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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

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

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

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 on the markup shock and levied on value added, reduce...

Persistent link: https://www.econbiz.de/10011753152

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

Computation of Equilibria in OLGModels with Many Heterogeneous Households

Rausch, Sebastian; Rutherford, Thomas F. - 2008

This paper develops a decomposition algorithm by which a market economy with many households may be solved through the computation of equilibria for a sequence of representative agent economies. The paper examines local and global convergence properties of the sequential recalibration (SR)...

Persistent link: https://www.econbiz.de/10011753154

Optimal taxation of a monopolistic extractor: are subsidies necessary?

Daubanes, Julien - 2008

In a standard partial equilibrium model of resource depletion, this paper charac- terizes and examines the solution to the optimal taxation problem when extraction is monopolistic. The main result is that the family of subgame perfect effciency- inducing tax/subsidy schemes may include some...

Persistent link: https://www.econbiz.de/10011753156

Banking with Contingent Contracts, Macroeconomic Risks, and Banking Crises

Gersbach, Hans - 2008

We examine banking competition when deposit or loan contracts contingent on macroeconomic shocks become feasible. We show that the risk allocation is efficient, provided that banks are not bailed out. In this case, banks may shift part of the risk to depositors. The private sector insures the...

Persistent link: https://www.econbiz.de/10011753157

Vote-Buying and Growth

Gersbach, Hans; Mühe, Felix - 2008

Vote-buying is widely used by parties in developing countries to influence the outcome of elections. We examine the impact of vote-buying on growth. We consider a model with a poverty trap where redistribution can promote growth. We show that vote-buying contributes to the persistence of poverty...

Persistent link: https://www.econbiz.de/10011753158

The Efficiency and Evolution of R&D Networks

König, Michael D.; Battiston, S.; Napoletano, M.; … - 2008

in R&D partnerships. We first examine the efficiency of a given network structure in terms of the maximization of total … profits in the industry. We show that the efficient network structure depends on the marginal cost of collaboration. When the … marginal cost is low, the complete graph is efficient. However, a high marginal cost implies that the efficient network is …

Persistent link: https://www.econbiz.de/10011753159