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  • 1
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    Konstanz: Fachbereich Wirtschaftswissenschaften, Universität Konstanz
    Publication Date: 2013-05-22
    Description: According to empirical studies, the relation between the relative wage of skilled workers and their relative supply is U-shaped. This finding is explained by the effect of technological change on the incentives for humancapital investments made by heterogeneous individuals.
    Keywords: I21 ; J31 ; ddc:330 ; Wage inequality ; human-capital investment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: The paper analyzes the effect of human-capital investments of heterogeneous individuals on the dynamics of the wage structure within a neoclassical growth model. The accumulation of physical capital changes relative factor prices and thus incentives to acquire skills, thereby altering the composition of the labor force. Without relying on exogenous shocks, our framework generates dynamics that resembles several important observations on wage inequality (e.g., the non-monotone evolution of the skill premium). Additional incorporation of wage rigidities emphasizes the trade off between residual wage inequality and employment opportunities for unskilled labor that is consistent with country-specific evidence.
    Keywords: I21 ; J31 ; O15 ; ddc:330 ; wage inequality ; human capital investment ; transitional adjustment dynamics ; skill-specific unemployment ; Lohnstruktur ; Qualifikation ; Bildungsinvestition ; Wachstumstheorie ; Investition ; Steady-State-Wachstum ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Gerzensee: Swiss National Bank, Study Center Gerzensee
    Publication Date: 2019-01-11
    Description: We present a model of growth and distributional conflict that implies a non-monotonic relationship between average wealth and the likelihood of radical redistribution: while the net benefits of redistribution for members of the poor class are small at low stages of development, a shift towards egalitarianism considerably improves agents' income prospects once an intermediate level of per-capita wealth is reached. As the economy grows further, the incentive to challenge the existing social order decreases again and eventually vanishes. This nonmonotonicity captures the observation that historical shifts to radically redistributive policies frequently took place after extended periods of economic growth.
    Keywords: P16 ; O11 ; D31 ; D74 ; ddc:330 ; Political economy ; inequality ; borrowing constraints ; redistribution ; revolution ; Kuznets curve ; Verteilungskonflikt ; Verteilungstheorie ; Kuznets-Kurve ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: We study human capital accumulation in an environment of competitive search. Given that unemployed workers can default on their education loans, skilled individuals with a larger debt burden prefer riskier but better paid careers than is socially desirable. A higher level of employment risk in turn depresses the skill premium and the incentives to invest in education. The equilibrium allocation is characterized by too much unemployment, underinvestment by the poor, and too little investment in skill-intensive technologies. A public education system funded by graduate taxes can restore efficiency. More generally, differences in education funding can account for cross-country variations in wage inequality.
    Keywords: I22 ; ddc:330 ; Directed search ; investment ; education finance ; Bildungsverhalten ; Bildungsinvestition ; Arbeitsuche ; Wettbewerb ; Bildungsfinanzierung ; Allokationseffizienz ; Öffentliche Bildungsausgaben ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Konstanz: Fakultät für Wirtschaftswissenschaften und Statistik, Universität Konstanz
    Publication Date: 2013-05-22
    Description: We develop a market model which explains how prices react to short-run demand variations when the number of active price-setting firms is held fixed on its long-run level. We assume that for each firm the average production cost function is U-shaped, that customers are imperfectly informed about the quality of offers, and that customers may search for better offers. For low degrees of market transparency the long-run market outcome exhibits price dispersion with an endogenous finite number of firms. In this case, in the short-run, price mark-ups respond countercyclically to demand variations and productivity is procyclical. In the complementary case of higher degrees of market transparency, in the long-run we have a single-price equilibrium. In that case, in the short-run price mark-ups fall with decreasing demand while productivity diminishes with any deviation of demand from its long-run level.
    Keywords: D40 ; D83 ; L11 ; ddc:330 ; increasing returns ; monopolistic competition ; business cycle theory
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Konstanz: Fachbereich Wirtschaftswissenschaften, Universität Konstanz
    Publication Date: 2013-05-22
    Description: The paper integrates human-capital investments of heterogeneous individuals into a neoclassical growth framework. The accumulation of physical capital changes relative factor prices and thus incentives to acquire skills, thereby altering the composition of the labor force. This interplay between the accumulation of human and physical capital provides a theoretical foundation for several important observations on wage inequality (e.g., the non-monotonic evolution of the skill premium) without having to hinge on specific exogenous shocks. Additional incorporation of wage rigidities emphasizes the trade off between residual wage inequality and employment opportunities for unskilled labor that is consistent with country-specific evidence.
    Keywords: I21 ; J31 ; O15 ; ddc:330 ; Wage inequality ; human-capital investment ; transitional adjustment dynamics
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Konstanz: Fakultät für Wirtschaftswissenschaften und Statistik, Universität Konstanz
    Publication Date: 2013-05-22
    Description: This paper investigates price setting when firms produce with increasing returns and customers are imperfectly informed about prices but customers can search. It is shown that there exists a unique randomization equilibrium where each customer is offered a random price by each firm known to him. If the number of firms is fixed then the expected price to be paid by a customer responds countercyclically to variations of demand per customer and it remains invariant with respect to variations of the number of customers. This price behavior corresponds well with new evidence on price behavior.
    Keywords: ddc:330 ; increasing returns ; price stickiness ; search
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Konstanz: Fakultät für Wirtschaftswissenschaften und Statistik, Universität Konstanz
    Publication Date: 2013-05-22
    Description: Traditional monetary models of hyperinflation suffer from severe stability problems: equilibria with realistic comparative-static properties are unstable while those with unrealistic comparative statics are stable. In the present paper I develop a model of hyperinflation which is based on an analysis of firms' payment behavior and which uses a weaker concept of stability. The stability properties of this model are consistent with the empirical evidence.
    Keywords: E31 ; C62 ; ddc:330 ; Monetary theory ; hyperinflation ; stability
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Konstanz: Fachbereich Wirtschaftswissenschaften, Universität Konstanz
    Publication Date: 2013-05-22
    Description: In this paper we offer an explanation why a poor majority does not necessarily expropriate a rich minority. We present a dynamic model in which individuals are willing to accept an unequal distribution of income in the current period if they are sufficiently optimistic about their future economic prospects. In this case, the fact that a policy of radical redistribution inflicts a persistent damage on the economy and thus reduces agents' future earning possibilities prevents the poor from expropriating the rich. Unlike previous contributions, we do not assume exogenous changes of the income distribution, but relate such changes to agents' rational investment decisions.
    Keywords: D31 ; D72 ; P16 ; ddc:330 ; political economy ; inequality ; redistribution of income
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Konstanz: Sonderforschungsbereich 178 "Internationalisierung der Wirtschaft", Universität Konstanz
    Publication Date: 2014-09-17
    Description: In this paper I investigate the effect of different stages of international trade on market structure and prices when production involves overhead cost, markets are intransparent, and customers have to search for offers. I show that two stages have to be distinguished: a first stage where each firm can offer its product in any country but customers cannot search in foreign countries and a second stage where each firm can offer in any country and each customer can search and buy in any country. In particular I investigate who benefits if one country increases its degree of market transparency and who benefits if the second stage of international trade is introduced.
    Keywords: ddc:330 ; Versicherungsmarkt ; Unvollkommene Information ; Außenwirtschaftstheorie ; Skalenertrag ; Preistheorie ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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