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Wray, L. Randall - 2010

possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …'s approach, which relies on accounting identities; the K distribution theory of Keynes, Michal Kalecki, Nicholas Kaldor, and …

Persistent link: https://www.econbiz.de/10010286493

Extrinsic rewards and intrinsic motives: Standard and behavioral approaches to agency and labor markets

Rebitzer, James B.; Taylor, Lowell J. - 2010

Employers structure pay and employment relationships to mitigate agency problems. A large literature in economics documents how the resolution of these problems shapes personnel policies and labor markets. For the most part, the study of agency in employment relationships relies on highly...

Persistent link: https://www.econbiz.de/10010286501

A post Keynesian perspective on the rise of Central Bank independence: A dubious success story in monetary economics

Bibow, Jörg - 2010

This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its...

Persistent link: https://www.econbiz.de/10010286503

International trade theory and policy: A review of the literature

Sen, Sunanda - 2010

This paper provides a survey of the literature on trade theory, from the classical example of comparative advantage to … verifications and logical critiques. A useful supplement is provided in terms of Staffan Linder's theory of overlapping demand … trade theory, with strategic trade providing inputs to industrial policy. Issues relating to trade, growth, and development …

Persistent link: https://www.econbiz.de/10010286543

A contribution to the theory of financial fragility and crisis

Bhaduri, Amit - 2010

The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...

Persistent link: https://www.econbiz.de/10010286546

Robust estimation of linear fixed effects panel data models with an application to the exporter productivity premium

Verardi, Vincenzo; Wagner, Joachim - 2010

In empirical studies it often happens that some variables for some units are far away from the other observations in the sample. These extreme observations, or outliers, often have a large impact on the results of statistical analyses - conclusions based on a sample with and without these units...

Persistent link: https://www.econbiz.de/10010286574

Trade-offs between justices, economics, and efficiency

Baumgärtner, Stefan; Glotzbach, Stefanie; Hoberg, Nikolai - 2011

We argue that economics - as the scientific method of analyzing trade-offs - can be helpful (and may even be indispensable) for assessing the trade-off between intergenerational and intragenerational justice. Economic analysis can delineate the opportunity set of politics with respect to the two...

Persistent link: https://www.econbiz.de/10010286575

Monetary policy with an optimal interest structure

Olah, Norbert; Huth, Thomas; Löhr, Dirk - 2010

structure of a market economy, by using the golden rule of capital accumulation of Allais and the own-rate of interest theory of …

Persistent link: https://www.econbiz.de/10010286577

Complementarity, impatience, and the resilience of natural-dependent economies

Quaas, Martin F.; van Soest, Daan; Baumgärtner, Stefan - 2011

We study how human preferences affect the resilience of economies that depend on more than one type of natural resources. In particular, we analyze whether the degree of substitutability of natural resources in consumer needs may give rise to multiple steady states and path dependence even when...

Persistent link: https://www.econbiz.de/10010286617

Endogenous environmental policy when pollution is transboundary

Fünfgelt, Joachim; Schulze, Günther G. - 2011

world market prices. We show how governments systematically deviate from socially optimal environmental policies. Taxes may …

Persistent link: https://www.econbiz.de/10010286619