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Displaying results 1 to 9 of 9.

  1. Dynamic resource allocation with cost externality
    Author: Zhao, Hao; Porter, David P.
    Published: 9-1-2021
    Publisher:  Chapman University, Economic Science Institute, [Orange, CA]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ESI working papers ; 21, 19
    Subjects: Common-pool resource management; cost externality; dynamic efficiency; property rights market; optimal planning
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. A requiem for the fiscal theory of the price level
    Author: Farmer, Roger E. A.; Zabczyk, Pawel
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume... more

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    Orient-Institut Beirut
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    Online
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
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    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies

     
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  3. Reference-dependent preferences, time inconsistency, and unfunded pensions
    Author: Andersen, Torben M.; Bhattacharya, Joydeep; Liu, Qing
    Published: April 2020
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In the real world, public pay-as-you-go pension (PAYG) schemes are popular and co-exist with private, retirement-saving schemes. This is true even in dynamically efficient economies where such pensions offer a lower return. The classic... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In the real world, public pay-as-you-go pension (PAYG) schemes are popular and co-exist with private, retirement-saving schemes. This is true even in dynamically efficient economies where such pensions offer a lower return. The classic Aaron-Samuelson result argues that, in theory, this is impossible. Later work has shown that it may be possible if agents, left on their own, undersave due to myopia or time-inconsistency. In that case, if the government is paternalistic, a welfare rationale for PAYG pensions arises but only if voluntary retirement saving is fully crowded out because of a binding borrowing constraint. This paper generalizes the Aaron-Samuelson discussion to the reference-dependent utility setup of Kőszegi and Rabin (2009) where undersaving happens naturally. No borrowing constraint is imposed. In this case, it is possible to offer a non-paternalistic, welfare rationale for return-dominated, PAYG pensions to coexist with private retirement saving.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/217011
    Edition: This Version: April 17, 2020
    Series: CESifo working paper ; no. 8260 (2020)
    Subjects: reference-dependence; crowding-out; pensions; dynamic efficiency
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  4. Sunk costs and the dynamics of creative industries
    Author: Bakker, Gerben
    Published: 2012
    Publisher:  London School of Economics, Dept. of Economic History, London

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  5. Path dependencies in venture capital markets
    Author: Schertler, Andrea
    Published: 2002
    Publisher:  Inst. of World Economics, Kiel

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  6. Path dependencies in venture capital markets
    Author: Schertler, Andrea
    Published: 2002
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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  7. A requiem for the fiscal theory of the price level
    Author: Farmer, Roger E. A.; Zabczyk, Pawel
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume... more

    Access:
    Verlag (kostenfrei)
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Unlimited inter-library loan, copies and loan

     

    The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an infinitely-lived representative agent. We present an alternative, arguably more realistic model, populated by sixty-two generations of people. We calibrate our model to an income profile from U.S. data and we show that the FTPL breaks down. In our model, the price level and the real interest rate are indeterminate, even when monetary and fiscal policy are both active. Our findings challenge established views about what constitutes a good combination of fiscal and monetary policies

     
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  8. Public debt in an OLG model with imperfect competition
    long-run effects of austerity programs and changes in the growth rate
    Author: Skott, Peter; Ryoo, Soon
    Published: 2013
    Publisher:  Univ. of Massachusetts, Dep. of Economics, Amherst, Mass.

    We show that (i) dynamic inefficiency may be empirically relevant in a modified Diamond model with imperfect competition, (ii) if fiscal policy is used to avoid inefficiency and maintain an optimal capital intensity, the required debt ratio will be... more

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    We show that (i) dynamic inefficiency may be empirically relevant in a modified Diamond model with imperfect competition, (ii) if fiscal policy is used to avoid inefficiency and maintain an optimal capital intensity, the required debt ratio will be inversely related to the growth rate, and (iii) austerity policies - reductions in government consumption and entitlement programs for the old generation - raise the required debt ratio.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/105768
    Series: Working paper / University of Massachusetts, Department of Economics ; 2013-10
    Subjects: Public debt; dynamic efficiency; growth effects; austerity
    Scope: Online-Ressource (18 S.)
  9. Production with storable and durable inputs
    nonparametric analysis of intertemporal efficiency
    Author: Cherchye, Laurens; Rock, Bram de; Kerstens, Pieter Jan
    Published: [2016]
    Publisher:  KU Leuven, Center for Economic Studies, Faculty of Economics and Business, Leuven

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper series / KU Leuven, Center for Economic Studies ; DPS16, 19 (September 2016)
    Subjects: cost minimization; storable inputs; durable inputs; production delay; dynamic efficiency
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen