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Cogan, John F.; Taylor, John B.; Wieland, Volker; … - 2012

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...

Persistent link: https://www.econbiz.de/10010311794

A dynamic programming approach to constrained portfolios

Kraft, Holger; Steffensen, Mogens - 2012

This paper studies constrained portfolio problems that may involve constraints on the probability or the expected size of a shortfall of wealth or consumption. Our first contribution is that we solve the problems by dynamic programming, which is in contrast to the existing literature that...

Persistent link: https://www.econbiz.de/10010311801

Public debt, child allowances and pension benefits with endogenous fertility

Yasuoka, Masaya; Miyake, Atsushi - In: Economics: The Open-Access, Open-Assessment E-Journal 7 (2013) 2013-11, pp. 1-25

The public debt stock in some economically developed countries continues to increase because of a lack of tax revenues and the concomitant burdens of social security. Many of those countries suffer from lower birth rates and consequently, have fewer children. Child allowances might be an...

Persistent link: https://www.econbiz.de/10010311849

Need for Conclusive Evidence that Positive and Negative Reciprocity are Unrelated

Egloff, Boris; Richter, David; Schmukle, Stefan C. - In: Proceedings of the National Academy of Sciences 110 (2013) 9, pp. E786

Persistent link: https://www.econbiz.de/10010311857

Finding communities in credit networks

Bargigli, Leonardo; Gallegati, Mauro - In: Economics: The Open-Access, Open-Assessment E-Journal 7 (2013) 2013-17, pp. 1-39

In this paper the authors focus on credit connections as a potential source of systemic risk. In particular, they seek … reliable answer can be obtained with the aid of complex network theory. In particular, the authors show how it is possible to …. They believe that this method can fruitfully complement the study of contagious defaults. Since network risk depends …

Persistent link: https://www.econbiz.de/10010312011

Management Practice in Production

Triebs, Thomas; Kumbhakar, Subal C. - 2012

In this paper we account for observed management practice in the estimation of aproduction function. In our model management practice is observable and we allow it toaffect output directly (neutral shift) and indirectly by affecting input productivity. Thisformulation gives us a semiparametric...

Persistent link: https://www.econbiz.de/10010312060

Endogenous Labor Market Insitutions in an Open Economy

Felbermayr, Gabriel; Larch, Mario; Wolfgang, Lechthaler - 2011

The paper sets up a two-country asymmetric trade model with heterogeneous firms,search frictions and endogenous labor market institutions. Countries are linked by tradein goods and non-cooperatively set unemployment benefits to maximize national welfare.We show that more open and smaller...

Persistent link: https://www.econbiz.de/10010312065

Technological Intensity of Government Demand and Innovation

Slavtchev, Viktor; Wiederhold, Simon - 2012

Governments purchase everything from airplanes to zucchini. This paper investigates whether the technological intensity of government demand affects corporate R&Dactivities. In a quality-ladder model of endogenous growth, we show that an increase in the share of government purchases in high-tech...

Persistent link: https://www.econbiz.de/10010312075

Productivity with General Indices ofManagement and Technical Change

Triebs, Thomas; Kumbhakar, Subal C. - 2012

We propose a model of production where technical change is both time and management induced. We define a general management index in addition to the general time index of Baltagi and Griffin (1988) and use them as arguments in the translog productionfunction. Time and management induced...

Persistent link: https://www.econbiz.de/10010312081

Policy Persistence and Rent Extraction

Friedrich, Silke - 2011

The existing literature has shown that special interest groups can have both growthenhancing and retarding effects on an economy. In either case it is always assumed thatthe nature of the special interest groups remains constant over time. The hypothesis ofthis paper is that a dynamic...

Persistent link: https://www.econbiz.de/10010312082