References of "Worrall, Tim"
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See detailIs a Policy of Free Movemet of Workers Sustainable?
Picard, Pierre M UL; Worrall, Tim

in Scandinavian Journal of Economics (2015)

This paper studies the costs and benefits of the adoption of the policy of free movement for workers. For the countries to agree on uncontrolled movement of workers, the short run costs must be outweighed ... [more ▼]

This paper studies the costs and benefits of the adoption of the policy of free movement for workers. For the countries to agree on uncontrolled movement of workers, the short run costs must be outweighed by the long term benefits that result from better labor market flexibility and income smoothing. We show that such policies are less likely to be adopted when workers are impatient and less risk averse workers, when production technologies display decreasing returns and when countries trade a share of their products. [less ▲]

Detailed reference viewed: 58 (7 UL)
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See detailCurrency Areas and Voluntary Transfers
Picard, Pierre M UL; Worrall, Tim

E-print/Working paper (2015)

This paper discusses the relationship between the formation of a currency area and the use of voluntary fiscal transfers between countries. We show that there is a trade off between the benefits of ... [more ▼]

This paper discusses the relationship between the formation of a currency area and the use of voluntary fiscal transfers between countries. We show that there is a trade off between the benefits of flexible exchange rates and the additional risk sharing benefits of voluntary transfers that can be sustained in a currency area. We show that whether a currency area is beneficial or not will depend on the magnitude of economic parameter values. In particular, we show that in a simple two country model and for a plausible set of economic parameter values, a currency area is optimal. [less ▲]

Detailed reference viewed: 42 (5 UL)
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See detailIs a Policy of Free Movement of Workers Sustainable?
Picard, Pierre M UL; Worrall, Tim

E-print/Working paper (2014)

This paper studies the costs and benefits of the adoption of the policy of free movement for workers. For the countries to agree on uncontrolled movement of workers, the short run costs must be outweighed ... [more ▼]

This paper studies the costs and benefits of the adoption of the policy of free movement for workers. For the countries to agree on uncontrolled movement of workers, the short run costs must be outweighed by the long term benefits that result from better labor market flexibility and income smoothing. We show that such policies are less likely to be adopted when workers are impatient and less risk averse workers, when production technologies display decreasing returns and when countries trade a share of their products. [less ▲]

Detailed reference viewed: 108 (17 UL)
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See detailSustainable Migration Policies
Picard, Pierre M. UL; Worrall, Tim

E-print/Working paper (2011)

This paper considers whether countries might mutually agree a policy of allowing free movement of workers. For the countries to agree, the short run costs must outweighed by the long term benefits that ... [more ▼]

This paper considers whether countries might mutually agree a policy of allowing free movement of workers. For the countries to agree, the short run costs must outweighed by the long term benefits that result from better labor market flexibility and income smoothing. We show that such policies are less likely to be adopted for less risk averse workers and for countries that trade more. More surprisingly we find that some congestion costs can help. This reverses the conventional wisdom that congestion costs tend to inhibit free migration policies. [less ▲]

Detailed reference viewed: 34 (3 UL)
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See detailCurrency Unions and International Assistance
Picard, Pierre M. UL; Worrall, Tim

E-print/Working paper (2009)

This paper considers a simple stochastic model of international trade with three countries. Two of the tree countries are in an economic union. Comparisons are made between equilibrium welfare for these ... [more ▼]

This paper considers a simple stochastic model of international trade with three countries. Two of the tree countries are in an economic union. Comparisons are made between equilibrium welfare for these two countries under fixed and flexible exchange rate regimes. Within the model it is shown that flexible exchange rate regimes generate greater welfare. However, we then consider comparisons of welfare when the two countries also engage in some international assistance in order to share risk. Such risksharing is limited by enforcement constraints of cross border assistance. It is shown that, when one takes into account risk-sharing and limited commitment, fixed exchange rate regimes associated with a currency area can dominate flexible exchange rate regimes, which reverses the standard result. [less ▲]

Detailed reference viewed: 34 (4 UL)