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Working paper
Game-theoretic foundations of monetary equilibrium
In: Journal of Monetary Economics, Band 63, S. 51-63
Pricing sin stocks: ethical preference vs. risk aversion
In: IWH discussion papers 2017, no. 20 (September 2017)
We develop a model that reproduces the return and volatility spread between sin and non-sin stocks, where investors trade off dividends with the ethical assessment of companies. We relax the assumption of boycott behaviour and investigate the role played by the dividend share of sin stocks on their return and volatility spread relative to non-sin stocks. We empirically show that the dividend share predicts a positive return and volatility spread. This pattern is reproduced by our model when dividends and ethicalness are complementary goods and investors are sufficiently risk averse.
In-Group Bias in Preferences for Redistribution: A Survey Experiment in Italy
In: CESifo Working Paper No. 10785
SSRN
Private versus public companies with strategic CSR
In: Journal of economics, Band 133, Heft 2, S. 129-166
ISSN: 1617-7134
AbstractWe analyze the effects of strategic Corporate Social Responsibility (CSR) on social welfare in an industry where firms are owned by consumers (publicly owned) and CSR commitment takes the form of a fraction of the consumer surplus into the firms' objective function. We compare this market configuration with the standard case of firms owned by entrepreneurs (privately owned). In line with the empirical evidence, consumers' ownership gives an incentive to adopt a socially responsible, welfare improving statute. While privately-owned companies are limited in the level of social concern to implement, publicly-owned companies are not, and CSR is welfare-improving for any level of social concern. Surprisingly, a market configuration of publicly-owned CSR companies decreases welfare compared to an oligopoly of privately-owned CSR companies. The analysis is then extended by considering asymmetric oligopolies with different company types.
Evolution of Individual Preferences and Persistence of Family Rules
In: CESifo Working Paper No. 8576
SSRN
Working paper
Evolution of Individual Preferences and Persistence of Family Rules
In: IZA Discussion Paper No. 12373
SSRN
In-Group Bias in Preferences for Redistribution: A Survey Experiment in Italy
In: JEBO-D-24-00087
SSRN
Austerity, fiscal uncertainty, and economic growth: Insights from fiscally weak EU countries
Recent empirical evidence suggests that during the last years fiscally weak European countries significantly cut their R&D budgets in an effort to reduce their deficit, according to the spirit of the Fiscal Compact. We propose a general equilibrium model that endogenously captures the trade-off between costs and benefits of austerity measures driven by a zero-deficit policy. Our analysis suggests that cuts in R&D spending undermine economic growth both in the short and the long run. We use our model to estimate the reduction of economic growth due to R&D cuts implemented by fiscally weak European countries during the period 2010-2012. The model predicts a reduction in real growth by 0:63%, 2:93%, and 4:46%, in the next 1, 5, and 10 years, respectively. Moreover, we show that the zero-deficit constraint hampers economic growth in the presence of either a productivity drop or a spending stimulus. ; [Date Written: August 8, 2014]
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Austerity, Fiscal Uncertainty, and Economic Growth: Insights from Fiscally Weak EU Countries
In: SAFE Working Paper No. 56
SSRN
Working paper
Austerity, fiscal volatility, and economic growth
This paper contributes to the ongoing debate on the relationship between austerity measures and economic growth. We propose a general equilibrium model where (i) agents have recursive preferences; (ii) economic growth is endogenously driven by investments in R&D; (iii) the government is committed to a zero-deficit policy and finances public expenditures by means of a combination of labor taxes and R&D taxes. We find that austerity measures that rely on reducing resources available to the R&D sector depress economic growth both in the short- and long-run. High debt EU members are currently implementing austerity measures based on higher taxes and/or lower investments in the R&D sector. This casts some doubts on the real ability of these countries to grow over the next years.
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