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作者：Gaspar, Vitor; Smets, Frank; Vestin, David
摘要：We show that, when private sector expectations are determined in line with adaptive learning, optimal policy responds persistently to cost-push shocks. The optimal response is stronger and more persistent, the higher is the initial level of perceived inflation persistence by the private sector. Such a sophisticated policy reduces inflation persistence and inflation volatility at little cost in terms of output gap volatility. Persistent responses to cost-push shocks and stability of inflation e...
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作者：Pagano, Marco; Volpin, Paolo
作者单位：University of Naples Federico II; University of London; London Business School
摘要：This paper presents a political economy model in which there is mutual feedback between investor protection and stockmarket development. Better investor protection induces companies to issue more equity and thereby leads to a broader stockmarket. In turn, equity issuance expands the shareholder base and increases support for shareholder protection. This feedback loop can generate multiple equilibria, with investor protection and stock market size being positively correlated across equilibria. ...
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作者：Devereux, Michael B.
作者单位：University of British Columbia
摘要：Most theoretical analysis of flexible versus fixed exchange rates takes the degree of nominal rigidity to be independent of the exchange rate regime choice itself; however, informal policy discussion often suggests that a credible exchange rate peg may increase internal price flexibility. This paper explores the relationship between exchange rate policy and price flexibility, in a model where price flexibility itself is an endogenous choice of profit-maximizing firms. A fixed exchange rate can...
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作者：Bhattacharya, Sudipto; Guriev, Sergei
作者单位：University of London; London School Economics & Political Science; New Economic School
摘要：We develop a model of two-stage cumulative research and development (R&D), in which one research unit (RU) with an innovative idea bargains to license its nonverifiable interim knowledge exclusively to one of two competing development units (DU's) via one of two alternative modes: an open sale after patenting this knowledge, or a closed sale in which precluding further disclosure to a competing DU requires the RU to hold a stake in the licensed DU's postinvention revenues. Both modes lead to p...
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作者：Yeaple, Stephen Ross
作者单位：University of Pennsylvania
摘要：Theory suggests that multinational enterprises (MNEs) play the role of factor service intermediaries in international trade. This paper presents the results of an empirical analysis that exploits variation in the intrafirm trade by U.S. MNEs across countries and industries to assess this theory. The results provide support for recent models of multinational enterprise and suggest that the activities of U.S. MNEs alter the structure of international trade, particularly among middle-income count...
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作者：Besley, Timothy; Ghatak, Maitreesh
作者单位：University of London; London School Economics & Political Science
摘要：This paper proposes a simple framework to study incentives and matching in the market for teachers. The framework is used to investigate the consequences of introducing incentive pay for teachers when contracts have both a matching and an incentive effect. Our analysis suggests that school competition and teacher incentives cannot be studied in isolation from one another.
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作者：Manacorda, Marco; Moretti, Enrico
作者单位：University of London; Queen Mary University London; University of California System; University of California Berkeley
摘要：More than 80% of Italian men aged 18-30 live with their parents. We argue that one contributing factor to this remarkably high rate of cohabitation is parents' tastes for coresidence. In order to investigate the role of parental preferences, we estimate the effect of exogenous changes in parental income on rates of cohabitation in Italy using Survey of Households' Income and Wealth (SHIW) micro data from 1989 to 2000. In order to identify a source of exogenous variation in parental income, we ...
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作者：Lustig, Hanno; Verdelhan, Adrien
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Boston University
摘要：Investors earn positive excess returns on high interest rate foreign discount bonds, because these currencies appreciate on average. Lustig and Verdelhan (2005) show that investing in high interest rate foreign discount bonds exposes them to more aggregate consumption risk, while low interest rate foreign bonds provide a hedge. This paper provides a simple model that replicates these facts. Investing in foreign currency is like betting on the difference between your own intertemporal marginal ...
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作者：Jappelli, T; Pistaferri, L
作者单位：University of Salerno; Stanford University
摘要：The theory of intertemporal consumption choice makes sharp predictions about the evolution of the entire distribution of household consumption, not just about its conditional mean. In the paper, we study the empirical transition matrix of consumption using a panel drawn from the Bank of Italy Survey of Household Income and Wealth. We estimate the parameters that minimize the distance between the empirical and the theoretical transition matrix of the consumption distribution. The transition mat...
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作者：Alvarez, Luis J.; Martins, Fernando; Dhyne, Emmanuel; Sabbatini, Roberto; Hoeberichts, Marco; Stahl, Harald; Kwapil, Claudia; Vermeulen, Philip; Le Bihan, Herve; Vilmunen, Jouko; Lunnemann, Patrick
摘要：This paper summarises the vast evidence on micro price-setting recently obtained for euro area countries. We consider studies with micro data on consumer and producer prices, as well as survey information. The main findings are: (1) prices in the euro area are sticky and stickier than in the US; (2) downward price rigidity is only slightly more marked than upward price rigidity; (3) heterogeneity and asymmetries are observed in price-setting; and (4) the relevance of theories that explain pric...
