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作者：Devereux, Michael B.
作者单位：University of British Columbia
摘要：Most theoretical analysis of flexible versus fixed exchange rates takes the degree of nominal rigidity to be independent of the exchange rate regime choice itself; however, informal policy discussion often suggests that a credible exchange rate peg may increase internal price flexibility. This paper explores the relationship between exchange rate policy and price flexibility, in a model where price flexibility itself is an endogenous choice of profit-maximizing firms. A fixed exchange rate can...
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作者：Manacorda, Marco; Moretti, Enrico
作者单位：University of London; Queen Mary University London; University of California System; University of California Berkeley
摘要：More than 80% of Italian men aged 18-30 live with their parents. We argue that one contributing factor to this remarkably high rate of cohabitation is parents' tastes for coresidence. In order to investigate the role of parental preferences, we estimate the effect of exogenous changes in parental income on rates of cohabitation in Italy using Survey of Households' Income and Wealth (SHIW) micro data from 1989 to 2000. In order to identify a source of exogenous variation in parental income, we ...
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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：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...
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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：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：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...
