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作者：Bertrand, Marianne; Mullainathan, Sendhil
作者单位：University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Most corporate finance models of firm behavior study the typical U.S. corporation: one firm with a large set of dispersed shareholders. In contrast, in many countries around the world, firms are often held in groups with complicated ownership structures. These groups, often referred to as pyramids, raise very distinct questions about firm behavior; these questions that are especially relevant for developing countries where these groups are most prevalent. In this paper, we first describe some ...
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作者：Marin, Dalia; Verdier, Thierry
作者单位：University of Munich
摘要：Globalization has been identified by many experts as a new way firms organize their activities. This paper surveys recent work that examines the role of trade integration between similar and dissimilar countries for these changes in corporate organization. It is shown that international competition and international trade both increase the stakes of the firm that affects the behavior of agents inside the corporation. This way, trade integration leads to waves of outsourcing and to convergence ...
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作者：Piccione, Michele; Rubinstein, Ariel
作者单位：University of London; London School Economics & Political Science; Tel Aviv University; Princeton University
摘要：We model differences among agents in their ability to recognize temporal patterns of prices. Using the concept of DeBruijn sequences in two dynamic models of markets, we demonstrate the existence of equilibria in which prices fluctuate in a pattern that is independent of the fundamentals and that can be recognized only by the more competent agents. (JEL: C7, D4, S477)
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作者：Goeschl, Timo; Swanson, Timothy
作者单位：University of Cambridge; University of London; University College London
摘要：The paper investigates the interaction between dynamic forms of incentive mechanisms (patent systems) and dynamic forms of problems (adaptations of pests and pathogens). Since biological problems recur, the design of the incentive mechanism must take into consideration: a) the need for investments into R&D that take into account the impermanence of the solution concepts; and b) the impact of this impermanence on the anticipated lifespan of any patent awarded for an innovation. The results indi...
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作者：Hassler, John; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：Stockholm University; Stockholm University; Stockholm University
摘要：We analyze positive theories of redistribution, social insurance and public good provision in a dynamic macroeconomic framework. Political outcomes are determined via repeated voting and driven by a conflict of interests between agents. Voters and politicians rationally forecast the impact of current political choices on future political and economic outcomes. The theory is consistent with large differences in the size of governments across societies. These need not rely on intrinsic differenc...
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作者：van Els, Peter; Locarno, Alberto; Mojon, Benoit; Morgan, Julian
作者单位：European Central Bank; De Nederlandsche Bank NV; European Central Bank
摘要：This paper presents some new macroeconomic evidence on the transmission mechanism of monetary policy in the euro area. The evidence is drawn from a number of collaborative research projects undertaken by the ECB and the National Central Banks (NCBs) of the euro area and utilizes a variety of national and euro area aggregate VAR and structural macro-economic models. A qualitatively similar pattern of results following a monetary policy shock is observed across models, with the maximum output ef...
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作者：Faust, Jon; Rogers, John H.; Swanson, Eric; Wright, Jonathan H.
作者单位：Federal Reserve System - USA
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作者：Benabou, Roland
作者单位：Princeton University; Institute for Advanced Study - USA; National Bureau of Economic Research
摘要：I study the interactions between the distribution of human capital, technological choice, and redistributive institutions. I first ask what makes alternative social contracts such as a European-style welfare state and U.S.-style laissez-faire sustainable, and in particular how each is affected by skill-biased technical change. I then endogenize technological or organizational choice, and show that firms respond to greater human capital heterogeneity with more flexible technologies that further...
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作者：Besley, Timothy; Coate, Stephen
作者单位：University of London; London School Economics & Political Science; Cornell University
摘要：This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilization. It is estimated with Bayesian techniques using seven key macroeconomic variables: GDP, consumption, investment, prices, real wages, employment, and the nominal interest rate. The introduction of ten orthogonal st...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I analyze an economy in which firms can undertake both labor- and capital-augmenting technological improvements. In the long run, the economy resembles the standard growth model with purely labor-augmenting technical change, and the share of labor in GDP is constant. Along the transition path, however, there is capital-augmenting technical change and factor shares change. Tax policy and changes in labor supply or savings typically change factor shares in the short run, but have no or little ef...
