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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：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...
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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：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：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...
