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作者：Lakdawalla, Darius; Philipson, Tomas
作者单位：RAND Corporation; National Bureau of Economic Research; University of Chicago; University of Chicago
摘要：Despite the importance of nonprofit industries in the economy, little analysis has been conducted as to whether the behavior of such industries differs from that of for-profit industries. Extending previous firm-level analyses, we propose a neoclassical theory with an endogenous nonprofit sector. Our analysis implies that nonprofit firms have a competitive advantage over for-profit firms, so that marginal changes in the industry operate through the for-profit sector: As such, marginal industry...
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作者：Canova, Fabio; Pappa, Evi
作者单位：Autonomous University of Barcelona; Pompeu Fabra University; University of London; London School Economics & Political Science
摘要：We study whether fiscal restrictions affect volatilities and correlations of macrovariables and the probability of excessive debt for a sample of 48 US states. Fiscal constraints are characterized with a number of indicators and volatilities and correlations are computed in several ways. The second moments of macroeconomic variables in states with different fiscal constraints are economically and statistically similar. Excessive debt and the mechanism linking budget deficit and excessive debts...
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作者：Vigdor, Jacob L.
作者单位：Duke University; National Bureau of Economic Research
摘要：This paper employs a simple intertemporal model to show that presence of liquidity constraints can depress the price of a durable good below its net present rental value, regardless of the overall supply elasticity. The existence of price effects implies that the relaxation of liquidity constraints is not Pareto improving, and may in fact be regressive. Historical evidence, which exploits the fact that a clearly identifiable group, war veterans, enjoyed the most favored access to mortgage cred...
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作者：Martins, Nuno C.; Villanueva, Ernesto
作者单位：Pompeu Fabra University; Banco de Espana; Banco de Portugal; Universidade Nova de Lisboa
摘要：The responsiveness of household borrowing to changes in the interest rate is a crucial parameter for assessing public policies aimed at promoting saving. We estimate the effect on household borrowing of a reform of a program that subsidized interest rates on mortgages signed by medium- and low-income households. The reform established a ceiling in the price of the house that could be financed with the program. First, we use triple difference estimators exploiting the fact that the reform shoul...
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作者：Hsieh, Chang-Tai; Urquiola, Miguel
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：In 1981, Chile introduced nationwide school choice by providing vouchers to any student wishing to attend private school. As a result, more than 1000 private schools entered the market, and the private enrollment rate increased by 20 percentage points, with greater impacts in larger, more urban, and wealthier communities. We use this differential impact to measure the effects of unrestricted choice on educational outcomes. Using panel data for about 150 municipalities, we find no evidence that...
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作者：Mankiw, N. Gregory; Weinzierl, Matthew
作者单位：Harvard University
摘要：This paper uses the neoclassical growth model to examine the extent to which a tax cut pays for itself through higher economic growth. The model yields simple expressions for the steady-state feedback effect of a tax cut. The feedback is surprisingly large: for standard parameter values, half of a capital tax cut is self-financing. The paper considers various generalizations of the basic model, including elastic labor supply, general production technologies, departures from infinite horizons, ...
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作者：Foster, Gigi
作者单位：University of South Australia
摘要：Using a new administrative panel data set from the University of Maryland, this paper explores conventional peer effects and the effects of socially proximate peers at a large public university where some students are randomly assigned to housing. Results show that there is little evidence of robust residential peer effects on undergraduate performance. The impact of socially proximate peers' characteristics on student achievement is then examined using an instrumental variables technique. Res...
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作者：Bloch, Francis; Zenginobuz, E. Unal
作者单位：Aix-Marseille Universite; Aix-Marseille Universite; Bogazici University; Bogazici University
摘要：This paper analyzes the effects of spillovers on the equilibrium, population distribution across jurisdictions in a local public good:economy with free mobility. Spillovers are parametrized by a matrix [alpha ij] where ay alpha ij is an element of [0, 1]. When spillovers are symmetric and close. to 0 or 1 (pure local public goods band pure public goods); all equilibrium jurisdiction structures are symmetric. However,. any population. distribution can be sustained,in equilibrium;for some value ...
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作者：Shi, Min; Svensson, Jakob
作者单位：University of Wisconsin System; University of Wisconsin Madison; Stockholm University; Centre for Economic Policy Research - UK
摘要：This paper uses a large panel data set to examine the relation between elections and fiscal policy. We find evidence of political budget cycles: on average, government fiscal deficit increases by almost 1% of GDP in election years. Moreover, these political budget cycles are significantly larger, and statistically more robust, in developing than in developed countries. We propose a moral hazard model of electoral competition to explain this difference. In the model, the size of the electoral b...
