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作者：Wildasin, David E.
作者单位：University of Kentucky
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作者：Strasser, Georg
作者单位：Boston College
摘要：The macroeconomic evidence of the short-term impact of exchange rates on exports and prices is notoriously weak. This paper examines the microfoundations of this disconnect. I study the response of firms' export and price setting decisions to fluctuations in exchange rates and credit conditions using firm-level survey data. Financially constrained firms pass through exchange rate changes to prices at almost twice the rate of unconstrained firms. Similarly, their export volumes are about twice ...
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作者：Andrade, Philippe; Le Bihan, Herve
作者单位：European Central Bank; Bank of France; Universite de Caen Normandie
摘要：Using the ECB Survey of Professional Forecasters to characterize expectations at the micro-level, we emphasize two new facts: forecasters (i) fail to systematically update their forecasts and (ii) disagree even when updating. It is moreover found that forecasters have predictable forecast errors. These facts are qualitatively supportive of recent models of inattention and suggest a setup where agents imperfectly process information due to both sticky information a la Mankiw-Reis, and noisy inf...
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作者：Bohn, Henning
作者单位：University of California System; University of California Santa Barbara
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作者：Bai, Yan
作者单位：University of Rochester
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作者：Uy, Timothy; Yi, Kei-Mu; Zhang, Jing
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We study the importance of international trade in structural change. Our framework has both productivity and trade cost shocks, and allows for non-unitary income and substitution elasticities. We calibrate our model to investigate South Korea's structural change between 1971 and 2005. We find that the shock processes, propagated through the model's two main transmission mechanisms, non-homothetic preferences and the open economy, explain virtually all of the evolution of agriculture and servic...
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作者：Haefke, Christian; Sonntag, Marcus; van Rens, Thijs
作者单位：New York University; New York University Abu Dhabi; University of Warwick
摘要：Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage rigidity in the data. (C) 2013 Elsevier ...
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作者：Sieg, Holger; Wang, Yu
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：The efficient decentralized provision of public goods requires that special interest groups, such as municipal unions, do not exercise undue influence on the outcome of municipal elections and local fiscal policies. We develop a new political economy model in which a union can endorse one of the candidates in a local election. A politician that prefers an inefficiently large public sector can, therefore, win an election if the union can provide sufficiently strong support during the campaign. ...
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作者：Sirri, Erik R.
作者单位：Babson College
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作者：Alvarez, Fernando; Lippi, Francesco
作者单位：University of Chicago; University of Sassari
摘要：We consider an inventory model for a liquid asset where the per-period net expenditures have two components: one that is frequent and small and another that is infrequent and large. We give a theoretical characterization of the optimal management of liquid asset as well as of the implied observable statistics. We use our characterization to interpret some aspects of households' currency management in Austria, as well as the management of demand deposits by a large sample of Italian investors. ...
