Results 101 to 110 of about 2,840 (220)
A Model of Strategic Sustainable Investment
Mathematical Finance, EarlyView.ABSTRACT We study a problem of optimal irreversible investment and emission reduction formulated as a nonzero‐sum dynamic game between an investor with environmental preferences and a firm. The game is set in continuous‐time on an infinite‐time horizon.
Tiziano De Angelis +2 more
wiley +1 more source
Solving Stochastic Climate‐Economy Models: A Deep Least‐Squares Monte Carlo Approach
Mathematical Finance, EarlyView.ABSTRACT Stochastic versions of recursive integrated climate‐economy assessment models are essential for studying and quantifying policy decisions under uncertainty. However, as the number of state variables and stochastic shocks increases, solving these models via deterministic grid‐based dynamic programming (e.g., value‐function iteration/projection ...
Aleksandar Arandjelović +4 more
wiley +1 more source
Capital Composition and the Declining Labor Share
The Manchester School, EarlyView.ABSTRACT There are two problems with the view that cheaper capital caused a decline in the labor share: first, aggregate capital and labor are gross complements; second, the price of capital is roughly constant, worldwide. Taking seriously the composition of capital resolves both challenges.
Maya Eden, Paul Gaggl
wiley +1 more source
Employee Fraud and the Statute of Limitations in a Search and Matching Model
The Manchester School, EarlyView.ABSTRACT This paper integrates employee fraud into a Mortensen‐Pissarides search and matching model to analyze labor market dynamics under imperfect legal enforcement. We introduce a time‐dependent punishment structure where the offender's effective liability is governed by the statute of limitations. We characterize both short‐ and long‐run equilibria,
Mauricio Benegas, José Freire Júnior
wiley +1 more source
Output Gap Uncertainty, Sovereign Risk Premia and the Contingent Importance of the Bond Vigilantes
Metroeconomica, EarlyView.ABSTRACT This paper investigates the implications of output gap uncertainty for the conduct of fiscal policy using a small‐scale macroeconomic model with boundedly rational agents. Specifically, agents use an adaptive updating mechanism to approximate the unobservable potential output that suffers, similarly to the Hodrick and Prescott (1997) filter ...
Christian R. Proaño, Jonas Dix
wiley +1 more source
Accounting for Cross‐Country Differences in Output Per Worker: A Sectoral CES Perspective
Oxford Bulletin of Economics and Statistics, EarlyView.ABSTRACT The standard macroeconomic literature suggests that richer countries employ more productive technologies. Removing technological disparities between countries would hence narrow the substantial variation in output per worker across countries.
Jan Trenczek, Konstantin M. Wacker
wiley +1 more source
Pension Systems (Un)sustainability and Fiscal Constraints: A Comparative Analysis
Oxford Bulletin of Economics and Statistics, EarlyView.ABSTRACT Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the pension space, which measures the capacity to pay for pension expenditures out of labour taxation, and the pension space exhaustion probability reflecting demographic uncertainties.
Burkhard Heer +2 more
wiley +1 more source
Tariff: The Most Beautiful Word in the Dictionary?
Review of International Economics, EarlyView.ABSTRACT We consider the welfare impacts of US tariff policy at levels proposed by President Donald J. Trump. General‐equilibrium simulations under a widely used transparent one‐sector trade model reveal sizable US welfare losses. When we extend the model to include bilateral firm selection and high resolution input–output linkages, the US losses ...
Edward J. Balistreri +2 more
wiley +1 more source
Markup Centrality and International Incidence in Global Production Networks
Review of International Economics, EarlyView.ABSTRACT This paper develops a framework to measure how markups amplify prices through global production networks and to attribute final‐demand price wedges to upstream country‐industry sources. The approach defines a compound markup as the ratio of observed prices to counterfactual pure‐cost prices that would prevail if all markups in the network were
Constantin Colonescu
wiley +1 more source
On the undesirable repercussions of gender norms in an endogenous growth model
The Scandinavian Journal of Economics, EarlyView.Abstract Sustainable growth has emerged as a critical policy challenge worldwide. We investigate the influence of conventional gender norms on fertility and economic growth to explain the phenomena recently observed across high‐income countries. To this end, we construct an overlapping generations model with endogenous fertility and labor supply ...
Ryo Sakamoto, Katsunori Minami
wiley +1 more source