-
作者：Gale, D; Özgür, O
作者单位：New York University
摘要：We study the effect of relative risk aversion on optimal capital structure in a general-equilibrium model of intermediation with incomplete markets.
-
作者：Heathcote, J; Violante, GL; Storesletten, K
作者单位：Georgetown University; University of Oslo; New York University
摘要：Data on the life-cycle profiles of inequality in wages, earnings, hours worked, and consumption contain precious information for answering questions about the ability of households to insure labor market risk and about the sources of this risk. This paper demonstrates that the choice of whether to control for cohort effects or for time effects has a drastic impact on the estimated age profiles for inequality and, thus on the answers to those questions. It also shows that time effects are requi...
-
作者：Eichberger, N; Summer, M
作者单位：Ruprecht Karls University Heidelberg
摘要：We analyze the impact of capital adequacy regulation on bank insolvency and aggregate investment. We develop a model of the banking system that is characterized by the interaction of many heterogeneous banks with the real sector, interbank credit relations as a consequence of bank liquidity management, and an insolvency mechanism. This allows us to study the impact of capital adequacy regulation on systemic risk. In particular we can analyze the impact of regulation on contagious defaults aris...
-
作者：Gächter, S; Thöni, C
作者单位：University of Nottingham; University of St Gallen
摘要：Many people contribute to public goods but stop doing so once they experience free riding. We test the hypothesis that groups whose members know that they are composed only of like-minded cooperators are able to maintain a higher cooperation level than the most cooperative, randomly composed groups. Our experiments confirm this hypothesis. We also predict that groups of like-minded free riders do not cooperate. Yet, we find a high level of strategic cooperation that eventually collapses. Our r...
-
作者：Jurajda, S
摘要：This paper discusses the implication of recent results on the structure of gender wage gaps in transition economies for the literature on gender segregation. Differences in employment rates of low-wage women driven by initial transition policies may be responsible for different wage penalties to predominantly female occupations. New evidence presented here also suggests that the introduction of Western-type anti -discrimination policies has had little immediate effect on the structure of femal...
-
作者：Smets, F; Wouters, R
摘要：This paper discusses the advantages of Bayesian New Neoclassical Synthesis models as tools for monetary policy analysis and forecasting. The combination of a sound, micro founded structure with a good probabilistic description of the observed data makes those models suitable for investigating the structural sources of business cycle fluctuations, for analysing optimal monetary policy responses to those developments and for making economic projections conditional on various policy assumptions. ...
-
作者：Adolfson, M; Laséen, S; Lindé, J; Villani, M
作者单位：Stockholm University
摘要：In this paper we use a Dynamic Stochastic General Equilibrium (DSGE) model for an open economy to examine the role of sticky prices in explaining the joint behaviour of inflation and a fairly large set of macroeconomic variables. We find that price stickiness is an important feature for firms active in the domestic, export and import sectors, even though the model embodies variable capital utilisation, a working-capital channel and a time-varying inflation tat-get. We also document that price ...
-
作者：Aghion, P; Burgess, R; Redding, S; Zilibotti, F
作者单位：University of London; London School Economics & Political Science
摘要：Industrial delicensing, which began in 1985 in India marked a discrete break from a past of centrally planned industrial development. Similar liberalization episodes are taking place across the globe. We develop a simple Schumpeterian growth model to understand how firms respond to the entry threat imposed by liberalization. The model emphasizes that firm responses, even within the same industrial sector, are likely to be heterogeneous leading to an increase in within industry inequality. Tech...
-
作者：Saez, E
作者单位：University of California System; University of California Berkeley
摘要：This paper presents top income shares series for the United States and Canada over the 20th century. In both countries, top income shares display a U-shaped pattern over the century, with a precipitous drop during World War II, with no recovery in the following decades. Since the late 1970s, however, top income shares have been increasing dramatically and the very top shares are now almost as high as in the prewar era. The drop in top income shares in the first part of the century is mainly a ...
-
作者：Farhi, E; Tirole, J; Lerner, J
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research
摘要：We study the role of Standard Setting Organization (SSOs) in the adoption of standards. The way the SSO balances the interests of sponsor and users is key to its ability to certify the technology. Proximity to users builds trust in the endorsement, but may be unattractive to technology sponsors. In a static context, we show that the SSO is an effective certifier if and only if it puts enough weight on users' interests. We then tackle the more challenging problem of SSO certification in a dynam...
