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作者：Bonilla, Roberto; Kiraly, Francis; Wildman, John
作者单位：Newcastle University - UK
摘要：We propose a theoretical explanation for the so-called beauty premium. Our approach relies entirely on search frictions and the fact that physical appearance plays an important role in attracting a marriage partner. We analyze the interaction between frictional labor and marriage markets, making use of what we label constrained job search. The optimal strategy entails different reservation wages for different men, and we establish the existence of a search equilibrium characterized by a beauty...
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作者：Ioannou, Christos A.; Makris, Miltiadis
作者单位：University of Kent
摘要：Global games and Poisson games have been proposed to address equilibrium indeterminacy in Common Knowledge Coordination games. The present study investigates in a controlled setup, using as controls Common Knowledge games, whether idiosyncratic uncertainty about economic fundamentals (Global games) or uncertainty about the number of actual players (Poisson games) may influence subjects' behavior. We find that uncertainty about the number of actual players has more influence on subjects' behavi...
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作者：Dong, Mei; Xiao, Sylvia Xiaolin
作者单位：University of Melbourne; Peking University
摘要：We discover a consumption channel of monetary policy in a model with money and government bonds. When the central bank withdraws government bonds (short-term or long-term) through open market operations, it lowers returns on bonds. The lower return has a direct negative impact on consumption by households that hold bonds and an indirect negative impact on consumption by households that hold money. As a result, firms earn less profits from production, which leads to higher unemployment. The exi...
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作者：Aruoba, S. Boragan; Drazen, Allan; Vlaicu, Razvan
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Inter-American Development Bank
摘要：This article proposes a structural approach to measuring the effects of electoral accountability. We estimate a political agency model with imperfect information in order to identify and quantify discipline and selection effects, using data on U.S. governors. We find that the possibility of reelection provides a significant incentive for incumbents to exert effort, that is, a disciplining effect. We also find a positive but weaker selection effect. According to our model, the widely used two-t...
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作者：Bignon, Vincent; Breton, Regis; Breu, Mariana Rojas
作者单位：European Central Bank; Bank of France; Centre for Economic Policy Research - UK; Universite PSL; Universite Paris-Dauphine
摘要：We build a symmetric two-country monetary model with credit to study the interplay between currency integration and credit markets integration. The currency arrangement affects credit availability through default incentives. We capture credit markets integration by the extra cost incurred to obtain credit for cross-border transactions and, with the euro area context in mind, label as banking union a situation where this cost is low. For high levels of the cross-border credit cost, currency int...
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作者：Gilles, Robert P.
作者单位：Queens University Belfast
摘要：I consider a general equilibrium model of a competitive market economy in which production is conducted through an endogenous social division of labor. I represent economic decision makers as consumer-producers, who consume as well as produce commodities. In this approach, the emergence of a nontrivial social division of labor is guided by Increasing Returns to Specialization (IRSpec) in production. Under IRSpec, I show existence of competitive equilibria, the two fundamental theorems of welfa...
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作者：Gorry, Aspen; Gorry, Devon; Trachter, Nicholas
作者单位：Clemson University; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Individuals experience frequent occupational switches during their lifetime, and initial worker characteristics are predictive of future patterns of occupational switching. We construct a quantitative model of occupational choices with worker learning and occupation-specific productivity shocks to match life cycle patterns of occupational transitions and quantify the value of occupational mobility and learning. For the average 18-year-old worker, the value of being able to switch occupations i...
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作者：Jung, Hojin; Kosmopoulou, Georgia; Lamarche, Carlos; Sicotte, Richard
作者单位：Jeonbuk National University; University of Oklahoma System; University of Oklahoma - Norman; University of Kentucky; University of Vermont
摘要：When firms bid in procurement auctions, they take into account the likelihood of future contract renegotiations. If they anticipate that certain input quantities will change ex post, they have an incentive to strategically skew their itemized bids, thereby increasing profits for themselves and costs for the procuring agency. We develop and estimate a structural model of strategic bidding using a data set of road construction projects in Vermont. We find that bidding strategies lead to increase...
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作者：Karaivanov, Alexander; Saurina, Jesus; Townsend, Robert M.
作者单位：Simon Fraser University; Banco de Espana; Massachusetts Institute of Technology (MIT)
摘要：We examine the effect of financial constraints on firm investment and cash flow. We combine data from the Spanish Mercantile Registry and the Bank of Spain Credit Registry to classify firms according to whether they are family-owned, not family-owned, or belong to a family-linked network of firms and according to their number of banking relations (with none, one, or several banks). Our empirical strategy is structural, based on a dynamic model solved numerically to generate the joint distribut...
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作者：van den Berg, Gerard J.; van der Klaauw, Bas
作者单位：University of Bristol; IZA Institute Labor Economics; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：To evaluate search effort monitoring of unemployed workers, it is important to take account of post-unemployment wages and job-to-job mobility. We structurally estimate a model with search channels, using a controlled trial in which monitoring is randomized. The data include registers and survey data on search behavior. We find that the opportunity to move to better-paid jobs in employment reduces the extent to which monitoring induces substitution toward formal search channels in unemployment...
