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作者：Chatelain, Jean-Bernard; Ehrmann, Michael; Generale, Andrea; Martinez-Pages, Jorge; Vermeulen, Philip; Worms, Andreas
作者单位：European Central Bank; Bank of France; European Central Bank
摘要：This paper presents an overview of the results of a research project on monetary transmission pursued by the Eurosystem, which has analyzed micro data on firms and banks in several countries of the euro area in great detail. There is strong empirical support for an interest rate channel working through firm investment. Furthermore, a credit channel can be identified with firm micro data. On the bank side, there is evidence that lending reacts differently to monetary policy according to bank ba...
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作者：Francois, Patrick; Roberts, Joanne
作者单位：Tilburg University; University of British Columbia; University of Toronto
摘要：This paper analyzes the interactions between growth and the contracting environment in production. With incompleteness in contracting, a firm's capacity to commit to its workers will depend on institutional frictions such as hiring and firing costs. This interaction of contracting structure and relationship costs will in part determine firms' technology choices. We suggest this as a possible explanation of the differential rates of labor productivity growth in Europe and the United States. (JE...
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作者：Glaeser, Edward L.; Sacerdote, Bruce I.; Scheinkman, Jose A.
作者单位：Harvard University; National Bureau of Economic Research; Dartmouth College; Princeton University
摘要：Aggregate data is often used to make inferences about individual level behavior. If there are social interactions in which one person's actions influence his neighbor's incentives or information, then these inferences are inappropriate. The presence of positive social interactions, or strategic complementarities, implies the existence of a social multiplier where aggregate relationships will overstate individual elasticities. We present a brief model and then estimate the size of the social mu...
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作者：Neary, J. Peter
作者单位：University College Dublin
摘要：This paper reviews some puzzling economic aspects of globalization and argues that they cannot be satisfactorily addressed in perfectly or monopolistically competitive models. Drawing on recent work, a model of oligopoly in general equilibrium is sketched. The model ensures theoretical consistency by assuming that firms are large in their own markets but small in the economy as a whole, and ensures tractability by assuming quadratic preferences defined over a continuum of goods. Applications c...
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作者：Krueger, Alan B.; Fortson, Kenneth N.
作者单位：Princeton University; National Bureau of Economic Research
摘要：Since 1979, the Bureau of Labor Statistics (BLS) has nearly quadrupled the size of the sample used to estimate monthly employment changes. Although first-reported employment estimates are still noisy, the magnitude of sampling variability has declined in proportion to the increase in the sample size. A model of rational Bayesian updating predicts that investors would assign more weight to the BLS employment survey as it became more precise. However, a regression analysis of changes in interest...
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作者：Grossman, Gene M.; Helpman, Elhanan
作者单位：Princeton University; Harvard University; Tel Aviv University
摘要：We study the determinants of the extent of outsourcing and of direct foreign investment in an industry in which producers need specialized components. Potential suppliers must make a relationship-specific investment in order to serve each prospective customer. Such investments are governed by imperfect contracts. A final-good producer can manufacture components for itself, but the per-unit cost is higher than for specialized suppliers. We consider how the size of the cost differential, the ext...
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作者：Mailath, George J.; Postlewaite, Andrew
作者单位：University of Pennsylvania
摘要：The social context can have a large impact on economic decisions. The theoretical challenge is to formulate a model that encompasses both social and economic decisions in a meaningful manner. We discuss the incorporation of social context into neoclassical economic models using social institutions. We also discuss the relationship between social institutions, social capital, and the social value of assets introduced by Mailath and Postlewaite (2002). (JEL: Z13)
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作者：Neary, J. Peter; Mirrlees, James A.; Tirole, Jean
作者单位：University College Dublin; Center for Economic & Policy Research (CEPR); Universite de Toulouse; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：This paper introduces a symposium of EEA-funded studies that evaluate economics research in Europe. The paper considers some general issues in evaluations, paying special attention to the problem of selecting journal weights, and notes some special features of the individual studies. Despite their very different approaches, the same group of institutions tend to appear at the top of all lists, though individual ranks are sensitive to the choice of more or less elitist journal weights. All the ...
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作者：Heal, Geoffrey
作者单位：Columbia University
摘要：Biodiversity provides essential services to human societies. Many of these services are provided as public goods, so that they will typically be underprovided both by market mechanisms (because of the impossibility of excluding non-payers from using the services) and by government-run systems (because of the free rider problem). I suggest here that in some cases the public goods provided by biodiversity conservation can be bundled with private goods and their value to consumers captured in the...
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作者：Fabbri, Francesca; Haskel, Jonathan E.; Slaughter, Matthew J.
作者单位：University of London; University College London; University of London; Dartmouth College; National Bureau of Economic Research
摘要：Do multinational firms exhibit different patterns of labor demand from purely domestic firms? Many standard models of trade and multinational companies suggest one such difference may be labor-demand elasticities. For several reasons, multinationals may have more-elastic labor demands than do purely domestic firms. In this paper we discuss the theory issues involved. We then present industry-level evidence that, for U.K. and U.S. manufacturing, labor demand for less-skilled labor has become mo...
