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This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces of natural selection are made weaker because trade allows people to specialize in those activities where they are strong, and to offset their weaknesses by purchasing adequate...
Persistent link: https://www.econbiz.de/10005504779
. These countries place few restrictions on capital mobility and allow their exchange rates to float. The domestic focus of … monetary policy in these countries does not have any obvious international cost. Inflation targeters have lower exchange rate …
Persistent link: https://www.econbiz.de/10005497858
Using data from the Health and Retirement Study (HRS), we make two contributions to the literature on end-of-life transfers. First, we show that unequal bequests are much more common than generally recognized, with one-third of parents with wills planning to divide their estates unequally among...
Persistent link: https://www.econbiz.de/10011165653
belonging to the same network. We show that there is significant asymmetry of information and no evidence of major systematic … exchange as motives to transfer. The model makes predictions about the correlations between misperceptions and transfers under … or an exchange motive with the recipient holding all the bargaining power. …
Persistent link: https://www.econbiz.de/10011084616
. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation …
Persistent link: https://www.econbiz.de/10005791282
original Meese-Rogoff sample and methodology. Just as Meese and Rogoff found for the case of exchange rates, we find that a …, aggregate stock prices seem to be as difficult to model empirically as exchange rates. …
Persistent link: https://www.econbiz.de/10005124429
provide evidence of reciprocity in multilateral tariff reductions that amplify the stumbling block effect. …
Persistent link: https://www.econbiz.de/10005504231
they can expect reciprocation in the form of future loans for themselves or for their children (reciprocity). The … reciprocity effects are incorporated in an overlapping generations repayment game with endogenous matching between lenders and …
Persistent link: https://www.econbiz.de/10005504436
We develop and analyse a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an …
Persistent link: https://www.econbiz.de/10005504485
There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet, when they are given the opportunity to punish...
Persistent link: https://www.econbiz.de/10005504682