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On the Validity of the First-Order Approach with Moral Hazard and Hidden Assets
With moral hazard and anonymous asset trade, first-order conditions need not characterize effort and portfolio choices. The standard …
Giuseppe Bertola, Winfried Koeniger
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On the Evolution of the US Consumer Wealth Distribution
We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in the US since the …
Thomas Hintermaier, Winfried Koeniger
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The Method of Endogenous Gridpoints with Occasionally Binding Constraints among Endogenous Variables
We show how the method of endogenous gridpoints can be extended to solve models with occasionally binding constraints among endogenous …
Thomas Hintermaier, Winfried Koeniger
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Redistributive Taxation and Personal Bankruptcy in U.S. States
Personal bankruptcy regulation and redistributive taxes and transfers vary considerably across U.S. states and over time. Our …
Charles Grant, Winfried Koeniger
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Consumption Smoothing and Income Redistribution
We show theoretically that income redistribution benefits borrowing-constrained individuals more than is implied by standard …
Giuseppe Bertola, Winfried Koeniger
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Employment Protection, Product Market Regulation and Firm Selection
Why are firm and job turnover rates so similar across OECD countries? We argue that this may be due to the joint regulation of product …
Winfried Koeniger, Julien Prat
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Feature: Employment Protection Legislation
Employment protection legislation (EPL) is an important labour market policy whose strictness differs greatly across OECD countries. …
Pierre Cahuc, Winfried Koeniger
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On the Role of Market Insurance in a Dynamic Model
Durables like cars or houses are a substantial component in the balance sheets of households. These durables are exposed to risk and …
Helge Braun, Winfried Koeniger
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Labor Market Institutions and Wage Inequality
The authors investigate how labor market institutions such as unemployment insurance, unions, firing regulations, and minimum wages …
Winfried Koeniger, Marco Leonardi, Luca Nunziata
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Capital Deepening and Wage Differentials: Germany versus US
In flexible labour markets, capital increases the productivity of skilled workers more than that of unskilled workers, and in the US …
Winfried Koeniger, Marco Leonardi
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