Showing 1 - 10 of 164
against general redistribution. As diversity increases further, however, these policies are not sustainable. There exists a … critical threshold of diversity above which the only policy that can emerge supports exclusively general redistribution. In …
Persistent link: https://www.econbiz.de/10005124358
If redistribution is distortionary, and if the income of skilled workers is due to knowledge-intensive activities and … reduction reduces statis inefficiency. On the other hand, standard redistribution also reduces the level of R&D because it … that standard redistribution always dominates limitations to IPRs. …
Persistent link: https://www.econbiz.de/10005791837
and benefits of redistribution through taxes, land reform or public schooling: such policies simultaneously depress …
Persistent link: https://www.econbiz.de/10005123982
costs and benefits of redistribution are generally of the same order of magnitude, resulting in reasonable values for the …
Persistent link: https://www.econbiz.de/10005124288
We introduce firm and worker heterogeneity into a model of innovation-driven endogenous growth. Individuals who differ in ability sort into either a research sector or a manufacturing sector that produces differentiated goods. Each research project generates a new variety of the differentiated...
Persistent link: https://www.econbiz.de/10011083890
This paper studies the effects of prohibiting individuals from holding foreign assets, and of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, this...
Persistent link: https://www.econbiz.de/10005504286
This paper analyses the empirical interdependence of asset returns, real activity and inflation from a multicountry and international point of view. We find that nominal stock returns are significantly related to inflation only in the United States, that the US term structure of interest rates...
Persistent link: https://www.econbiz.de/10005504379
On the basis of quarterly data in 1977-87 and the use of the Engle-Granger method of co-integration, we find that real and financial factors, insolvency and illiquidity, are all important, separate influences on the defaults of French firms. We capture the effect of illiquidity by constructing...
Persistent link: https://www.econbiz.de/10005504522
We show that supply-side financial shocks have a large impact on firms’ investment. We do this by developing a new methodology to separate firm credit shocks from loan supply shocks using a vast sample of matched bank-firm lending data. We decompose loan movements in Japan for the period 1990...
Persistent link: https://www.econbiz.de/10011083987
We show that direct investments by consumers without the use of financial intermediaries can efficiently allocate financial capital to firms seeking funding for production of a novel consumption good. In our setting, consumers are also investors, and their privately known consumption preferences...
Persistent link: https://www.econbiz.de/10011201361