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作者：Mukoyama, Toshihiko; Sahin, Aysegul
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper constructs a general equilibrium search-matching model with heterogeneous workers. Workers choose whether to invest in general human capital or specific human capital when they enter the labor market. We analyze how unemployment benefits affect the choice of the type of human capital investment.
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作者：Aghion, Philippe; Howitt, Peter
作者单位：Harvard University; Brown University
摘要：In this lecture, we use Schumpeterian growth theory, where growth comes from quality-improving innovations, to elaborate a theory of growth policy and to explain the growth gap between Europe and the US. Our theoretical apparatus systematizes the case-by-case approach to growth policy design. The emphasis is on three policy areas that are potentially relevant for growth in Europe, namely: competition and entry, education, and macropolicy. We argue that higher entry and exit (higher firm turnov...
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作者：Djankov, Simeon; Qian, Yinyi; Roland, Gerard; Zhuravskaya, Ekaterina
作者单位：The World Bank; University of California System; University of California Berkeley
摘要：We compare results from a pilot study on entrepreneurship in China and Russia. Compared to non-entrepreneurs, Russian and Chinese entrepreneurs have more entrepreneurs in their family and among childhood friends, value work more relative to leisure and have higher wealth ambitions. Russian entrepreneurs have a better educational background and their parents were more likely to have been members of the Communist Party but Chinese entrepreneurs are more risk-taking and greedy and have more entre...
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作者：Edlund, Lena
作者单位：Columbia University
摘要：The rise in dowry payments in India has been taken as evidence that women increasingly are at a disadvantage on the marriage market and must pay for marriage. Moreover, high dowries, it is argued, add to the plight of parents of daughters and have thus contributed to the scarcity of women (brides). However, the logic is curious, and, this paper argues, flawed. The term dowry can mean different things, and it may be useful to distinguish between the assets the bride brings at the time of marria...
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作者：Van Nieuwerburgh, Stijn; Veldkamp, Laura
作者单位：New York University
摘要：U.S. investors allocate 30-40% of their financial asset portfolio in the stock of the company they work for. Such a portfolio flies in the face of standard portfolio theory, which prescribes that an investor should hold less of a financial asset that is positively correlated with her undiversified labor income. Nevertheless, we propose a rational explanation that prescribes a long position in own company stock. Precisely because the own company stock is positively correlated with the investor'...
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作者：Acemoglu, D; Aghion, P; Zilibotti, F
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：We analyze an economy where firms undertake both innovation and adoption of technologies from the world technology frontier. The selection of high-skill managers and firms is more important for innovation than for adoption. As the economy approaches the frontier, selection becomes more important. Countries at early stages of development pursue an investment-based strategy, which relies on existing firms and managers to maximize investment but sacrifices selection. Closer to the world technolog...
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作者：Brenkers, R; Verboven, F
作者单位：KU Leuven
摘要：We quantify the competitive effects of liberalizing the selective and exclusive distribution system in the European car market, based on a model of oligopoly pricing with differentiated products. We consider two possible competitive effects from liberalization: (i) the creation of international intrabrand competition (cross-border trade), which will result in a reduction of international price discrimination; and (ii) a possible cumulative effect arising from a strengthening of national intrab...
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作者：Marin, Dalia
作者单位：University of Munich
摘要：Europe is reorganizing its international value chain. I document these changes in Europe's international organization of production with new survey data of Austrian and German firms investing in Eastern Europe. I show estimates of the share of intrafirm trade between Austria or Germany on the one hand and Eastern Europe on the other. Furthermore, I present empirical evidence of the drivers of the new division of labor in Europe. I find among other things that failing trade costs and reduced le...
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作者：Gautier, Pieter A.; Teulings, Coen N.
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam
摘要：This paper shows that we can normalize job and worker characteristics so that, without frictions, there exists a linear relationship between wages on the one hand and worker and job type indices on the other. However, for five European countries and the United States we find strong evidence for a systematic concave relationship. An assignment model with search frictions provides a parsimonious explanation for our findings. This model yields two restrictions on the coefficients that fit the dat...
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作者：Hau, Harald
作者单位：INSEAD Business School
摘要：This paper analyzes the causal linkage between transaction costs and financial volatility under two methodological improvements over the existing literature. First, we use panel data in which exogenous transaction cost differences in the French stock market are induced by price level dependent minimum price variation rules (tick size rules). Unlike in previous studies based on one-time regulatory tick size changes (like the U.S. decimalization), we can separately identify and control for marke...
