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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：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...
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作者：Machin, Stephen; Manning, Alan; Rahman, Lupin
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：Between 1993 and April 1999 there was no minimum wage in the United Kingdom (except in agriculture). In this paper we study the effects of the introduction of a National Minimum Wage (NMW) in April 1999 on one heavily affected sector, the residential care homes industry. This sector contains a large number of low paid workers and as such can be viewed as being very vulnerable to minimum wage legislation. We look at the impact on both wages and employment. Our results suggest that the minimum w...
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作者：Ridder, Geert; van den Berg, Gerard J.
作者单位：University of Southern California; Vrije Universiteit Amsterdam
摘要：In this paper we define and estimate measures of labor market frictions using data on job durations. We compare different estimation methods and different types of data. We propose and apply an unconditional inference method that can be applied to aggregate duration data. It does not require wage data, it is invariant to the way in which wages are determined, and it allows workers to care about other job characteristics. The empirical analysis focuses on France, but we perform separate analyse...
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作者：Aghion, Philippe; Bolton, Patrick
作者单位：Harvard University; University of London; University College London; Princeton University
摘要：There is a long normative 'Social Contract' tradition that attempts to characterize ex-post income inequalities that are agreeable to all 'behind a veil of ignorance.' This paper takes a similar normative approach to characterize social decision-making procedures. It is shown that quite generally some form of majority-voting is preferred to unanimity 'behind a veil of ignorance' whenever society faces deadweight costs in making compensating transfers. Deviations from unanimity (or ex-post Pare...
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作者：Tirole, Jean; Persson, Torsten; Neary, Peter; Blundell, Richard
摘要：In this paper we define and estimate measures of labor market frictions using data on job durations. We compare different estimation methods and different types of data. We propose and apply an unconditional inference method that can be applied to aggregate duration data. It does not require wage data, it is invariant to the way in which wages are determined, and it allows workers to care about other job characteristics. The empirical analysis focuses on France, but we perform separate analyse...
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作者：Anderson, Evan W.; Hansen, Lars Peter; Sargent, Thomas J.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Chicago; New York University
摘要：A representative agent fears that his model, a continuous time Markov process with jump and diffusion components, is misspecified and therefore uses robust control theory to make decisions. Under the decision maker's approximating model, cautious behavior puts adjustments for model misspecification into market prices for risk factors. We use a statistical theory of detection to quantify how much model misspecification the decision maker should fear, given his historical data record. A semigrou...
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作者：Desgranges, Gabriel; Geoffard, Pierre-Yves; Guesnerie, Roger
作者单位：CY Cergy Paris Universite; Universite Jean Monnet; University of Lausanne
摘要：A simple model with asymmetric information, in which inventory holders or traders submit demand curves to an auctioneer, has a unique partially revealing equilibrium. We wonder whether the agents can plausibly coordinate on this equilibrium through eductive reasoning relying on common knowledge. The analysis stresses the role of two effects, sensitivity and amplification, whose product should be small enough. The property is obtained whenever the equilibrium excess demand is steep enough, i.e....
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作者：Manski, Charles F.; Mayshar, Joram
作者单位：Northwestern University; Hebrew University of Jerusalem
摘要：This paper explores how private and social incentives for fertility may have combined to produce the complex fertility pattern observed in Israel in the past half-century. Fertility has declined within some ethnic-religious groups, moderately increased in others, and parts of the ultra-Orthodox Jewish population have experienced a reverse fertility transition, in which childbearing has increased rapidly and substantially. We present a theoretical analysis of the social dynamics of fertility th...
