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Does the common labor market imply the need for a European public pension system?

Breyer, Friedrich; Kolmar, Martin - 1994

In a recent paper, Homburg and Richter have argued that with free mobility of labor within a common labor market there is a need to harmonize and even consolidate pay-as-you-go financed national public pension systems to reach an efficient allocation of labor. We show that with free and...

Persistent link: https://www.econbiz.de/10010398049

Are German stock and bond returns consistent with equilibrium asset pricing? A calibration exercise using recursive non-expected utility

Meyer, Bernd - 1996

-expected utility which clearly distinguishes between risk preference and time preference. The leverage approach yields the first moment … of the risk-free rate and the first and second moments of the risk premium on the stock market with plausible preference … parameters. The bivariate approach yields smaller risk premia because the assumption of perfect correlation between consumption …

Persistent link: https://www.econbiz.de/10010398054

Optimal aggregation by threshold accepting: An application to the German industrial classification system

Chipman, John Somerset; Winker, Peter - 1992

A widely used method in the analysis of complex econometric models is to replace the "true model" by a highly simplified aggregative one in which the variables are grouped and replaced by sums or weighted averages of the variables in each group. The analysis of the problem of choosing an...

Persistent link: https://www.econbiz.de/10010398059

Cross hedging in currency forward markets

Broll, Udo - 1996

In a framework for risk management a model of an international firm under exchange rate uncertainty is discussed. The … firm can cross-hedge the exchange rate risk by using forwards of other country's currencies correlated to the spot exchange … rate in question. The study investigates the implications of hedging exchange rate risk of less common currencies for an …

Persistent link: https://www.econbiz.de/10010398062

The equilibrium risk premium on the forward market for foreign currency

Broll, Udo; Eckwert, Bernhard - 1996

This paper constructs an intertemporal model of the spot and forward markets for foreign exchange and shows that in equilibrium the forward market is unbiased, i.e., the forward rate is equal to the expected spot rate which will prevail in the market next period. This holds true as long as the...

Persistent link: https://www.econbiz.de/10010398063

Vertical markets in international trade

Jones, Ronald Winthrop - 1996

Persistent link: https://www.econbiz.de/10010398064

Elasticities and trade imbalances: The significance of the Marshall/Lerner condition

Pitchford, John David - 1990

The Marshall/Lerner condition is examined in a context in which full account is taken of the intertemporal optimizing conditions inherent in the balance of payments. This analysis suggests that the condition has only a very limited significance.

Persistent link: https://www.econbiz.de/10010398067

Labor market aspects of enclave-led growth

Jones, Ronald Winthrop; Marjit, Sugata - 1992

The parpose of this paper is to model and describe the consequences for labor markets in an underdeveloped economy of foreign Investment in an enclave sector.Foreign technology tends to expose some of the hidden talents in the local labor force.Replacement of foreign labor by domestic labor...

Persistent link: https://www.econbiz.de/10010398068

Enforcement and cost-effectiveness of international environmental agreements: The role of side-payments

Schmidt, Carsten - 1997

The paper explores the prospects for international environmental cooperation in a context of limited enforcement, if we allow for side-payments between countries and sequential moves in the implementation of the agreement. The framework of the analysis is a static model of heterogenous countries...

Persistent link: https://www.econbiz.de/10010398069

Explaining the use of related tax instruments

Winer, Stanley L.; Hettich, Walter - 1992

A new view is emerging in the economic literature on how to analyze and interpret national and subnational revenue systems. Recent work has shown that such systems can be modelled successfully as sets of related policy instruments that are being shaped and used deliberately by vote-maximizing...

Persistent link: https://www.econbiz.de/10010398070