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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：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：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-...
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作者：Jehiel, Philippe; Moldovanu, Benny
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; University of London; University College London; University of Bonn
摘要：Government-sponsored auctions for production rights (e.g., license auctions, privatizations, etc.) shape the industry structure. Are there mechanisms that induce an efficient industry structure (at least when there are no positive costs to public funds)? The answer is no whenever firms have private information about both fixed and marginal costs. Our analysis also suggests that the second-best industry may either be more competitive or more monopolistic than the first-best one. These insights ...
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作者：Khwaja, Asim Ijaz
作者单位：Harvard University
摘要：This paper considers the impact of community participation on outcomes of development projects. It first offers a theoretical framework for participation by using the property rights literature to model how participation in an activity, in addition to involving information exchange, also results in greater influence in the activity. The model predicts that community participation may not always be desirable. The paper then uses primary data on development projects in Northern Pakistan to provi...
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作者：Machin, Stephen; McNally, Sandra; Meghir, Costas
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：This paper reports on the short run impact of one of the U.K. government's flagship education policies, the Excellence in Cities (EiC) program. EiC is aimed specifically at alleviating poor student achievement in inner city areas. The analysis compares educational attainment in Maths and English for Year 9 (age 14) students before and after EiC introduction in EiC schools as compared to non-EiC schools. School-level absences in treatment and control schools are also compared. The results show ...
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作者：Hendel, Igal; Nevo, Aviv
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Storable products allow consumers to time their purchases to exploit price fluctuations. It has been documented that during promotions consumers buy more. The additional purchases are potentially intended not only for current use, but to be stockpiled for future consumption. This paper discusses the predictions of a consumer inventory model and reviews the available evidence. We then discuss the implications for demand estimation and present estimates of the economic magnitude of the dynamic e...
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作者：Goette, Lorenz; Fehr, Ernst; Huffman, David
作者单位：University of Zurich; IZA Institute Labor Economics
摘要：In many occupations, workers' labor supply choices are constrained by institutional rules regulating labor time and effort provision. This renders explicit tests of the neoclassical theory of labor supply difficult. Here we present evidence from studies examining labor supply responses in neoclassical environments in which workers are free to choose when and how much to work. Despite the favorable environment, the results cast doubt on the neoclassical model. They are, however, consistent with...
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作者：Lach, Saul; Schankerman, Mark
作者单位：Hebrew University of Jerusalem; National Bureau of Economic Research; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：Using data for 102 U.S. universities, we show that royalty-sharing arrangements (cash flow rights) vary substantially across universities and that they are largely unrelated to most observed university characteristics including faculty size, quality, research funding, technology mix of the faculty, and size of the technology licensing office. However, higher inventors' royalty shares are associated with higher licensing income at the university, controlling for other factors. The results sugge...
