alternatively … the tax rule establishes a path for the evolution of marginal cost at the firm level that largely prevents built up of …
Persistent link: https://www.econbiz.de/10011753152
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Structural Estimation and Solution of International Trade Models with Heterogeneous Firms
Balistreri, Edward J.; Hillberry, Russell H.; … - 2008
manufacturing firms. The theory underlying our model is consistent with Melitz (2003). A nonlinear structural estimation procedure …
Persistent link: https://www.econbiz.de/10011753153