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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：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：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：Acemoglu, Daron; Johnson, Simon; Robinson, James
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：Health conditions and disease environments are important for economic outcomes. This paper argues that the main impact of disease environments on the economic development of nations is not due to the direct effect of health conditions on income, but rather because of their indirect effect via institutions. Health does affect income directly, but this can explain only a small fraction of today's differences in per capita income. In contrast, when previously isolated populations came into contac...
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作者：Garicano, Luis; Hubbard, Thomas N.
作者单位：National Bureau of Economic Research
摘要：A large theoretical literature focuses on the question: What determines firms' boundaries? Recently, Garicano and Santos and Holmstrom and Milgrom have proposed theories in which firms' boundaries reflect the division of labor across individuals. This paper discusses strategies for generating and testing empirical propositions from this emerging class of theories. We propose that variation in the returns to specialization is extremely useful to test and quantify the effect of the division of l...
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作者：Barrett, Scott
作者单位：Johns Hopkins University
摘要：An infectious disease can only be eradicated globally if it is eliminated in every country. But does this require only international coordination, or does it require cooperation? Using a model that blends epidemiology, economics, and game theory, this paper shows that coordination will not always suffice, even when the global benefits of eradication exceed the costs. In general, eradication will require strong international institutions. (JEL: H41, I18, K33, O19)
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作者：Cubeddu, Luis; Rios-Rull, Jose-Victor
作者单位：International Monetary Fund; University of Pennsylvania; National Bureau of Economic Research
摘要：In this paper we show the quantitative importance of the process that determines changes in family composition to determine the main macroeconomic magnitudes. We do so by modelling family type as a stochastic process that affects households in a way similar to shocks to earnings. Agents respond to these process by optimally choosing savings. We show that the size of savings differs dramatically depending on the details of the stochastic process. The model is quantitative: its fundamental param...
