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This paper focuses on the observed empirical relationship between fiscal rules and budget deficits, and examines whether this correlation is driven by an omitted variable, namely voter preferences. We make use of two different estimation methods to capture voter preferences in a panel of Swiss...
Persistent link: https://www.econbiz.de/10010316757
The paper models the incentives of a politician to delegate the decision making power in a sovereign wealth fund to an independent external manager. It formalizes the learning-effects as well as the increase of transparency of the SWF and the rise of investment possibilities associated with...
Persistent link: https://www.econbiz.de/10010281783
The paper models the incentives of a politician to delegate the decision making power in a sovereign wealth fund to an independent external manager. It formalizes the learning-effects as well as the increase of transparency of the SWF and the rise of investment possibilities associated with...
Persistent link: https://www.econbiz.de/10010286410
When workers are faced with the threat of unemployment, their relationship with a particular firm becomes valuable. As a result, a worker may comply with the terms of a relational contract that demands high effort even when performance is not enforceable by a third party. But can relational...
Persistent link: https://www.econbiz.de/10010334150
Whenever unemployment stays high for an extended period, it is common to see analyses, statements, and rebuttals about the extent to which the high unemployment is structural, not cyclical. This essay views the Beveridge curve pattern of unemployment and vacancy rates and the related matching...
Persistent link: https://www.econbiz.de/10010343343
Persistent link: https://www.econbiz.de/10011696427
Persistent link: https://www.econbiz.de/10011696567
This paper analyses the evolution of quantitative measures of employee rents in Europe during the nineties, using the European Household Panel Survey. One looks at two class of measures: wage differentials between workers along industry and firm size dimensions, and estimated welfare differences...
Persistent link: https://www.econbiz.de/10010261830
terms of the theory of optimal currency areas, if the exchange rate is fixed, labour markets have to be flexible if there …
Persistent link: https://www.econbiz.de/10012100088
The search-matching model is well suited for an equilibrium evaluation of labor market policies. When those policies are targeted on some groups, the usual juxtaposition of labor markets is however a shortcoming. There is a need for a setting where workers' productivity depends on employment...
Persistent link: https://www.econbiz.de/10010276998