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Migrating Football Players, Transfer Fees and Migration Controls

Verbon, Harrie - 2021

Since the famous Bosman ruling by the European Court of Justice in 1995 transfer fees for football players after moving … unrestricted market free migration from football players will be Pareto efficient under special circumstances only. This paper … shows that transfer fees can correct inefficient migration flows from small to large football leagues. Home-grown rules that …

Persistent link: https://www.econbiz.de/10013317030

Price Rigidities and the Granular Origins of Aggregate Fluctuations

Pasten, Ernesto - 2017

We study the aggregate implications of sectoral shocks in a multi-sector New Keynesian model featuring sectoral heterogeneity in price stickiness, sector size, and input-output linkages. We calibrate a 341 sector version of the model to the United States. Both theoretically and empirically,...

Persistent link: https://www.econbiz.de/10012947907

Spend-and-Tax Adjustments and the Sustainability of the Government's Intertemporal Budget Constraint

Legrenzi, Gabriella Deborah; Milas, Costas - 2021

We apply non-linear error-correction models to the empirical testing of the sustainability of the government’s intertemporal budget constraint. Our empirical analysis, based on Italy, shows that the Italian government is meeting its intertemporal budget constraint, in spite of the high levels...

Persistent link: https://www.econbiz.de/10013316265

Size and Soft Budget Constraints

Crivelli, Ernesto; Staal, Klaas - 2021

There is much evidence against the so-called "too big to fail" hypothesis in the case of bailouts to sub-national governments. We look at a model where districts of different size provide local public goods with positive spillovers. Matching grants of a central government can induce...

Persistent link: https://www.econbiz.de/10013317317

Market Segmentation in Two-Sided Markets : TV Rights for Premier League

Kind, Hans Jarle - 2013

This paper analyzes market segmentation in a two-sided market that consists of media consumers and advertisers. The analysis is motivated by a European Court of Justice Decision in October 2011, which allowed viewers to take advantage of international price differences and buy access to Premier...

Persistent link: https://www.econbiz.de/10013088134

Financial Constraints and Nominal Price Rigidities

Balleer, Almut - 2017

This paper investigates how financial market imperfections and the frequency of price adjustment interact. Based on new firm-level evidence for Germany, we document that financially constrained firms adjust prices more often than their unconstrained counterparts, both upwards and downwards. We...

Persistent link: https://www.econbiz.de/10012962670

Costs of Managerial Attention and Activity as a Source of Sticky Prices : Structural Estimates from an Online Market

Ellison, Sara Fisher - 2017

We study price dynamics for computer components sold on a price-comparison website. Our fine-grained data — a year of hourly price data for scores of rival retailers — allow us to estimate a dynamic model of competition, backing out structural estimates of managerial frictions. The estimated...

Persistent link: https://www.econbiz.de/10012963386

Firm-to-Firm Relationships and Price Rigidity Theory and Evidence

Heise, Sebastian - 2017

Economists have long suspected that firm-to-firm relationships might increase price rigidity due to the use of explicit or implicit fixed-price contracts. Using transaction-level import data from the U.S. Census, I study the responsiveness of prices to exchange rate changes and show that prices...

Persistent link: https://www.econbiz.de/10012965634

Optimal Trend Inflation

Adam, Klaus - 2018

Sticky price models featuring heterogeneous firms and systematic firm-level productivity trends deliver radically different predictions for the optimal inflation rate than their popular homogenous-firm counterparts: (1) the optimal steady-state inflation rate generically differs from zero and...

Persistent link: https://www.econbiz.de/10012916153

Price Rigidity and the Origins of Aggregate Fluctuations

Pasten, Ernesto - 2018

We document a novel role of heterogeneity in price rigidity: It strongly amplifies the capacity of idiosyncratic shocks to drive aggregate fluctuations. Heterogeneity in price rigidity also completely changes the identity of sectors from which fluctuations originate. We show these results both...

Persistent link: https://www.econbiz.de/10012908795