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作者：Koszegi, Botond
作者单位：University of California System; University of California Berkeley
摘要：This paper models behavior when a decision maker cares about and manages her self-image. In addition to having preferences over material outcomes. the agent derives ego-utility'' from positive views about her ability to do well in a skill-sensitive, ambitious, task. Although she uses Bayes' rule to update beliefs. she tends to become overconfident regarding which task is appropriate for her. If tasks are equally informative about ability. her task choice is also overconfident. If the ambitious...
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作者：Christiano, Lawrence J.; Eichenbaum, Martin; Vigfusson, Robert
作者单位：Northwestern University
摘要：We show that the standard procedure for estimating long-run identified vector autoregressions uses a particular estimator of the zero-frequency spectral density matrix of the data. We develop alternatives to the standard procedure and evaluate the properties of these alternative procedures using Monte Carlo experiments in which data are generated from estimated real business cycle models. We focus on the properties of estimated impulse response functions. In our examples, the alternative proce...
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作者：Chiappori, Pierre-Andre; Weiss, Yoram
作者单位：Columbia University; Tel Aviv University
摘要：Modem marriage markets display increasing turnover, with less marriage but more divorce and remarriage. As a consequence, a large number of children live in single-parent and step-parent households. We summarize here a general equilibrium approach that allows welfare evaluations. In the absence of children, we show that higher aggregate divorce may raise welfare, because it facilitates remarriage. Even children may be better off in a high divorce-remarriage environment, because of stronger inc...
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作者：Garicano, Luis; Rossi-Hansberg, Esteban
作者单位：University of Chicago; Princeton University
摘要：We use a simplified version of Garicano and Rossi-Hansberg (2005) to understand the impact of improvements in communications technology at the turn of the twentieth century on wages and organization. Improvements in communication technology allow individuals of different skills to abandon self-employment and form teams with each other. In particular, they allow high-skill agents to leverage their knowledge by specializing in the hardest tasks and hiring low-skill agents to do the routine tasks...
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作者：Dewatripont, Mathias
作者单位：Universite Libre de Bruxelles
摘要：This paper discusses the introduction of incentive considerations in a model of costly communication. It starts from a simplified version of a team-theoretic model due to Dessein and Santos (2003), which relates the design of an organization to its adaptiveness to environmental uncertainty. Incentives are introduced in this setting, following an approach developed by Dewatripont and Tirole (2005). Doing so enriches the analysis by allowing for the coexistence of various forms of communication,...
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作者：Friebel, Guido; Guriev, Sergei
作者单位：New Economic School
摘要：We introduce financial constraints in a theoretical analysis of illegal immigration. Intermediaries finance the migration costs of wealth-constrained migrants, who enter temporary servitude contracts to repay the debt. These debt/labor contracts are easier to enforce in the illegal than in the legal sector of the host country. Hence, when moving from the illegal to the legal sector becomes more costly-for instance, because of stricter deportation policies-fewer immigrants default on debt. This...
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作者：Alesina, Alberto; Wagner, Alexander F.
作者单位：Harvard University; University of Zurich
摘要：We use data on announced and actual exchange rate arrangements to ask which countries follow de facto regimes different from their de iure ones, that is, do not do what they say. Our results suggest that countries with poor institutional quality have difficulty in maintaining pegging and abandon it often. In contrast, many countries with relatively good institutions display fear of floating, that is, they manage more than announced, perhaps to signal their differences from those countries inca...
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作者：Doepke, Matthias; Schneider, Martin
作者单位：University of California System; University of California Los Angeles; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to young households. Aggregate effects arise because there are asymmetries in the reaction of winners and losers to changes in wealth. We focus on two sources of asymmetries: Differences in the average age of winners and losers, and differences in their labor...
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作者：Arevalo, Raquel; Ruiz-Castillo, Javier
作者单位：Universidade de Vigo; Universidad Carlos III de Madrid
摘要：This paper challenges the usual objections to the possibility of applying the rental equivalent approach to determine the weight that nonrental housing services should have in the Consumer Price Index (CPI). Using data from two Spanish household budget surveys, it is shown that market rents can be well represented in terms of an index of housing quality, two geographical variables, and the year of occupancy. This parsimonious empirical model is used to impute a rental value to nomental housing...
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作者：Tervio, Marko
作者单位：University of California System; University of California Berkeley
摘要：This paper studies the role of transfer fees in professional sports, where players can commit to binding long-term contracts. They cannot switch clubs before their contract expires unless the old club agrees to let them go; the transfer fee is the price of that agreement. Transfer fees have been defended as a necessary incentive for clubs to invest in training their young players. The apparent absence of significant training costs (compared to the level of transfer fees) has undermined this de...
