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Loans, insurance and failures in the credit market for students
Del Rey, Elena; Verheyden, Bertrand - 2011
order to provide a rationale for these observations, we present a model with perfectly competitive banks and risk averse … default penalties increase, the level of student risk aversion proves crucial in determining the market outcome. If risk … student risk aversion is high, high ability students are separated and student loan contracts involve a limited amount of …
Persistent link: https://www.econbiz.de/10010274775
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Tenure and experience effects on wages: A theory
Burdett, Ken; Coles, Melvyn - 2010
This paper investigates equilibria in a labor market where firms post wage/tenure contracts and risk-averse workers …
Persistent link: https://www.econbiz.de/10010274781
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An economic theory of foreign interventions and regime change
Bonfatti, Roberto - 2011
I construct a theory of foreign interventions in which the preferences of the foreign country over alternative local …
Persistent link: https://www.econbiz.de/10010274784
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Lobbying for education in a two-sector model
Di Gioacchino, Debora; Profeta, Paola - 2011
In a two-period model, firms specialized in two different sectors lobby to induce the government to subsidize the type of education complementary to their production. Lobbying is endogenous. We show that, if lobbying is not costly, both sectors will lobby in equilibrium and education policy will...
Persistent link: https://www.econbiz.de/10010274788
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Why 'buy American' is a bad idea but politicians still like it
Larch, Mario; Lechthaler, Wolfgang - 2010
When the world economy was recently hit by a severe recession, governments all over the world reacted by initiating stimulus packages. Some countries (among them, most notably, China and the US) tried to put special emphasis on their home industries by including 'Buy local' clauses into the...
Persistent link: https://www.econbiz.de/10010274792
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Taxing human capital efficiently when qualified labour is mobile
Richter, Wolfram F.; Kunze, Lars - 2011
The paper studies the effect that skilled labour mobility has on efficient education policy. The model is one of two periods in which a representative taxpayer decides on labour, education, and saving. The government can only use linear tax and subsidy instruments. It is shown that the mobility...
Persistent link: https://www.econbiz.de/10010274797
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Even small trade costs restore efficiency in tax competition
Becker, Johannes; Runkel, Marco - 2010
We introduce transport cost of trade in products into the classical Zodrow and Mieszkowski (1986) model of capital tax competition. It turns out that even small levels of transport cost lead to a complete breakdown of the seminal result, the underprovision of public goods. Instead, there is a...
Persistent link: https://www.econbiz.de/10010274798
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Six distributional effects of environmental policy
Fullerton, Don - 2010
While prior literature has identified various effects of environmental policy, this note uses the example of a proposed carbon permit system to illustrate and discuss six different types of distributional effects: (1) higher prices of carbon-intensive products, (2) changes in relative returns to...
Persistent link: https://www.econbiz.de/10010274806
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Incomplete contracts and the impact of globalization on consumer welfare
Defever, Fabrice - 2011
We embed a North-South trade model into an incomplete contracts setting where the production of heterogeneous firms can be geographically separated. When a Northern headquarter contracts with a Southern supplier instead of a Northern supplier, the presence of international incomplete contracts...
Persistent link: https://www.econbiz.de/10010274807
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How prediction markets can save event studies
Snowberg, Erik; Wolfers, Justin; Zitzewitz, Eric - 2011
This review paper articulates the relationship between prediction market data and event studies, with a special focus on applications in political economy. Event studies have been used to address a variety of political economy questions - from the economic effects of party control of government...
Persistent link: https://www.econbiz.de/10010274808