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作者：Angeloni, Ignazio; Gali, Jordi; Aucremanne, Luc; Levin, Andrew; Ehrmann, Michael; Smets, Frank
作者单位：Pompeu Fabra University
摘要：This paper evaluates new evidence on price-setting practices and inflation persistence in the euro area with respect to its implications for macro modeling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.
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作者：Fernandez-Villaverde, Jesus; Rubio-Ramirez, Juan F.
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper discusses the problem of invertibility between the economic shocks in a dynamic equilibrium model and the corresponding VAR innovations. We present an algebraic check of invertibility based on the model fundamentals and we find the identification scheme that recovers the economic shocks from the VAR innovations when the model is invertible. We illustrate our results with a model of the Great Depression proposed by Christiano, Motto, and Rostagno (2003).
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作者：Gall, Thomas; Legros, Patrick; Newman, Andrew
作者单位：University of Bonn; Universite Libre de Bruxelles; Boston University
摘要：We study an assignment-with-investment model to highlight a tradeoff between investment in human capital before (ex ante system) and after (ex post system) matching on the labor market. The ex post system is better at coordinating investment within firms whereas the ex ante system is better at reducing mismatches. We further show that the ability to transfer surplus within firms affects mismatches and the relative performance of the two systems. At high degrees of transferability, they are equ...
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作者：Guvenen, Fatih; Kuruscu, Burhanettin
作者单位：University of Rochester; University of Texas System; University of Texas Austin
摘要：In this paper we argue that market incompleteness resulting from limited stock market participation is important for understanding the behavior of asset prices.
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作者：Reiche, Sonje
作者单位：University of Cambridge
摘要：In this paper we add to the foundations of incomplete contracting literature. We study the hold-up problem with ambivalent investment, where investment benefits the investing party if ex post the fight decision is undertaken but harms the investing party if the wrong decision is made. In this context, we show that the power of contracts to provide investment incentives depends on three factors: the commitment value of contracts, the amount of quasirents that the investing party can expect in t...
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作者：Bommier, Antoine; Rochet, Jean-Charles
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse
摘要：A number of empirical studies seem to reject the additive separability of preferences that is assumed in most theoretical models of the life cycle. We show that, when additive separability is abandoned and interactions between consumptions at different dates are taken into account, an interesting relation emerges between risk aversion and length of the planning horizon. Specifically, we show that when consumptions at different dates are specific substitutes, risk aversion increases with horizo...
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作者：Li, David Daokui; Wang, Yijiang
作者单位：Hong Kong University of Science & Technology; University of Minnesota System; University of Minnesota Twin Cities
摘要：The long literature of former socialist systems concludes that any effort to reform the economy without drastic. political change is believed to be doomed to fail because tight political control and nonmarket coordination mechanisms are intertwined with each other. Indeed, the history of economic reform in Eastern European countries has confirmed this logic. So far, however the experiences of China and Vietnam seem to have defied this logic. We argue that the puzzle of China or Vietnam can be ...
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作者：Woodford, Michael
作者单位：Columbia University
摘要：This paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of ...
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作者：Moen, Espen R.; Rosen, Asa
作者单位：BI Norwegian Business School; Stockholm University
摘要：We analyze the optimal (efficiency) wage contract when output is contractible but firms neither observe the workers' effort nor their match-specific productivity. Firms offer wage contracts that optimally trade off effort and wage costs. As a result, employed workers enjoy rents, which in turn creates unemployment. Nonetheless, the incentive power of the equilibrium wage contract is constrained efficient in the absence of taxes and unemployment benefits. We also show that more high-powered inc...
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作者：Dewatripont, Mathias; Seabright, Paul
作者单位：Universite Libre de Bruxelles
摘要：The conventional academic rationale for supranational intervention to curb state aids to industry appeals to transfrontier spillovers. However, competition policy practitioners often speak in terms of curbing wasteful spending, regardless of whether or not any international spillovers are involved. Although it is often argued that such wasteful spending calls not for supranational state aid control but rather for better domestic political accountability, this paper argues that wasteful spendin...
