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作者：Coto-Martinez, Javier; Garriga, Carlos; Sanchez-Losada, Fernando
作者单位：City St Georges, University of London; University of Barcelona; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：In this article we explore the proposition that, in economies with imperfect competitive markets, the optimal capital income tax is negative and the optimal tax on firms' profits is confiscatory. We show that if the total factor productivity as well as the number of firms or varieties are endogenous instead of fixed, then the optimal fiscal policy can lead to different results. The government faces a trade-off between the fixed costs that society pays for the introduction of a new firm and the...
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作者：Aydemir, Abdurrahman; Borjas, George J.
作者单位：Statistics Canada; Harvard University
摘要：Using data drawn from the Canadian, Mexican, and U.S. censuses, we find a numerically comparable and statistically significant inverse relation between immigrant-induced shifts in labor supply and wages in each of the three countries: A 10% labor supply shift is associated with a 3%-4% opposite-signed change in wages. Despite the similarity in the wage response, the impact of migration on the wage structure differs significantly across countries. International migration narrowed wage inequalit...
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作者：Gali, Jordi; Valles, Javier; Lopez-Salido, J. David
摘要：Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of govemment-spending.
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作者：Oester, Anna; Agell, Jonas
作者单位：Stockholm University
摘要：We use the exceptional variation in municipality-level unemployment in Sweden during the 1990s to identify the effect of unemployment on crime. Our findings are as follows: (i) There is a statistically and economically significant effect of general unemployment on the incidence of burglary, auto theft, and drug possession; (ii) we find no evidence for the popular view that youth unemployment matters for crime; (iii) prime-aged unemployment is robustly correlated with main categories of youthfu...
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作者：Giuliano, Paola
作者单位：Harvard University; International Monetary Fund
摘要：Conventional economic analyses have not been successful in explaining differences in living arrangements and particularly the dramatic increase in the fraction of young adults living with their parents in Mediterranean Europe. This paper presents a cultural interpretation. I argue that the sexual revolution of the 1970s-by liberalizing parental attitudes-had a differential impact on living arrangements in Northern and Southern Europe on account of the closer parent-child ties in Southern Europ...
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作者：Aragones, Enriqueta; Postlewaite, Andrew; Palfrey, Thomas
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Pennsylvania; California Institute of Technology
摘要：We analyze conditions under which candidates' reputations may affect voters' beliefs over what policy will be implemented by the winning candidate of an election. We develop a model of repeated elections with complete information in which candidates are purely ideological. We analyze an equilibrium in which voters' strategies involve a credible threat to punish candidates who renege on their campaign promises and in which all campaign promises are believed by voters and honored by candidates. ...
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作者：Dewatripont, Mathias; Ginsburgh, Victor; Legros, Patrick; Walckiers, Alexis
作者单位：Universite Libre de Bruxelles
摘要：We analyze the empirical relationship between journal prices, their quality measured by their citation counts, their age, as well as conduct of publishers. The database covers 22 scientific fields and more than 2,600 of among the most highly reputed and cited journals in 2003. We show that (a) for-profit journals charge roughly 3 times more than journals run by scientific societies; (b) the number of citations has a positive impact on prices; (c) there are large differences in prices across fi...
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作者：Tarashev, Nikola A.
作者单位：Bank for International Settlements (BIS)
摘要：This paper models currency attacks as carried out by speculators who condition their actions on private signals about the state and on the market-clearing interest rate. Besides affecting speculators' payoffs, this intrest rate also provides an endogenous public signal. For a plausible type of investment strategies, the dual role of the interest rate allows the model to explain abrupt and intense speculative attacks solely via economic fundamentals, without resorting to sunspot variables. This...
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作者：Morris, Stephen; Shin, Hyun Song
作者单位：Princeton University
摘要：Optimal communication to a group often entails a trade-off between precision of information conveyed and common understanding (or approximate common knowledge) of the information within the group. We argue that an understanding of this trade-off is central in many contexts, including central bank communication and the design of accounting standards, as well as understanding the design of language itself.
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作者：Thesmar, David; Thoenig, Mathias
作者单位：University of Geneva; Paris School of Economics
摘要：This article presents a model where firms may endogenously externalize part of their production process. We start from the premise that adaptation to uncertainty cannot be contracted upon in the worker/employer relationship. Vertical separation then balances flexibility gains against hold-up costs of opportunistic behavior by outside contractors. In equilibrium, the degree of separation is shown to depend on the degree of product market competition, contractor's bargaining power, and the volat...
