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Brandts, Jordi; Riedl, Arno; Winden, Frans A.A.M. van - C.E.P.R. Discussion Papers - 2006

This paper experimentally studies the effects of competition in an environment where people's actions can not be contractually fixed. We find that, in comparison with no competition, the presence of competition does neither increase efficiency nor does it yield any gains in earnings for the...

Persistent link: https://www.econbiz.de/10005123778

Money and Happiness: Evidence from the Industry Wage Structure

Pischke, Jörn-Steffen - C.E.P.R. Discussion Papers - 2011

There is a well-established positive correlation between life-satisfaction measures and income in individual level cross-sectional data. This paper attempts to provide some evidence on whether this correlation reflects causality running from money to happiness. I use industry wage differentials...

Persistent link: https://www.econbiz.de/10009643510

Decentralization, Happiness, and the Perception of Institutions

Diaz-Serrano, Luis; Rodriguez-Pose, Andres - C.E.P.R. Discussion Papers - 2011

This paper analyses whether the different powers and resources at the disposal of local and regional governments across Europe deliver greater satisfaction with political institutions and lead to greater personal happiness. The analysis uses microdata from the four available waves of the...

Persistent link: https://www.econbiz.de/10009001061

Happiness on Tap: Piped Water Adoption in Urban Morocco

Devoto, Florencia; Duflo, Esther; Dupas, Pascaline; … - C.E.P.R. Discussion Papers - 2011

We study the demand for household water connections in urban Morocco, and the effect of such connections on household welfare. In the northern city of Tangiers, among homeowners without a private connection to the city’s water grid, a random subset was offered a simplified procedure to...

Persistent link: https://www.econbiz.de/10008915808

Trust, Growth and Well-Being: New Evidence and Policy Implications

Algan, Yann; Cahuc, Pierre - C.E.P.R. Discussion Papers - 2013

This survey reviews the recent research on trust, institutions and economic development. It discusses the various measures of trust and documents the substantial heterogeneity of trust across space and time. The conceptual mechanisms that explain the influence of trust on economic performance...

Persistent link: https://www.econbiz.de/10011084699

Liquidity Constraints and Entrepreneurial Performance

Hvide, Hans K; Møen, Jarle - C.E.P.R. Discussion Papers - 2007

wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway …. Consistent with liquidity constraints being present, we find a strong positive relationship between founder prior wealth and … start-up size. The relationship between prior wealth and start-up performance, as measured by profitability on assets …

Persistent link: https://www.econbiz.de/10005791690

Consumption, Aggregate Wealth and Expected Stock Returns

Lettau, Martin; Ludvigson, Sydney - C.E.P.R. Discussion Papers - 1999

This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth … we find that these trend deviations in wealth are strong predictors of both real stock returns and excess returns over a …. Why should wealth, detrended in this way, forecast asset returns? We show that a wide class of optimal models of consumer …

Persistent link: https://www.econbiz.de/10005123769

Credit Conditions and the Real Economy: The Elephant in the Room

Muellbauer, John; Williams, David M - C.E.P.R. Discussion Papers - 2011

Changes in credit market architecture are an important but unobservable structural influence on economic activity. For Australian data, we model non-price credit supply conditions within equilibrium correction models of consumption, house prices, mortgage credit and housing equity withdrawal....

Persistent link: https://www.econbiz.de/10009371480

Cross Sectional Facts for Macroeconomists

Krueger, Dirk; Perri, Fabrizio; Pistaferri, Luigi; … - C.E.P.R. Discussion Papers - 2009

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After …

Persistent link: https://www.econbiz.de/10008509469

Inequality, Leverage and Crises

Kumhof, Michael; Rancière, Romain - C.E.P.R. Discussion Papers - 2011

The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2007 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial...

Persistent link: https://www.econbiz.de/10008784720