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作者：Bacchetta, Philippe; van Wincoop, Eric
作者单位：University of Lausanne; University of Virginia; National Bureau of Economic Research
摘要：It is well known that the extent of pass-through of exchange rate changes to consumer prices is much lower than to import prices. One explanation is local distribution costs. Here we consider an alternative, complementary explanation based on the optimal pricing strategies of firms. We consider a model where foreign exporting firms sell intermediate goods to domestic firms. Domestic firms assemble the imported intermediate goods and sell final goods to consumers. When domestic firms face signi...
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作者：Imbs, Jean; Mumtaz, Haroon; Ravn, Morten O.; Rey, Helene
作者单位：University of London; London Business School; National Bureau of Economic Research
摘要：We confirm the presence of substantial nonlinearities in real exchange rate dynamics at the sectoral level. There exists zones where arbitrage is not profitable because of transaction costs, and thus mean reversion is inexistent. We compute the speed of mean reversion of sector specific real exchange rates, conditional on the existence of arbitrage as implied by our nonlinear estimations, and relate them to plausible economic determinants such as tradability and exchange rate volatility. (JEL:...
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作者：Banerjee, Abhijit V.; Duflo, Esther; Munshi, Kaivan
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：Is capital allocated so that its marginal product is equated to the market interest rate? Is the marginal product of capital equalized across its alternative uses? This paper attempts to answer both of these questions using data from India, and concludes that both these standard properties fail by a wide margin. (JEL: O16, G2)
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作者：Bourguignon, Francois; Nunez, Jairo; Sanchez, Fabio
作者单位：The World Bank; Universite PSL; Ecole Normale Superieure (ENS)
摘要：Economic theory suggests that inequality should influence crime positively. Yet, the evidence in favor of that hypothesis is weak. Pure cross-sectional analyses show significant positive effects but cannot control for fixed effects. Time series and panel data point to a variety of results, but few turn out being significant. The hypothesis maintained in this paper is that it is a specific part of the distribution, rather than the overall distribution as summarized by conventional inequality me...
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作者：Saint-Paul, Gilles
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; IZA Institute Labor Economics; Leibniz Association; Ifo Institut
摘要：We study an endogenous growth model where a profit-motivated R and D sector coexists with the introduction of free blueprints invented by philanthropists. These goods are priced at marginal cost, contrary to proprietary ones which are produced by a monopoly owned by the inventor. We show that philanthropy does not necessarily increase long-run growth and that it may even reduce welfare. The reason is that it crowds out proprietary innovation which on net may reduce total innovation in the long...
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作者：McLaren, John
作者单位：University of Virginia; National Bureau of Economic Research
摘要：Globalization, by raising the number of buyers available to each seller and the number of sellers available to each buyer, raises the thickness, or the effective number of participants, of every market. Market thickness can have subtle effects on incentives and organizations, alleviating hold-up problems, resulting in less vertical integration, more informal contracting, and more cooperative and innovative relationships with subcontractors. However, it can also weaken long-run relationships, d...
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作者：Zenou, Yves
作者单位：University of Southampton
摘要：This paper aims to explain the spatial variations of crime, both between and within cities. Two types of mechanisms are put forward: Social interactions that stipulate that an individual is more likely to commit crime if his peers commit than if they do not commit crime, and distance to jobs that indicates that remote residential location induces individuals to commit more crime. Both mechanisms are shown to have strong empirical support. (JEL: K42, R1)
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作者：Bisin, Alberto; Topa, Giorgio
作者单位：New York University
摘要：This paper reviews several issues concerning an empirical analysis of the endogenous formation of preferences, as well as cognitive and psychological traits. In particular we show by means of examples how, with existing data, it is possible to identify empirically the distinct influence of family and society at large in the determination of cultural traits, and to disentangle genetic inheritability from cultural and environmental factors determining cognitive and psychological traits. (JEL: I2...
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作者：Cooley, Thomas F.; Yorukoglu, Mehmet
作者单位：New York University; University of Chicago
摘要：We study the behavior of imitation and innovation in a dynamic general equilibrium model that captures the salient features of an information age. We study a world where innovations can be made but at a cost that reflects the type of goods. After innovation takes place, imitation is possible but again at some cost which reflects the nature of the good. We show that the behavior of innovation and imitation are very different for high information content goods and low information content goods a...
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作者：Friberg, Richard
作者单位：Stockholm School of Economics
摘要：Does the common currency promote goods market integration within the EMU? We argue that such an effect is likely, but that the mechanism typically proposed-lower costs of arbitrage because of increased price transparency-is likely to be of minor importance. Instead we sketch a duopoly model which stresses that lower possibility of future real exchange rate variability lowers the option value of being able to price discriminate. The euro would promote market integration because it is less valua...
