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作者：Benabou, Roland
作者单位：Princeton University
摘要：I develop a model of ideologies as collectively sustained (yet individually rational) distortions in beliefs concerning the proper scope of governments versus markets. In processing and interpreting signals of the efficacy of public and market provision of education, health insurance, pensions, etc., individuals optimally trade off the value of remaining hopeful about their future prospects (or their children's) versus the costs of misinformed decisions. Because these future outcomes also depe...
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作者：Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio
作者单位：Duke University; Northwestern University
摘要：Market participants routinely take advantage of the failure of uncovered interest rate parity to speculate in currency markets. Perhaps the most widely used currency speculation strategy is the carry trade. In this article we take the perspective of an individual currency trader and document the gains to diversifying the carry trade across different currencies. We show that these gains are large. Diversification boosts the typical Sharpe ratio by over 50%.
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作者：Collier, Paul; Rohner, Dominic
作者单位：University of Oxford; University of York - UK; University of Cambridge
摘要：Currently the strategy for promoting internal peace favoured by the international community is to promote democracy, the rationale being that democratic accountability lowers incentives for rebellion. We argue that democracy also constrains the technical possibilities of government repression, and that. this makes rebellion easier. Although the net effect of democracy is therefore ambiguous, we suggest that the higher is income the more likely is it to be favourable. Empirically, we find that ...
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作者：Yeyati, Eduardo Levy; Schmukler, Sergio L.; Van Horen, Neeltje
作者单位：The World Bank; University of Amsterdam
摘要：Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large...
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作者：Abraham, Arpad
作者单位：University of Rochester
摘要：This article analyzes the impact of stochastic skill-biased technological change on earnings inequality in a general equilibrium OLG model. Wage dispersion is determined by the heterogeneity of skills by allowing for productivity differences due to education, ability, and age. The model performs well in reproducing stylized facts on the time pattern of the U.S. wage distribution and human capital accumulation. In particular, it shows that slow adjustment of the supply of educated labor can its...
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作者：Battaglini, Marco; Coate, Stephen
作者单位：Princeton University; Cornell University
摘要：We describe a theory of the collective choice of fiscal policy in dynamic economies that are subject to aggregate shocks. The theory incorporates realistically complex policy spaces, rational forward-looking agents, and a rich political decision process. We argue that it provides a tractable framework to study a variety of important questions in macroeconomics and public finance.
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作者：Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michele
摘要：This paper shows that the explanation of the decline in the volatility of GDP growth since the mid 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.
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作者：Beetsma, Roel; Giuliodori, Massimo; Klaassen, Franc
作者单位：University of Amsterdam
摘要：We investigate the consequences of an increase in public spending for trade balances and budget deficits in the European Union, using a panel vector auto-regression approach. Whereas the literature tends to treat the trade balance/GDP ratio as a single variable, we include exports and imports as separate variables. This allows us to track in more detail the sources of trade balance movements. Further, we use annual rather than quarterly data. This facilitates the interpretation of the shocks a...
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作者：Broner, Fernando A.; Martin, Alberto; Ventura, Jaume
摘要：There is a large and growing literature that studies the effects of weak enforcement institutions on economic performance. This literature has focused almost exclusively on primary markets, in which assets are issued and traded to improve the allocation of investment and consumption. The general conclusion is that weak enforcement institutions impair the workings of these markets, giving rise to various inefficiencies. But weak enforcement institutions also create incentives to develop seconda...
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作者：Rios-Rull, Jose-Victor; Sanchez-Marcos, Virginia
作者单位：University of Pennsylvania; Universidad de Cantabria
摘要：We build an aggregate model with different size houses and liquid assets. Typical households are born, are subject to idiosyncratic earnings risk, and save for both life-cycle reasons and housing reasons. Typically, a subset of these households, after accumulating some assets, make a down payment and buy a small starter's house or flat. As time passes, some households upgrade to a larger and nicer house. Households with houses may also eventually downgrade to a flat or even to no house and fla...
