In this paper I use county to county migration data to estimate the effect of labour market conditions on these flows. A gravity model is estimated on Hungarian NUTS 2 regions for the period between 1994 and 2002. Such results are not available for Hungary so far. Estimated parameters show...

We examine the notion of the core when cooperation takes place in a setting with time and uncertainty. We do so in a two-period general equilibrium setting with incomplete markets. Market incompleteness implies that players cannot make all possible binding commitments regarding their actions at...

We introduce the concept of a TUU-game, a transferable utility game with uncertainty. In a TUU-game there is uncertainty regarding the payoffs of coalitions. One out of a finite number of states of nature materializes and conditional on the state, the players are involved in a particular...

Measuring and allocating risk properly are crucial for performance evaluation and internal capital allocation of portfolios held by banks, insurance companies, investment funds and other entities subject to financial risk. We show that by using coherent measures of risk it is impossible to...

We look at the effect of school starting age on standardized test scores using data covering all grade four and grade eight students in Hungary. Instrumental variables estimates of the local average treatment effect suggest that children generally gain from starting school one year later and the...

The EU LEADER initiative has been running for 20 years and plays an important role in the development of European rural areas, however, in countries joining to the EU after 2004 it is still a relatively new phenomenon. In Hungary, for example, the LEADER+ programme was launched in 2005 with an...

With the implementation of the approach of the Interactive Party-State model (Csan di, 2006, 2011) the paper demonstrates the possible short and long term consequences of the adaptation pressures exerted by the global crisis on Chinese system transformation. It points to the short term...

We assess the empirical importance of income and price effects for structural transformation in the postwar US. We explain two natural approaches to the data: sectors may be categories of final expenditure or value added; e.g., the service sector may be the final expenditure on services or the value...

The phenomenon of infrequent price changes has troubled economists for decades. Intuitively one feels that for most price-setters there exists a range of inaction, i.e. a substantial measure of the states of the world, within which they do not wish to modify prevailing prices. However, basic...

We analyze the impact of (exogenous) tax morale on the optimal design of progressive income taxation. In our model, only universal basic income (transfer) is financed from a linear income tax and the financing of public goods is neglected. Each individual supplies labor and (un)declares earning,...