-
作者：Baldursson, Fridrik M.; von der Fehr, Nils-Henrik M.
作者单位：University of Iceland; University of Oslo
摘要：We consider an intertemporal policy game between changing governments that differ in their attitudes towards a particular feature of market outcomes, exemplified with environmental pollution. When in power, a government will choose policy instruments and set strictness of regulation with a view to influencing the policy of future, possibly different, governments. We demonstrate that a brown government favours emission quotas over effluent taxes, as quotas establish property rights that are cos...
-
作者：Zanella, Giulio
作者单位：University of Siena
摘要：This paper is about selection of neighbors in models of social interactions. I study a general equilibrium model of behavior subject to endogenous social influences when heterogeneous individuals can choose whom to associate with, buying associations on a memberships market. Social effects in behavior turn out to be a stratifying force: The desire for valuable interactions induces inefficient sorting and may lead to the endogenous emergence of social traps. The theory is then used to suggest i...
-
作者：Gali, Jordi; Valles, Javier; Lopez-Salido, J. David
摘要：Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of govemment-spending.
-
作者：Tarashev, Nikola A.
作者单位：Bank for International Settlements (BIS)
摘要：This paper models currency attacks as carried out by speculators who condition their actions on private signals about the state and on the market-clearing interest rate. Besides affecting speculators' payoffs, this intrest rate also provides an endogenous public signal. For a plausible type of investment strategies, the dual role of the interest rate allows the model to explain abrupt and intense speculative attacks solely via economic fundamentals, without resorting to sunspot variables. This...
-
作者：Kyyra, Tomi; Wilke, Ralf A.
摘要：In several European countries the elderly unemployed are allowed to collect unemployment benefits up to a certain age limit, after which they can retire via some early retirement scheme. In Finland the eligibility age of persons benefiting from this kind of scheme was raised from 53 to 55 in 1997. We consider layoff risks, unemployment durations, and the exit states before and after the reform. Since the reform the group aged 53-54 has had a lower risk of unemployment, shorter unemployment dur...
-
作者：Chemla, Gilles; Ljungqvist, Alexander; Habib, Michel A.
作者单位：Imperial College London; Centre National de la Recherche Scientifique (CNRS); University of Zurich; New York University
摘要：Shareholder agreements govern the relations among shareholders in privately held firms, such as joint ventures and venture capital-backed companies. We provide an economic explanation for key clauses in such agreements-namely, put and call options, tag-along and drag-along rights, demand and piggy-back rights, and catch-up clauses. In a dynamic moral hazard setting, we show that these clauses can ensure that the contract parties make efficient ex ante investments in the firm. They do so by con...
