This study extends the current New Keynesian modeling framework by changing one crucial aspect: it replaces the general equilibrium assumption by the arguably more realistic assumption of macroeconomic disequilibrium. As a result, more complex and less smooth macroeconomic adjustment dynamics...

During World War II the United States rapidly transformed its economy to cope with a wide range of scarcities, such as shortfalls in the amounts of ocean shipping, aluminum, rubber, and other raw materials needed for the war effort. This paper explores the mobilization to see whether it provides...

The paper develops a framework combining a model of rational behaviour under dietary constraints, an epidemiological model of diet-related mortality, and a life-cycle-analysis model of environmental impact, which permits the ex-ante assessment of dietary recommendations in multiple...

How does the allocation of scarce jobs and production influence their supply? We present the results of a macroeconomics laboratory experiment that investigates the effects of alternative rationing schemes on economic stability. Participants play the role of consumer-workers who interact in...

The paper considers a one-to-one matching with contracts model in the presence of price controls. This set-up contains two important streams in the matching literature, those with and those without monetary transfers, as special cases and allows for intermediate cases with some restrictions on...

This note - written in response to von Arnim and Barrales (2015) - shows that (i) the Kaldor-Goodwin models in Skott (1989a, 1989b) and Skott and Zipperer (2012) provide good approximations to models with fast but finite adjustment of prices, (ii) the models can generate cyclical patterns that...

Excessive waiting times for elective surgery have been a long-standing concern in many national healthcare systems in the OECD. How do the hospital admission patterns that generate waiting lists affect different patients? What are the hospitals characteristics that determine waiting times? By...

This note -- written in response to von Arnim and Barrales (2015) -- shows that (i) the Kaldor-Goodwin models in Skott (1989a, 1989b) and Skott and Zipperer (2012) provide good approximations to models with fast but finite adjustment of prices, (ii) the models can generate cyclical patterns that...

Excessive waiting times for elective surgery have been a long-standing concern in many national healthcare systems in the OECD. How do the hospital admission patterns that generate waiting lists affect different patients? What are the hospitals characteristics that determine waiting times? By...

This note - written in response to von Arnim and Barrales (2015) - shows that (i) the Kaldor-Goodwin models in Skott (1989a, 1989b) and Skott and Zipperer (2012) provide good approximations to models with fast but finite adjustment of prices, (ii) the models can generate cyclical patterns that...

The effect of consumers’ compliance with nutritional recommendations is uncertain because of potentially complex substitutions. To lift this uncertainty, we adapt a model of consumer behaviour under rationing to the case of linear nutritional constraints. Dietary adjustments are thus derived...

The presence of rationing or more generally of the situations of constrained demand can make the traditional methods of measuring inflation questionable and give an erroneous image of the reality. In this paper, we use the virtual price approach (Neary, Roberts, 1980) to estimate the real...

A government agency delegates to a provider (hospital, medical gatekeeper, school, social worker) the decision to supply a service or treatment to individual recipients. The agency does not perfectly know the distribution of individual treatment costs in the population. The single-crossing...

The presence of rationing or more generally of the situations of constrained demand can make the traditional methods of measuring inflation questionable and give an erroneous image of the reality. In this paper, we use the virtual price approach (Neary, Roberts, 1980) to estimate the real...

Price caps are often used by policy makers to "regulate markets". Previous analyses have focussed on the "supply side" impact of these caps, and derived the optimal price cap, which maximizes investment and welfare. This article expands the analysis to include the "demand side" impact of price...

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which guarantees employment of every rural household for 100 days, has different progressive provisions which incentivise higher participation of women in the programme. Official data suggest that 47 of all MGNREGA workers are...

The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which guarantees employment of every rural household for 100 days, has different progressive provisions which incentivise higher participation of women in the programme. Official data suggest that 47% of all MGNREGA workers...

This study examines the impact of India's Public Distribution System (PDS) on poor households in terms of income gains, reductions in the incidence and severity of poverty, as well as nutritional improvements. The study suggests that the welfare gains of PDS in terms of income transfer were very...

A government agency delegates to a provider (hospital, medical gatekeeper, school, social worker) the decision to supply a service or treatment to individual recipients. The agency does not perfectly know the distribution of individual treatment costs in the population. The single-crossing...

In this paper a labor supply model with demand side rationing is estimated to analyze the economic policies that directly affect incentives to work as well as labor costs. The framework is applied to evaluate the employment effects of a federal minimum wage in Germany and the impact of employer-...

The World War I played a key role in shaping modern housing policy. While in the pre-War time virtually no housing policy existed, the beginning of hostilities led to an almost immediate and comprehensive state intervention in the housing market, particularly among those engaged in the war....

The effect of consumers’ compliance with nutritional recommendations is uncertain because of potentially complex substitutions. To lift this uncertainty, we adapt a model of consumer behaviour under rationing to the case of linear nutritional constraints. Dietary adjustments are thus derived...

Price caps are often used by policy makers to "regulate markets". Previous analyses have focussed on the "supply side" impact of these caps, and derived the optimal price cap, which maximizes investment and welfare. This article expands the analysis to include the "demand side" impact of price...

The aim of this study is to analyze the behavior of gross domestic product (GDP) compared to electricity consumption in Brazil to estimate the curve of deficit marginal cost. The deficit cost is used as exogenous parameter in the chain of models for planning the operation and expansion of a...

Modern economics is based on the idea that every good and service is scarce, but the standard defenses of this premise by reference to zero prices and infinite resources are invalid. The concept of scarcity is defined and used to show that ordinary scarcities are not economic scarcities. The...

An extension of the standard rationing model is introduced. Agents are not only identi fied by their respective claims over some amount of a scarce resource, but also by some payoff thresholds. These thresholds introduce exogenous differences among agents (full or partial priority, past...

The World War I played a key role in shaping modern housing policy. While in the pre-War time virtually no housing policy existed, the beginning of hostilities led to an almost immediate and comprehensive state intervention in the housing market, particularly among those engaged in the war....

The World War I played a key role in shaping modern housing policy. While in the pre-War time virtually no housing policy existed, the beginning of hostilities led to an almost immediate and comprehensive state intervention in the housing market, particularly among those engaged in the war....

В последние годы на многих предприятиях возникает вопрос об избыточной численности и необходимости ее оптимизации. Как правило, для расчета нормативов...

This paper sheds light on the issue of SME financing in selected Asian economies using a unique sample survey. It elaborates on (i) the key sources of external finance for SMEs (ii) the extent to which, if at all, the SME sector as identified by firm size, country and in aggregate for a sample...

Because food choices have important implications for human health and the environment, consumers are increasingly urged to modify their purchasing and eating habits so as to comply with a set of norms (e.g., eat at least five portions of fruits & vegetables a day; reduce meat consumption)....