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Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2002

Globalization – improved access to integrated, anonymous markets – is claimed to crowd out cooperative relations: from reciprocal exchange to lifetime employment, from relational governance to corruption/collusion. We study how agents’ intertemporal preferences and their access to markets...

Persistent link: https://www.econbiz.de/10005136656

Price Wars in Finite Sequential Move Price Competition

Wallner, Klaus - C.E.P.R. Discussion Papers - 2001

discounting. Simple, short cycles repeat until the last two periods. For discount factors above 0.75488, there are three …

Persistent link: https://www.econbiz.de/10005504324

MODELLING TIME AND MACROECONOMIC DYNAMICS

Anagnostopoulos, Alexis; Giannitsarou, Chryssi - C.E.P.R. Discussion Papers - 2010

In this paper, we analyze the importance of the frequency of decision making for macroeconomic dynamics. We explain how the frequency of decision making (period length) and the unit of time measurement (calibration frequency) differ and study the implications of this difference for macroeconomic...

Persistent link: https://www.econbiz.de/10008684671

A Direct Test of the Buffer Stock Model of Saving

Jappelli, Tullio; Padula, Mario; Pistaferri, Luigi - C.E.P.R. Discussion Papers - 2007

Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth by saving more. When it is above target, they increase consumption. This...

Persistent link: https://www.econbiz.de/10005504459

Early Retirement Behaviour in the Netherlands - Evidence from a Policy Reform

Euwals, Rob; van Vuuren, Daniel; Wolthoff, Ronald - C.E.P.R. Discussion Papers - 2006

In the early 1990s, the Dutch social partners agreed upon transforming the generous and actuarially unfair PAYG early retirement schemes into less generous and actuarially fair capital funded schemes. The starting dates of the transitional arrangements varied by industry sector. In this study,...

Persistent link: https://www.econbiz.de/10005792155

Bargaining and Sustainability: The Argentine Debt Swap of 2005

Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005

When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of more than three years, a supermajority of creditors...

Persistent link: https://www.econbiz.de/10005504331

The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2007

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. The king failed to honour his debts four times during his reign. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of...

Persistent link: https://www.econbiz.de/10005656157

Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

Bertola, Giuseppe; Drazen, Allan - C.E.P.R. Discussion Papers - 1991

We present and analyse an optimizing model which explains the counter-intuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process, which the public believes may fall sharply when it reaches specific `target points', then...

Persistent link: https://www.econbiz.de/10005662143

Designing Democracies for Sustainability

Gersbach, Hans; Kleinschmidt, Tobias - C.E.P.R. Discussion Papers - 2004

sustainability. We show that the dual democratic mechanism – rejection/support rewards (RSRs) for politicians and elections – can … achieve sustainability. RSRs stipulate that incumbents who are not re-elected, but obtain the majority support among young …

Persistent link: https://www.econbiz.de/10005662383

Sustainability of Public Finances

Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term …. In this study, we develop a concept of sustainability focusing on the controllability of public finances. In so doing, we … adopt the approach of the Maastricht Treaty, to assume sustainability as long as a country does not violate the double …

Persistent link: https://www.econbiz.de/10005667090