Showing 1 - 10 of 94
Through the Hartz reforms, German active labour market policy was fundamentally restructured and has since been systematically evaluated. This paper reviews the recent evaluation findings and draws some conclusions for the future setup of active labour market policies in Germany. It argues in...
Persistent link: https://www.econbiz.de/10005789154
We conduct a theoretical and empirical investigation of the impact of bankruptcy codes on firms’ capital-structure choices. In our theoretical framework, costs of financial distress are endogenously determined as a function of the bankruptcy code. Anticipated liquidation values emerge as the...
Persistent link: https://www.econbiz.de/10005504655
This paper presents a simple model capturing differences between debt and equity finance to examine how financial structure matters for macroeconomic volatility. Debt finance is relatively cheap in the sense that debt holders need to verify relatively few profitability states, but debt finance...
Persistent link: https://www.econbiz.de/10005498044
How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idyosincratic shocks which may force them to default on their debt. Firms' assets and liabilities are denominated in nominal terms and predetermined when...
Persistent link: https://www.econbiz.de/10004976783
Evaluations of new infrastructure in developing countries typically focus on direct effects, such as the impact of an electrifification program on household energy use. But if new infrastructure induces people to move into an area, other local publicly provided goods may become congested,...
Persistent link: https://www.econbiz.de/10011083273
Evaluating the impact of transport infrastructure meets a major challenge since rail lines are not randomly located. We use the natural experiment offered by the opening and progressive extension of the Regional Express Rail (RER) between 1970 and 2000 in the Paris metropolitan region, and in...
Persistent link: https://www.econbiz.de/10011201358
The construction of large dams is one of the most costly and controversial forms of public infrastructure investment in developing countries, but little is known about their impact. This paper studies the productivity and distributional effects of large dams in India. To account for endogenous...
Persistent link: https://www.econbiz.de/10005656412
We conduct the first systematic evaluation of the world’s largest community-based development program--China’s flagship poverty alleviation program began in 2001 which finances public investments in designated poor villages based on participatory village planning. We use matching methods and...
Persistent link: https://www.econbiz.de/10008468658
Efficient measures are often not implemented because of their potentially damaging effects on distribution, yet these distributional effects are scarcely studied in economics because of the idea that they are case specific. In this paper we show that when we can separate the effect on efficiency...
Persistent link: https://www.econbiz.de/10005504425
It is well known that ex post efficient mechanisms for the provision of indivisible public goods are not interim individually rational. However, the corresponding literature assumes that agents who veto a mechanism can enforce a situation in which the public good is never provided. This paper...
Persistent link: https://www.econbiz.de/10005504573