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Macroeconomic Consequences of Distributional Conflicts
Schaefer, Andreas; Steger, Thomas Michael - 2021
This paper aims at better understanding the inefficiency due to distributional conflicts, which are inherent in every market economy. To this end, we set up a simple general equilibrium model with the following characteristics: two groups of agents (capitalists and workers), an endogenous income...
Persistent link: https://www.econbiz.de/10013317028
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Measurement Error in Education and Growth Regressions
Portela, Miguel - 2008
The perpetual inventory method used for the construction of education data per country leads to systematic measurement error. This paper analyses the effect of this measurement error on GDP regressions. There is a systematic difference in the education level between census data and observations...
Persistent link: https://www.econbiz.de/10012774497
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International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through
Enders, Almira - 2018
This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we...
Persistent link: https://www.econbiz.de/10012933708
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The Quantity and Quality of Teachers : A Dynamic Trade-Off
Gilpin, Gregory; Kaganovich, Michael - 2021
strengthens in the process of endogenous growth and moreover that it pushes the optimal trade-off between quantity and quality of … in relation to GDP growth. Countering this trend would therefore require an increase in the share of GDP spent on basic …
Persistent link: https://www.econbiz.de/10013316411
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Catching-Up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union : Some Implications for Emu and New EU Member States
MacDonald, Ronald - 2013
individual country's inflation rates when countries differ in size and in trend productivity growth. Against this background, we …
Persistent link: https://www.econbiz.de/10012754168
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The Volatility Curse : Revisiting the Paradox of Plenty
van der Ploeg, Rick - 2013
The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling … for initial income per capita, population growth, human capital, investment, openness and natural resource dependence … the black box and conditioning the variance of growth shocks on several country characteristics. Natural resource …
Persistent link: https://www.econbiz.de/10012753136
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Globalization and the (Mis)Governance of Nations
Blouin, Arthur - 2013
We analyze whether or not the globalization of capital, ‘disciplines' governments and improves governance. We demonstrate that globalization affects governance, by increasing a country's vulnerability to sudden capital flight. This increased threat of capital flight can discipline governments...
Persistent link: https://www.econbiz.de/10013091699
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Financial Liberalization in a Small Open Economy
von Hagen, Jürgen; Zhang, Haiping - 2021
We analyze the long-run and short-run implications of financial liberalization in a small open economy. Our main results are as follows. First, whether financial deregulation in one sector can improve production efficiency may depend on financial regulation in other sectors. Second, financial...
Persistent link: https://www.econbiz.de/10013317493
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Using Bankruptcy to Reduce Foreclosures : Does Strip-Down of Mortgages Affect the Supply of Mortgage Credit?
Li, Wenli - 2014
We assess the credit market impact of allowing mortgage “strip-down” as a foreclosure-prevention measure, where strip-down reduces the principal of underwater residential mortgages to the current market value of the property for homeowners in Chapter 13 bankruptcy. Our identification is...
Persistent link: https://www.econbiz.de/10013054958
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Can Integrity Replace Institutions? Theory and Evidence
Aharonovitz, Gilad D. - 2009
Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show … that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of … a transactions-based economy with contracts preceding the transactions, and show that any one of (1) institutions, (2 …
Persistent link: https://www.econbiz.de/10013157500