Redundancy payments for collective dismissals are incorporated into a Shapiro-Stiglitz model of efficiency wages. It is shown that a fixed payment will lower wages, leave employment and welfare unaffected if there are no wage-dependent taxes, no additional firing costs and if unemployment benefits are not altered by redundancy payments. If payroll taxes exceed firing costs and unemployment bene...

          The aim of this paper is to simulate the effects of some macroeconomic policy tools on production and inflation of Iran by the current worldwide financial and real crisis. The theoretical framework of the analysis is based on the so-called ‘IMF/World Bank Integrated Model’ which is the synthesis (a merger) of the basic monetary approach of the Balance of Payments used at t...

Given that both the costs and the benefits of biodiversity-enhancing land-use measures are subject to spatial variation, considerations of allocational efficiency call for spatially differentiated compensation payments for such measures. However, when deciding whether to implement uniform or spatially differentiated compensation payments, the regulator has to balance the allocational efficiency...

The intertemporal current account approach predicts that the current account of a small open economy is independent of global shocks, and that responses of the current account to countryspecific shocks depend on the persistence of the shocks. The author shows that these predictions impose cross-equation restrictions (CERS) on a structural vector autoregression (SVAR). To test the CERs, the auth...

The economic impacts of direct payments is a widely studied field in the literature related to Common Agricultural Policy. This article aims provide systematic review income-related payments. In doing so, screened academic on and identified 150 relevant ones, out which 41 were written directly effects.Relevant articles can be classified into four groups: general, distributional, stabilisation o...

Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system. Because they explicitly link financial institutions, payments systems provide a way to transmit risk within, and between, financial systems. Ideally, payments systems should be designed and operated so as not to add risk in the event of a crisis. The author exam...

Unanimity is the optimal voting rule in a world of zero transactions costs, when side payments are impossible. When side payments are available and transactions costs are zero, the voting rule is irrelevant to the ultimate outcome. In the more realistic situation where side payments are allowed but transactions costs are positive, a unanimity voting rule creates situations where the collective ...

This study investigates the impact of monetary policy on balance of payments (BOP) adjustment in Nigeria within the periods, 1980-2015. The study used the bound testing approach to show the relationship that exists among monetary policy variables (money supply, domestic credit, inflation and exchange rate), output growth, and trade balance and BOP adjustment in Nigeria. The study shows that the...