The question of whether private money is viable in the absence of any external control is an old one. We address it in an economy with decentralized trade and information where a self-interested agent, the bank, has the monopoly over the provision of fiat money and is not limited on how much it can issue over time. The assumption of decentralized information is a crucial one and sets this work ...

It is often argued that implicit taxation on continued activity of elderly workers is responsible for the widely observed trend towards early retirement. In a world of laissez-faire or of first-best efficiency, there would be no such implicit taxation. The point of this paper is that when first-best redistributive instruments are not available, because some variables are not observable, the opt...

The Tax System Incidence on Unemployment: A Country-Specific Analysis for the OECD Economies This paper provides a detailed analysis on the incidence of the tax structure on the labor market. To do so it goes beyond the traditional examination of the ‘level’ effect of the fiscal wedge and considers a ‘composition’ effect defined as a payroll tax bias (PTB): the proportion of payroll taxes paid ...

Studies of the effect of government spending on unemployment are potentially confounded by reverse causality. To address the endogeneity problem, we exploit variation in a porkbarrel road-building program, and find that higher government expenditure on road-building substantially reduces local unemployment. JEL Codes: E24, E62, H30, H54,

I present a unified framework to analyze debt relief and macroprudential policies in a liquidity trap when households have private information. I develop a model with a deleveragingdriven recession and a liquidity trap in which households differ in their impatience, which is unobservable. Ex post debt relief stimulates the economy, but anticipated debt relief encourages overborrowing ex ante, m...

An extensive literature in monetary theory has emphasized the role of money as a recordkeeping device. Money assumes this role in situations where using credit would be too costly, and some might argue that this role will diminish as the cost of information, and thus the cost of credit-based transactions, continues to fall. In this paper we investigate another use for money: the provision of pr...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...

ran's economy still has a two-digit inflation rate with high fluctuations, which is mainly caused by fiscal dominance. According to the relevant literature, the most important fiscal dominance mechanism is borrowing from the central bank. After prohibiting direct borrowing from the Central Bank by Iran's government, the budget deficits are partially addressed by off-budgeting operations, achiev...

The purpose of the current study is to explore joint effects love money, professional development, and career anxiety on Turkish academics’ levels happiness. To that end, we have constructed two different measurement models examine hypothesized relationships. According findings Model 1, a) development contributes increased happiness, b) money c) has a mediating role in relationship between Of c...