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作者：Assenmacher-Wesche, Katrin; Gerlach, Stefan
摘要：Many central banks have abandoned monetary targeting because the link between money growth and inflation seemed to disappear in the 1980s. Using spectral regression techniques, we show that for the euro area, Japan, the UK, and the US there is a unit relationship between money growth and inflation at low frequencies when the impact of interest rate changes on money demand is accounted for. We estimate Phillips-curve equations in which the low-frequency information from money growth is combined...
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作者：Dubois, Pierre; Ivaldi, Marc; Hernandez-Perez, Adriana
作者单位：INRAE; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：This paper analyzes the demand and cost structure of the French market of academic journals. After merging several databases, we estimate an aggregated nested logit demand system combined simultaneously with a pricing equation, taking into account the evolution of impact factors of journals. We identify the structural parameters of this market and find that price elasticities of demand are relatively high, indicating that this industry experiences competitive constraints. We conjecture that th...
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作者：Ottaviano, Gianmarco I. P.; Turrini, Alessandro
作者单位：University of Bologna; European Commission Joint Research Centre
摘要：We introduce incomplete contracts in a model where multinational firms from a certain country (North) can decide to serve a foreign market (South) through exports or through horizontal foreign direct investment (FDI). FDI relies on the supply of specialized intermediate inputs that could be supplied either by northern suppliers or by suppliers located in South. Intermediate sourcing contracts are complete in North but not in South. Were southern contracts also complete, FDI would arise only wh...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; University of St Andrews
摘要：This paper explores the role of monetary policy in an open economy in an environment of endogenous portfolio choice. The model is dimple enough to allow solutions for optimal portfolios to be derived analytically for a range of different asset market environments. We explore the impact of monetary policy on national bond and equity portfolios in environments where assets markets are either complete or incomplete.
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作者：Chauvin, Nicolas Depetris; Kraay, Aart
作者单位：Princeton University; The World Bank
摘要：We use preliminary data from an ongoing effort to construct estimates of debt relief to study its allocation across 62 low-income countries. We find some evidence that debt relief, particularly from multilateral creditors, has been allocated to countries with better policies in recent years. Somewhat surprisingly, conditional on per capita incomes and policy, more indebted countries are not much more likely to receive debt relief. However, countries that are large debtors vis-a-vis especially ...
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作者：Gabaix, Xavier; Gopikrishnan, Parameswaran; Plerou, Vasiliki; Stanley, H. Eugene
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：We survey a theory of the economic underpinnings of the fat-tailed distributions of a number of financial variables, such as returns and trading volumes. Our theory posits that they have a common origin in the strategic trading behavior of very large financial institutions in a relatively illiquid market. We show how the fat-tailed distribution of fund sizes can indeed generate extreme returns and volumes, even in the absence of fundamental news. Moreover, we are able to replicate the individu...
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作者：Kraay, Aart; Ventura, Jaume
摘要：Business cycles are both less volatile and more synchronized with the world cycle in rich countries than in poor ones. We develop two alternative explanations based on the idea that comparative advantage causes rich countries to specialize in industries that use new technologies operated by skilled workers whereas poor countries specialize in industries that use traditional technologies operated by unskilled workers. (1) Because new technologies are difficult to imitate, the industries of rich...
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作者：Ekholm, Karolina; Forslid, Rikard; Markusen, James R.
作者单位：Stockholm University; University of Colorado System; University of Colorado Boulder; University College Dublin
摘要：A poorly understood empirical phenomenon is export-platform affiliate production (EP), particularly for sale in third countries rather than in the parent or host countries. We develop a three-region model, with two identical large, high-cost countries (collectively called North) and a small, low-cost country (South). The large countries each have one firm. Our theory section analyzes the conditions under which one or both of these firms uses the South to produce for (a) export back to the pare...
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作者：Martimort, David; Semenov, Aggey
作者单位：Universite de Toulouse; National University of Singapore
摘要：This paper introduces asymmetric information in a pluralistic model of interest groups competition and analyzes its impact on policy biases. Lobbying groups are uninformed on a decision maker's preferences and use nonlinear contributions not only to compete for the agent's services but also to learn about his preferences in an otherwise standard common agency model of lobbying. Asymmetric information can be either on the decision maker's ideal point (horizontal differentiation) or on the stren...
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作者：Kyyra, Tomi; Wilke, Ralf A.
摘要：In several European countries the elderly unemployed are allowed to collect unemployment benefits up to a certain age limit, after which they can retire via some early retirement scheme. In Finland the eligibility age of persons benefiting from this kind of scheme was raised from 53 to 55 in 1997. We consider layoff risks, unemployment durations, and the exit states before and after the reform. Since the reform the group aged 53-54 has had a lower risk of unemployment, shorter unemployment dur...
