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Complementarities in Corporate Governance: Ownership Concentration, Capital Structure, Monitoring and Pecuniary Incentives

Heinrich, Ralph P. - 2000

The paper shows that, as owners accumulate larger stakes and hence become less risk-tolerant, their incentives to monitor management are attenuated because monitoring shifts some of the firm's risk from management to owners. This counterbalances the positive effect which more concentrated...

Persistent link: https://www.econbiz.de/10010260562

What kind of shock was it? Regional integration and structural change in Germany after unification

Burda, Michael C. - 2007

Eastern Germany's recovery from the ?unification shock? has been characterized by deep structural change – with apparent repercussions for the West as well – and an integration process involving both capital deepening (extensive and intensive investment) and labor thinning (net...

Persistent link: https://www.econbiz.de/10010260563

Institutional Effects in a Simple Model of Educational Production

Wößmann, Ludger; Bishop, John H. - 2001

The paper presents a model of educational production which tries to make sense of recent evidence on effects of institutional arrangements on student performance. In a simple principal-agent framework, students choose their learning effort to maximize their net benefits, while the government...

Persistent link: https://www.econbiz.de/10010260568

Labour Market Asymmetries in a Monetary Union

Andersen, Torben M.; Seneca, Martin - 2007

This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...

Persistent link: https://www.econbiz.de/10010260574

Inflation and Unemployment: Lagos-Wright meets Mortensen-Pissarides

Berentsen, Aleksander; Menzio, Guido; Wright, Randall D. - 2007

Inflation and unemployment are central issues in macroeconomics. While progress has been made on these issues recently … using models that explicitly incorporate search-type frictions, existing models analyze either unemployment or inflation in … isolation. We develop a framework to analyze unemployment and inflation together. This makes contributions to disparate …

Persistent link: https://www.econbiz.de/10010260576

The Impact of Tax, Product and Labour Market Distortions on the Phillips Curve and the Natural Rate of Unemployment

Bokan, Nikola; Hughes Hallett, Andrew - 2007

Most people accept that structural and labour market reforms are needed in Europe. However few have been undertaken. The usual conjecture is that reforms are costly in economic performance and costly to finance. Blanchard and Giavazzi (2003) and Spector (2004) develop a general equilibrium model...

Persistent link: https://www.econbiz.de/10010260577

An Introduction into the SVAR Methodology: Identification, Interpretation and Limitations of SVAR models

Gottschalk, Jan - 2001

This paper aims to provide a non-technical introduction into the SVAR methodology. Particular emphasize is put on the approach to identification in SVAR models, which is compared to identification in simultaneous equation models. It is shown that SVAR models are useful tools to analyze the...

Persistent link: https://www.econbiz.de/10010260607

Innovation and Trade with Heterogeneous Firms

Long, Ngo Van; Raff, Horst; Stähler, Frank - 2008

This paper examines how trade liberalization affects the innovation incentives of firms, and what this implies for industry productivity and social welfare. For this purpose we develop a reciprocal dumping model of international trade with heterogeneous firms and endogenous R&D. We identify two...

Persistent link: https://www.econbiz.de/10010260612

Buyer Power in International Markets

Raff, Horst; Schmitt, Nicolas - 2008

This paper investigates the implications for international markets of the existence of retailers/wholesalers with market power. Two main results are shown. First, in the presence of buyer power trade liberalization may lead to retail market concentration. Due to this concentration retail prices...

Persistent link: https://www.econbiz.de/10010260613

Whole versus Shared Ownership of Foreign Affiliates

Raff, Horst; Ryan, Michael; Stähler, Frank - 2008

This paper studies why multinational firms often share ownership of a foreign affiliate with a local partner even in the absence of government restrictions on ownership. We show that shared ownership may arise, if (i) the partner owns assets that are potentially important for the investment...

Persistent link: https://www.econbiz.de/10010260614