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The Political Agenda Effect and State Centralization

Acemoglu, Daron - 2016

We provide a potential explanation for the absence of, and unwillingness to create, centralized power in the hands of a national state based on the political agenda effect. State centralization induces citizens of different backgrounds, interests, regions or ethnicities to coordinate their...

Persistent link: https://www.econbiz.de/10012991695

Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry

Bornstein, Gideon - 2017

We use a new micro data set that covers all oil fields in the world to estimate a stochastic industry-equilibrium model of the oil industry with two alternative market structures. In the first, all firms are competitive. In the second, OPEC firms act as a cartel. This effort is a first step...

Persistent link: https://www.econbiz.de/10012955791

The Welfare State and Migration : A Dynamic Analysis of Political Coalitions

Razin, Assaf - 2015

We develop a dynamic political-economic theory of welfare state and immigration policies, featuring three distinct …

Persistent link: https://www.econbiz.de/10013031031

Multidimensional Private Information, Market Structure and Insurance Markets

Fang, Hanming - 2016

A large empirical literature found that the correlation between insurance purchase and ex post realization of risk is … in a negative correlation in equilibrium between insurance coverage and ex post realization of risk. We show that if the … correlation property in equilibrium, unless there is a sufficiently high loading factor. If the insurance market is monopolistic …

Persistent link: https://www.econbiz.de/10012980144

Crime and Durable Goods

Galiani, Sebastián - 2016

We develop a theoretical model to study how changes in the durability of the goods affects prices of stolen goods, the incentives to steal and the equilibrium crime rate. When studying the production of durable goods, we find that the presence of crime affects consumer and producer surplus and...

Persistent link: https://www.econbiz.de/10012980184

The Effects of Income Mobility and Tax Persistence on Income Redistribution and Inequality

Agranov, Marina - 2016

experiment is conducted to test the main comparative static predictions of the theory, and the results are generally supportive …

Persistent link: https://www.econbiz.de/10012980675

Characterization, Existence, and Pareto Optimality in Insurance Markets with Asymmetric Information with Endogenous and Asymmetric Disclosures : Revisiting Rothschild-Stiglitz

Stiglitz, Joseph E. - 2018

We study the Rothschild-Stiglitz model of competitive insurance markets with endogenous information disclosure by both firms and consumers. We show that an equilibrium always exists, (even without the single crossing property), and characterize the unique equilibrium allocation. With two types...

Persistent link: https://www.econbiz.de/10012916614

Temporary Shocks and Unavoidable Transistions to a High-Unemployment Regime

den Haan, Wouter J. - 2021

This paper develops a model with multiple steady states (low tax and low unemployment versus high tax and high unemployment) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large temporary shocks initiate unavoidable transitions from one steady state to another....

Persistent link: https://www.econbiz.de/10013219170

Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations

McCallum, Bennett T. - 2021

This paper reconsiders a result obtained by Sargent and Wallace, namely, that price level indeterminacy obtains in their well-known model if the monetary authorities adopt a policy feedback rule for the interest rate rather than the money stock. Since the Federal Reserve seems often to have used...

Persistent link: https://www.econbiz.de/10013219724

Multiple-Solution Indeterminacies in Monetary Policy Analysis

McCallum, Bennett T. - 2021

zero-lower bound deflation trap, and the fiscal theory of the price level--analysis based on E-stability and adaptive …

Persistent link: https://www.econbiz.de/10013227186