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作者：Quiggin, J; Chambers, RG
作者单位：University of Queensland; University System of Maryland; University of Maryland College Park; University of Western Australia
摘要：Concepts of constant absolute risk aversion and constant relative risk aversion have proved useful in the analysis of choice under uncertainty, but are quite restrictive, particularly when they are imposed jointly. A generalization of constant risk aversion, referred to as invariant risk aversion is developed. Invariant risk aversion is closely related to the possibility of representing preferences over state-contingent income vectors in terms of two parameters, the mean and a linearly homogen...
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作者：Burnside, C; Eichenbaum, M; Fisher, JDM
作者单位：Northwestern University; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper investigates the response of hours worked and real wages to fiscal policy shocks in the post-World-War 11 US. We identify these shocks with exogenous changes in military purchases and argue that they lead to a persistent increase in government purchases and tax rates on capital and labor income, and a persistent rise in aggregate hours worked as well as declines in real wages. The shocks are also associated with short lived rises in aggregate investment and small movements in privat...
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作者：Aliprantis, CD; Monteiro, PK; Tourky, R
作者单位：University of Melbourne; Getulio Vargas Foundation; Purdue University System; Purdue University
摘要：This paper presents a surprising example that shows that the lattice theoretic properties in Mas-Colell's (1986) seminal work are relevant to the existence of equilibrium even when the commodity space is finite dimensional. The example is a two-period securities model with a three-dimensional portfolio space and two traders. The paper identifies a non-marketed call option that fails to have a minimum cost super-replicating portfolio. Using this option, we construct an economy that satisfies al...
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作者：Aghion, P; Bacchetta, P; Banerjee, A
作者单位：Study Center Gerzensee; Harvard University; University of Lausanne; Massachusetts Institute of Technology (MIT)
摘要：This paper presents a general equilibrium currency crisis model of the 'third generation', in which the possibility of currency crises is driven by the interplay between private firms' credit-constraints and nominal price rigidities. Despite our emphasis on microfoundations, the model remains sufficiently simple that the policy analysis can be conducted graphically. The analysis hinges on four main features (i) ex post deviations from purchasing power parity; (ii) credit constraints a la Berna...
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作者：Gomberg, A
作者单位：Instituto Tecnologico Autonomo de Mexico; Instituto Tecnologico Autonomo de Mexico
摘要：This paper analyzes a general model of an economy with heterogeneous individuals choosing among two jurisdictions, such as towns or political parties. Each jurisdiction is described by its constitution, where a constitution is defined as a mapping from all possible population partitions into the (possibly multidimensional) policy space. This study is the first to establish sufficient conditions for existence of sorting equilibria in a two-jurisdiction model for a policy space of an arbitrary d...
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作者：Skrzypacz, A; Hopenhayn, H
作者单位：Stanford University; University of Rochester
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作者：Heathcote, J; Perri, F
作者单位：New York University; Georgetown University
摘要：Over the period 1972-1986, the US business cycle was strongly correlated with the business cycle in the rest of the industrialized world. Over the period 1986-2000, international co-movement was much weaker (real regionalization). At the same time, US international asset trade has increased significantly (financial globalization). We first document these phenomena in detail and then argue that they are related. In particular, we present a model in which financial globalization occurs endogenou...
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作者：Levy, G
作者单位：University of London; London School Economics & Political Science; Tel Aviv University
摘要：This paper presents a new model of political parties. I assume that the role of parties is to increase the commitment ability of politicians vis-a-vis the voters. Whereas a politician running alone can only offer his ideal policy, the set of policies that a party can commit to is the Pareto set of its members. I show that the commitment mechanisms provided by the institution of parties has no effect when the policy space is unidimensional; the policies parties can induce in equilibrium arise a...
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作者：Dubra, J; Maccheroni, F; Ok, EA
作者单位：New York University; Universidad de Montevideo; Bocconi University
摘要：We study the problem of obtaining an expected utility representation for a potentially incomplete preference relation over lotteries by means of a set of von Neumann-Morgenstern utility functions. It is shown that, when the prize space is a compact metric space, a preference relation admits such a multi-utility representation provided that it satisfies the standard axioms of expected utility theory. Moreover, the representing set of utilities is unique in a well-defined sense. (C) 2003 Elsevie...
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作者：Gerardi, D
作者单位：Yale University
摘要：We study the effects of adding unmediated communication to static, finite games of complete and incomplete information. We characterize S-U (G), the set of outcomes of a game G, that are induced by sequential equilibria of cheap talk extensions. A cheap talk extension of G is an extensive-form game in which players communicate before playing G. A reliable mediator is not available and players exchange private or public messages that do not affect directly their payoffs. We first show that if G...
