Showing 1 - 10 of 39
This paper is about the size of fiscal multipliers and the sources of recovery from the Great Depression. Its contributions begin with a new quarterly data set for the interwar period that allows development of a VAR model of the U. S. economy over the period 1920-41. The quarterly data...
Persistent link: https://www.econbiz.de/10008677236
The trend in manufacturing has not shifted post-91. Liberalisation shares in the high trend phase in manufacturing, that was ushered in after 1981, which continued even after 1991. Liberalisation however, seems to have changed the structure of demand responses of manufacturing output. In...
Persistent link: https://www.econbiz.de/10005561421
The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928 - December 1936. I show that the decision of exit from gold can be understood in terms of a trade-off between a quite limited set...
Persistent link: https://www.econbiz.de/10005788926
This paper focusses on female labour force participation during the interwar period. The various forces which would be expected to determine long-term trends in participation are outlined, raising the question of why the upward trend in participation did not become firmly established before the...
Persistent link: https://www.econbiz.de/10005661778
This paper presents a more realistic endogenous time preference model, incorporating the property that impatience decreases as consumption increases. The model overcomes a serious drawback of the existing model, which needs the assumption of increasing impatience. The new model is applied to the...
Persistent link: https://www.econbiz.de/10005076835
Household micro-datasets often do not contain information on gross incomes. We present an algorithm which exploits the tax- and contribution rules built into tax-benefit models to convert net income information into gross amounts. Using EUROMOD, a multi-country taxbenefit model covering all...
Persistent link: https://www.econbiz.de/10005561509
less likely. Imputation counteracts an incentive by the dominant network to "price squeeze" a rival by eliminating … and increasing their subscribers' surplus, imputation supports additional entry. Finally, an unbundling rule reduces …
Persistent link: https://www.econbiz.de/10005412944
across competing networks. We also discuss the importance of the principles of reciprocity and imputation of interconnection … charges on market equilibria. Reciprocity means that both networks charge the same for interconnection. Imputation means that … reciprocity. Moreover, prices under reciprocity obey the principle of imputation. In the long run, consumers subscribe to one of …
Persistent link: https://www.econbiz.de/10005412988
Similarities between the Great Depression and the Great Recession are documented with respect to the behavior of financial markets. A Great Depression regime is identified by using a Markov-switching VAR. The probability of this regime has remained close to zero for many decades, but spiked for...
Persistent link: https://www.econbiz.de/10011213314
We examine the labour market experience of the UK and the US in the recessions of the early 1920s and the early 1930s and the subsequent recoveries. These were deep recessions, comparable to that of 2008-9, but the recoveries were very different. In the UK the recovery of the 1920s was...
Persistent link: https://www.econbiz.de/10008611014