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Hodler, Roland - 2010

Conventional wisdom suggests that compulsory voting lowers the influence of specialinterest groups and leads to policies that are better for less privileged citizens, who often abstain when voting is voluntary. To scrutinize this conventional wisdom, I study public goods provision and rents to...

Persistent link: https://www.econbiz.de/10011430085

The Home Bias in Equities and Distribution Costs

Harms, Philipp; Hoffmann, Mathias; Ortseifer, Christina - 2010

We show that including distribution costs into a general equilibrium model of international portfolio choice contributes to explaining the "home bias" in international equity investment. Our model is able to replicate observed investment positions for a wide range of parameter values, even if...

Persistent link: https://www.econbiz.de/10011430091

Biased Experts, Costly Lies, and Binary Decisions

Hodler, Roland; Loertscher, Simon; Rohner, Dominic - 2010

Decision makers lacking crucial specialist know-how often consult with better informed but biased experts. In our model the decision maker's choice problem is binary and her preferred option depends on the state of the world unknown to her. The expert observes the state and sends a report to the...

Persistent link: https://www.econbiz.de/10011430094

Economic and Politico-Economic Equivalence

Gonzalez-Eiras, Martín; Niepelt, Dirk - 2012

We extend "economic equivalence" results, like the Ricardian equivalence proposition, to the political sphere where policy is chosen sequentially. We derive conditions under which a policy regime (summarizing admissible policy choices in every period) and a state are "politico-economically...

Persistent link: https://www.econbiz.de/10011430095

Product Heterogeneity, Cross-Country Taste Differences, and the Consumption Home Bias

Auer, Raphael A. - 2013

This paper starts by showing that in the European car industry, there exist cross-country taste differences along the product attribute dimension that significantly drive net trade patterns and reduce the volume of trade. Further it is shown that, after the creation of the European common...

Persistent link: https://www.econbiz.de/10011430098

Credibility For Sale

Dellas, Harris; Niepelt, Dirk - 2013

We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and the composition of liabilities. Higher exposure to offcial lenders improves incentives to repay but carries extra costs, such as reduced ex-post flexibility. The model implies...

Persistent link: https://www.econbiz.de/10011430101

Austerity

Dellas, Harris; Niepelt, Dirk - 2014

We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment...

Persistent link: https://www.econbiz.de/10011430112

European integration and domestic regions: A numerical simulation analysis

Melchior, Arne - 2009

Does European economic integration create more inequality between domestic regions, or is the opposite true? We show that a general answer to this question does not exist, and that the outcome depends on the liberalisation scenario. In order to examine the impact of European and international...

Persistent link: https://www.econbiz.de/10011430823

Macroeconomic Consequences of global endogenous migration: A general equilibrium analysis

Borgy, Vladimir; Chojnicki, Xavier; Le Garrec, Gilles; … - 2009

In this paper, we analyze the demographic and economic consequences of endogenous migrations flows over the coming decades in a multi-regions overlapping generations general equilibrium model (INGENUE 2) in which the world is divided in ten regions. Our analysis offers a global perspective on...

Persistent link: https://www.econbiz.de/10011430833

Mergers and acquisitions - the standing of theory in the quest for better institutions and policy

Jensen, Camilla - 2010

The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons …. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused … growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes …

Persistent link: https://www.econbiz.de/10011430846