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Optimal monetary policy in a currency union: The role of the cost channel

Michaelis, Jochen - 2012

In this paper we introduce the cost channel of monetary policy (e.g., Ravenna and Walsh, 2006) into an otherwise standard New Keynesian model of a two-country monetary union, which is being hit by aggregate, asymmetric and idiosyncratic shocks. The single central bank implements the optimal...

Persistent link: https://www.econbiz.de/10010286352

The effects of high skilled immigration in a dual labour market with union wage setting and fiscal redistribution

Bonn, Moritz - 2011

We study the effects of high skilled immigration on employment and net income in the receiving economy where the market for low skilled labour is distorted by union wage setting and a redistributive unemployment benefit scheme. Based on the empirical fact that high and low skilled workers are...

Persistent link: https://www.econbiz.de/10010286354

International trade and unemployment: The worker-selection effect

de Pinto, Marco; Michaelis, Jochen - 2011

This paper analyzes how trade liberalization influences the unemployment rate of workers with different abilities. We refine the Melitz (2003) framework to account for trade unions and heterogeneous workers, who differ with respect to their abilities. Our main findings are: (i) highability...

Persistent link: https://www.econbiz.de/10010286355

Aging and immigration policy in a representative democracy

Calahorrano, Lena - 2010

This paper analyzes how population aging affects immigration policy in rich industrialized countries. It sets up a two-period model of a representative democracy with two overlapping generations. The government's preferred immigration rate increases with the share of retirees in the population....

Persistent link: https://www.econbiz.de/10010286356

A generalized condorcet jury theorem with two independent probabilities of error

Kirstein, Roland; von Wangenheim, Georg - 2010

The Condorcet Jury Theorem is derived from the implicit assumption that jury members only commit one type of error. If the probability of this error is smaller than 0.5, then group decisions are better than those of individual members. In binary decision situations, however, two types of error...

Persistent link: https://www.econbiz.de/10010286358

Monetary policy committees and model uncertainty

Tillmann, Peter - 2010

protocol under which members only average policy deemed optimal from each member's point of view leads to more volatility … of model uncertainty. If the degree of model uncertainty becomes more heterogenous, inflation volatility falls due to … macroeconomic volatility. Interestingly, the implications for the committee design under a min-max approach to model uncertainty are …

Persistent link: https://www.econbiz.de/10010286359

A one-sector model with learning-by-doing, investment, leisure, and optimal growth

Göcke, Matthias - 2010

A one-sector model of endogenous growth based on the accumulation of real capital by saving/investing and accumulation of human capital via learning-by-doing is presented. Experience is measured by means of production output aggregated over time. Explicitly separating learning and real capital...

Persistent link: https://www.econbiz.de/10010286362

Inexpressive law

Carbonara, Emanuela; Parisi, Francesco; von Wangenheim, … - 2010

According to expressive law theories, expression of values is an important function played by the law. Expressive laws affect behavior, not by threatening sanctions or promising rewards, but by changing individual preferences and tastes and, in some cases, by affecting social norms and values....

Persistent link: https://www.econbiz.de/10010286368

Coexistence of service- and facility-based competition: The relevance of access prices for "make-or-buy"-decisions

Bender, Christian M.; Götz, Georg - 2011

This paper models competition between two firms, which provide broadband Internet access in regional markets with different population densities. The firms, an incumbent and an entrant, differ in two ways. First, consumers bear costs when switching to the entrant. Second, the entrant faces a...

Persistent link: https://www.econbiz.de/10010286372

Financial integration in autocracies: Greasing the wheel or more to steal?

Dadasov, Ramin; Harms, Philipp; Lorz, Oliver - 2010

This paper analyzes the influence of financial integration on institutional quality. We construct a dynamic political-economic model of an autocracy in which a ruling elite uses its political power to expropriate the general population. Although financial integration reduces capital costs for...

Persistent link: https://www.econbiz.de/10010286375