-
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...
-
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. ...
-
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...
-
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.
-
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 ...
-
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...
-
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.
-
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).
-
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...
-
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.
