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作者：Haldane, AG; Irwin, G; Saporta, V
作者单位：Bank of England
摘要：This paper assesses various crisis resolution proposals using a theoretical model of liquidity and solvency crisis. The model suggests that payments standstills and last-resort lending are an equally efficient means of dealing with liquidity crises, while coordinated lending through creditor committees is second-best. Debt write-downs are preferred to subsidised IMF financing when dealing with solvency crises, because of the negative moral hazard implications of the latter tool. Finally, the m...
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作者：Haucap, J; Wey, C
作者单位：Ruhr University Bochum; Technical University of Berlin
摘要：This paper examines how different unionisation structures affect firms' innovation incentives and industry employment. We distinguish three modes of unionisation with increasing degree of centralisation: (1) 'decentralisation' where wages are determined independently at the firm-level, (2) 'coordination' where one industry union sets individual wages for all firms and (3) 'centralisation' where an industry union sets a uniform wage rate for all firms. While firms' investment incentives are lar...
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作者：Schabert, A
作者单位：University of Cologne
摘要：We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access to money and can therefore induce households to increase purchases of goods. Government expenditures, which are not completely tax financed, and deficit financed tax cuts then tend to stimulate pri...
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作者：Nickell, S
作者单位：Bank of England; University of London; London School Economics & Political Science
摘要：Relative poverty in the UK has risen massively since 1979 mainly because of increasing worklessness, rising earnings dispersion and benefits indexed to prices, not wages. The economic force underlying this is the significant shift in demand against the unskilled. This has substantially weakened the low-skill labour market which has increased both pay dispersion and worklessness, particularly among low-skilled men. Practical policies discussed include improving education and overall well-being ...
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作者：Kohler, W
作者单位：Johannes Kepler University Linz
摘要：We develop a dual representation of the technology of international fragmentation for an industry using 2 factors in a continuum of stages. We then derive a generalised factor price frontier which incorporates an endogenous adjustment of the margin of fragmentation. Using this frontier in a 2 x 2 general equilibrium model, we investigate the role of outsourcing in the adjustment to a decline in the final output price of the multistage industry, and the attendant factor price effects. We also e...
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作者：Dickens, R; Manning, A
作者单位：University of London; University of London; London School Economics & Political Science
摘要：The UK National Minimum Wage (NMW) has had a minimal impact on UK wage inequality because it has been set at a modest level and because aggregate evidence suggests very small spill-over effects. But the small spill-over effects might be because of the small numbers of workers affected and widespread anticipation of the introduction of the NMW might make the impact effect appear very small. This paper investigates these issues using data collected from care homes where the NMW affected 40% of w...
