Income Taxation in a Frictional Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Joel Shapiro; Resumen : A new model of wage dispersion is used to examine welfare aspects of income taxation. The model retains the dynamics of wage posting models while exogenizing search e¤ort, therefore allowing more i...
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Financial development, labor and market regulations and growth
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa Autor/es: Utrero, Natalia; Fonseca, Raquel; Publica: Universitat Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa Resumen : This paper investigates the importance that market regulation and financi...
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International Business Cycles, Financial Markets and Household Production
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Fabio Canova; Ángel J. Ubide; Resumen : This paper investigates the properties of an international real business cycle model with household production. We show that a model with disturbances to both market and household t...
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Toward a Theory of Labor Market Institutions
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gilles Saint Paul; Resumen : Standard economic analysis holds that labor market rigidities are harmful for job creation and typically increase unemployment. But many orthodox reforms of the labor market have proved diffic...
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Overconfidence and Market Efficiency with Heterogeneous Agents
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Diego Garcia; Francesco Sangiorgi; Branko Urosevic; Resumen : We study financial markets in which both rational and overconfident agents coexist and make endogenous information acquisition decisions. We demonstrate the fo...
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Pension Plan Funding and Stock Market Efficiency
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Francesco Franzoni; José M. Marín; Resumen : The paper argues that the market signifficantly overvalues firms with severely underfunded pension plans. These companies earn lower stock returns than firms with healthier pen...
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Attribution and Reciprocity in a Simulated Labor Market: An Experimental Investigation
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Gary Charness; Resumen : While papers such as Akerlof and Yellen (1990) and Rabin (1993) argue that psychological considerations such as fairness and reciprocity are important in individual decision-making, there is littl...
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Surviving in a Competitive Spatial Market: The Threshold Capture Model
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Daniel Serra; Charles Revelle; Ken Rosing; Resumen : Most facility location decision models ignore the fact that for a facility to survive it needs a minimum demand level to cover costs. In this paper we present a decisio...
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Effects of Employment Protection and Product Market Regulations on the Italian Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Adriana Kugler; Giovanni Pica; Resumen : Labor market regulations have often being blamed for high and persistent unemployment in Europe, but evidence on their impact remains mixed. More recently, attention has turned to ...
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A Comparison of Stock Market Mechanisms
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Giovanni Cespa; Resumen : This paper studies the relationship between the amount of public information that stock market prices incorporate and the equilibrium behavior of market participants. The analysis is framed in a ...
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Flexible Multivariate GARCH Modeling with an Application to International Stock Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Olivier Ledoit; Pedro Santa Clara; Michael Wolf; Resumen : The goal of this paper is to estimate time-varying covariance matrices. Since the covariance matrix of financial returns is known to change through time and is an...
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A Model of Market-Making
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Nicolaas J. Vriend; Resumen : The two essential features of a decentralized economy taken into account are, first, that individual agents need some information about other agents in order to meet potential trading partner...
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Judges' Cognition and Market Order
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Benito Arruñada; Veneta Andonova; Resumen : We argue that during the crystallization of common and civil law in the 19th century, the optimal degree of discretion in judicial rulemaking, albeit influenced by the comparati...
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Wage Inequality in a Frictional Labor Market
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Joel Shapiro; Resumen : Wage inequality in the United States has grown substantially in the past two decades. Standard supply-demand analysis in the empirics of inequality (e.g.Katz and Murphy (1992)) indicates that we ma...
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A Dilution Cost Approach to Financial Intermediation and Securities Markets
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Patrick Bolton; Xavier Freixas; Resumen : This paper proposes a model of financial markets and corporate finance, with asymmetric information and no taxes, where equity issues, Bank debt and Bond financing may all co-exis...
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Market Institutions and Judicial Rulemaking
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Benito Arruñada; Veneta Andonova; Resumen : Assuming that the degree of discretion granted to judges was the main distinguishing feature between common and civil law until the 19th century, we argue that constraining judi...
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The Impact of Firing Costs on Turnover and Unemployment: Evidence from the Colombian Labour Market Reform
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Adriana D. Kugler; Resumen : Reductions in firing costs are often advocated as a way of increasing the dynamism of labour markets in both developed and less developed countries. Evidence from Europe and the U.S. on the im...
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Do Market Conditions Affect Preferences? Evidence from Experimental Markets with Excess Supply and Excess Demand
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Jordi Brandts; Gary Charness; Resumen : We study whether people's preferences in an unbalanced market are affected by whether they are on the excess supply side or the excess demand side of the market. Our analysis is bas...
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Sovereign Risk, Anonymous Markets, and the Effects of Globalization
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Fernando Broner; Jaume Ventura; Resumen : The goal of this paper is to study the e¤ects of globalization on the workings of financial markets. We adopt a "technological" view of globalization, which consists of an exogeno...
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Giffen Goods and Market Making
RECERCAT - Dipòsit de Recerca de Catalunya
Colabora: Universitat Pompeu Fabra. Departament d'Economia i Empresa Autor/es: Giovanni Cespa; Resumen : This paper shows that information effects per se are not responsible for the Giffen goods anomaly affecting competitive traders demands in multi- asset, noisy rational expectations equilibrium m...
