Showing 1 - 10 of 2,196
Using detailed micro data, we document that households often use "stimulus" checks to pay down debt, especially those with low net wealth-to-income ratios. To rationalize these patterns, we introduce a borrowing price schedule into an otherwise standard incomplete markets model. Because interest...
Persistent link: https://www.econbiz.de/10014354205
This paper connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert et al., 2019); (ii) Okun's coefficient is time varying and may be unstable. The intertwined dynamic behavior of fiscal shocks and unemployment-output trade-offs are...
Persistent link: https://www.econbiz.de/10012864881
We study the interactions between capital income tax and social security privatization in the context of rising longevity. In an economy with idiosyncratic income shocks, redistributive defined benefit social security provides some insurance against income uncertainty. This insurance comes at...
Persistent link: https://www.econbiz.de/10014084040
implications of the theory and identify the causal effect of larger federal transfers on political corruption and the observed …The paper studies the effect of additional government revenues on political corruption and on the quality of … politicians, both with theory and data. The theory is based on a version of the career concerns model of political agency with …
Persistent link: https://www.econbiz.de/10013148349
Although the theoretical literature often uses lobbying and corruption synonymously, the empirical literature … associates lobbying with the preferred mean for exerting influence in developed countries and corruption with the preferred one … suggest that (a) lobbying and corruption are fundamentally different, (b) political institutions play a major role in …
Persistent link: https://www.econbiz.de/10013324976
Two major earthquakes which struck northwestern Turkey in 1999 exposed rampant corruption involving construction and … zoning code violations. The government's relief efforts were tainted by corruption as well, and exhibited a great deal of … parties were responsible for the construction of the shoddy buildings, and for the corruption and mismanagement related to …
Persistent link: https://www.econbiz.de/10013016334
In 2002, an amendment to UK parliamentary regulations removed restrictions on the participation of members of parliament (MPs) in parliamentary proceedings related to their corporate interests. Using this amendment as a quasi-natural experiment, we demonstrate gains in firm value and...
Persistent link: https://www.econbiz.de/10012830639
Political corruption is a concern of many modern democracies. It weakens democratic institutions, restricts public … determines corruption is limited. This paper uses a novel dataset of political corruption in local governments, constructed from … reports of an anti-corruption program in Brazil, to test whether the possibility of re-election affects the level of rents …
Persistent link: https://www.econbiz.de/10012776584
accountability and reduce corruption. In this paper we show that electoral discipline may be ineffective in reducing corruption when … competition on corruption. We show that in equilibrium, corruption has a U-shaped relationship with electoral competition. If the … election is safe for the incumbent (low competition) or if it is extremely fragile (high competition) then corruption is higher …
Persistent link: https://www.econbiz.de/10012978149
's recent anti-corruption program that randomly audits municipal expenditures of federally-transferred funds, it estimates the … effects of the disclosure of local government corruption practices upon the re-election success of incumbent mayors. Comparing …
Persistent link: https://www.econbiz.de/10013316993