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作者：Gorton, Gary; Schmid, Frank A.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Under the German corporate governance system of codetermination, employees are legally allocated control rights over corporate assets through seats on the supervisory board-that is, the board of nonexecutive directors. The supervisory board oversees the management board-the board of executive directors-approves or rejects its decisions, and appoints its members and sets their salaries. We empirically investigate the implications of this sort of labor participation in corporate decision making....
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作者：Burstein, Ariel T.; Rebelo, Sergio; Neves, Joao C.
作者单位：University of California System; University of California Los Angeles; Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Universidade Catolica Portuguesa
摘要：This paper documents four basic facts about investment goods and investment prices. First, investment has a very significant nontradable component in the form of construction services. Second, distributions services (wholesaling, retailing, and transportation) are much less important for investment than for consumption. Third, the import content of investment is much larger than that of consumption. Finally, in the aftermath of three large devaluations, the rate of exchange rate pass-through i...
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作者：Freixas, Xavier; Rochet, Jean-Charles; Parigi, Bruno M.
作者单位：Pompeu Fabra University; Universite de Toulouse; Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education; University of Padua
摘要：The classical Bagehot conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: On the one hand, the distinction between insolvency and illiquidity is not clear-cut; on the other, a fully collateralized repo market allows central banks to provide the adequate aggregate amount of liquidity and leave to the banks the responsibility of lending uncollateralized. The object of this paper is to analyze these issues rigorously by providing a framewo...
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作者：Fehr, Ernst; List, John A.
作者单位：University of Zurich; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：We examine experimentally how Chief Executive Officers (CEOs) respond to incentives and how they provide incentives in situations requiring trust and trustworthiness. As a control we compare the behavior of CEOs with the behavior of students. We find that CEOs are considerably more trusting and exhibit more trustworthiness than students-thus reaching substantially higher efficiency levels than students. Moreover, we find that, for CEOs as well as for students, incentives based on explicit thre...
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作者：Eckstein, Zvi; Weiss, Yoram
作者单位：Tel Aviv University; University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper develops a descriptive methodology for the analysis of wage growth of immigrants that is based on human capital theory. The sources of the wage growth are (1) the rise of the return to imported human capital, (2) the impact of accumulated experience in the host country, and (3) the mobility up the occupational ladder in the host country. The model implies a nonlinear wage function that includes interactions between imported skills and local wage growth. Using data on native Israelis...
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作者：Driscoll, John C.; Holden, Steinar
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Oslo; Norges Bank
摘要：We argue that peoples' concern for fairness may explain an unsolved puzzle in macroeconomics: the persistence of inflation. We extend a 1990 wage-contracting model of Bhaskar in which workers' disutility from being paid less than other workers exceeds their utility from being paid more. This model generates a continuum of equilibria over a range of wages and unemployment rates. If workers' expectations are based on the past behavior of wage growth, these beliefs will be self-fulfilling, genera...
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作者：Maskin, Eric
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作者：Fella, Giulio; Manzini, Paola; Mariotti, Marco
作者单位：University of London
摘要：In this paper we derive an explicit model of negotiations between spouses when unconstrained transfers are possible only in case of separation. We show that inefficient separation may occur in equilibrium even under consensual divorce law. This provides theoretical support for the view that changes in social norms rather than in legislation may be responsible for increasing divorce rates. (JEL: C78, J120)
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作者：Gebhardt, Georg
作者单位：University of Munich; University of Chicago
摘要：Drawing on recent advances in the study of reference dependent utility we model financial markets as a coordination game with multiple equilibria. Asset valuations may change endogenously through re-coordination which induces fluctuations in output. These fluctuations are shown to be quantitatively relevant and inefficient. (JEL: G12)
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作者：Petrongolo, Barbara
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper presents evidence on gender segregation in employment contracts in 15 E.U. countries, using microdata from the ECHPS. Women are overrepresented in part-time jobs in all countries considered, but while in northern Europe such allocation roughly reflects women's preferences and their need to combine work with child care, in southern Europe part-time jobs are often involuntary and provide significantly lower job satisfaction than full-time ones. Women are also overrepresented in fixed-...
