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Stock market cycles and supply side dynamics : two worlds, one vision?
De Grauwe, Paul; Gerba, Eddie - 2015
bounded rationality behavioural models. Both models are extended to include a financial friction on the supply side.The result … in both models is that production, supply of credit and the front payment to capital producers depend heavily on the …
Persistent link: https://www.econbiz.de/10011374197
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Demand or supply? : price adjustment during the Covid-19 pandemic
Balleer, Almut; Link, Sebastian; Menkhoff, Manuel; … - 2020 - This version: August 2020
We study planned price changes in German firm-level survey data to infer the relative importance of supply and demand … during the Covid-19 pandemic. Supply and demand forces coexist, but demand deficiencies dominate in the short run. Quarter …
Persistent link: https://www.econbiz.de/10012238496
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Structural interpretation of vector autoregressions with incomplete identification : revisiting the role of oil supply and demand shocks
Baumeister, Christiane; Hamilton, James D. - 2017 - Revised December 21, 2017
uncertainty about the identifying assumptions themselves. We use this approach to revisit the importance of shocks to oil supply … and demand. Supply disruptions turn out to be a bigger factor in historical oil price movements and inventory accumulation … a smaller factor than implied by earlier estimates. Supply shocks lead to a reduction in global economic activity after …
Persistent link: https://www.econbiz.de/10011782040
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Structural interpretation of vector autoregressions with incomplete information : revisiting the role of oil supply and demand shocks : comment
Kilian, Lutz; Zhou, Xiaoqing - 2018
mainly the imposition of a highly unrealistic prior for the global impact price elasticity of oil supply. Once identification … uncertainty about the global price elasticity of oil supply is accounted for by specifying a prior more in line with extraneous …
Persistent link: https://www.econbiz.de/10011882307
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Information aggregation in democratic mechanisms
Britz, Volker; Gersbach, Hans - 2016 - This version: January 22, 2016
We examine whether and how democratic procedures can achieve socially desirable public good provision in the presence of profound uncertainty about the benefits of public goods, i.e., when citizens are able to identify the distribution of benefits only if they aggregate their private...
Persistent link: https://www.econbiz.de/10011444451
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Democratic provision of divisible public goods
Gersbach, Hans - 2010
In this paper we examine the potential of democratic constitutions for the provision of divisible public goods in a large economy. Our main insights are as follows: When aggregate shocks are absent, the combination of the following rules yields first-best allocations: a supermajority rule, equal...
Persistent link: https://www.econbiz.de/10003937264
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Biofuels subsidies and the green paradox
Grafton, R. Quentin; Kompas, Tom; Long, Ngo Van - 2010
subsidies for biofuel production such that the supply-side responses by fossil fuel producers may more than offset the …
Persistent link: https://www.econbiz.de/10003938736
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Even small trade costs restore efficiency in tax competition
Becker, Johannes; Runkel, Marco - 2010
We introduce transport cost of trade in products into the classical Zodrow and Mieszkowski (1986) model of capital tax competition. It turns out that even small levels of transport cost lead to a complete breakdown of the seminal result, the underprovision of public goods. Instead, there is a...
Persistent link: https://www.econbiz.de/10008698403
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Multinational capital structure and tax competition
Wrede, Matthias - 2010
This paper analyzes tax competition when welfare maximizing jurisdictions levy source-based corporate taxes and multinational enterprises choose tax-efficient capital-to-debt ratios. Under separate accounting, multinationals shift debt from low-tax to high-tax countries. The Nash equilibrium of...
Persistent link: https://www.econbiz.de/10003966551
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Should we be worried about the green paradox? : announcement effects of the acid rain program
Di Maria, Corrado; Lange, Ian; Van der Werf, Edwin - 2012 - This version: May 21, 2012
imperfectly implemented policies may lead to detrimental environmental outcomes due to supply side responses. We use the … future sales to decline, would supply more of their resource between the announcement of the Acid Rain Program and its … implementation; moreover, the incentive to increase supply would be stronger for owners of high-sulfur coal. This would, all else …
Persistent link: https://www.econbiz.de/10009540097