This paper is interested in linking formally external disequilibriums to the sovereign debt crisis the EMU is experiencing since 2009. Relying on the CHEER approach that connects the goods market to the capital market, we show that when a country belonging to a monetary union faces external disequilibrium relative to its main partner, the corresponding interest rate differential increases. More...

An unresolved debate in the development literature concerns the impact of gender inequality on economic growth. Previous studies have found that the effect varies, depending on the measure of inequality (wages or capabilities). This paper expands that discussion by considering both the shortand long-run, evaluating the effects of gender equality in two types of economies—semi-industrialized eco...

This paper addresses Marx’s theory of crisis in order to analyze the Great Recession Spain, a peripheral economy within Eurozone. It demonstrates that underlying problem “housing bubble” is an incapacity generate surplus value, which turn explains certain particularities related capital composition, productivity, wages, and finance. The article further carries out critique both orthodox heterod...

Bonus Payments and Reference Point Violations We investigate how bonus payments affect satisfaction and performance of managers in a large, multinational company. We find that falling behind a naturally occurring reference point for bonus comparisons reduces satisfaction and subsequent performance. The effects tend to be mitigated if information about one’s relative standing towards the referen...

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...

This paper studies competitive equilibria of a production economy with aggregate productivity shocks. There is a continuum of consumers who face borrowing constraints and individual labor endowment shocks. The dynamic economy is described in terms of sequences of aggregate distributions. The existence of competitive equilibrium is proven and a recursive characterization is established. In parti...