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Decentralized Trade, Entrepreneurial Investment and the Theory of Unemployment
Coles, Melvyn G - C.E.P.R. Discussion Papers - 1996
and investment, so it may take some time before an unemployed worker finds a job. Wages are determined by bargaining. A … subsidize entrepreneurial investment (there is a wage bargaining distortion and a search externality), simulations show that the …
Persistent link: https://www.econbiz.de/10005504418
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Competition for FDI with Vintage Investment and Agglomeration Advantages
Konrad, Kai A.; Kovenock, Dan - C.E.P.R. Discussion Papers - 2008
Countries compete for new FDI investment, whereas stocks of FDI generate agglomeration benefits and are potentially …
Persistent link: https://www.econbiz.de/10005791596
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Vintage Capital as an Origin of Inequalities
Hornstein, Andreas; Krusell, Per; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2002
addresses the question in a model with vintage capital and search/matching frictions where costly capital investment leads to …
Persistent link: https://www.econbiz.de/10005497978
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Assessing the Political Viability of Labour Market Reform: The Case of Employment Protection
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1999
This paper develops a model of job creation and job destruction in a growing economy with embodied technical progress, that we use to analyze the political support for employment protection legislations such as the ones that are observed in most European countries. We analyze the possibility of...
Persistent link: https://www.econbiz.de/10005498176
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The Political Economy of Employment Protection
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1999
This paper develops a model of job creation and job destruction in a growing economy with embodied technical progress, that we use to analyze the political support for employment protection legislations such as the ones that are observed in most European countries. We analyze the possibility of...
Persistent link: https://www.econbiz.de/10005504439
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Vintage Capital and Expectations Driven Business Cycles
Flodén, Martin - C.E.P.R. Discussion Papers - 2007
standard neoclassical models cannot generate a simultaneous increase in consumption, investment, and hours in response to news … shocks, and that optimism in these models tends to reduce investment and hours. When technology is vintage specific, however … optimism raises utilization, consumption, investment, hours, and output. …
Persistent link: https://www.econbiz.de/10005666801
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Oil Prices, Profits, and Recessions: An Inquiry Using Terrorism as an Instrumental Variable
Chen, Natalie; Graham, Liam; Oswald, Andrew - C.E.P.R. Discussion Papers - 2008
Nearly all post-war recessions were preceded by oil-price shocks, but is this because spikes in the price of oil cause economic downturns? At the heart of this question lies an identification problem: oil prices and the state of the world economy are endogenously determined. This paper uses...
Persistent link: https://www.econbiz.de/10005498032
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Retail Energy Prices and Consumer Expenditures
Edelstein, Paul; Kilian, Lutz - C.E.P.R. Discussion Papers - 2007
In the absence of a major disruption in spending by consumers and firms, the effects of energy price shocks on the economy will be small. In this paper, we quantify the direct effect on real consumption of (1) unanticipated changes in discretionary income, (2) shifts in precautionary savings,...
Persistent link: https://www.econbiz.de/10005504244
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A Monopoly Union Model of Wage Determination with Taxes and Endogenous Capital Stock: An Empirical Application to the Finnish Manufacturing Industry
Holm, Pasi; Honkapohja, Seppo; Koskela, Erkki - C.E.P.R. Discussion Papers - 1991
determined wages. The novelty is to incorporate investment and capital decisions by firms. The subgame-perfect Nash equilibrium …
Persistent link: https://www.econbiz.de/10005661570
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Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks
Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2009
A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...
Persistent link: https://www.econbiz.de/10005000442