作者：Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：According to conventional wisdom, terms-of-trade shocks represent a major source of business cycles in emerging and poor countries. This view is largely based on the analysis of calibrated business-cycle models. We argue that the view that emerges from empirical structural vector autoregression (SVAR) models is strikingly different. We estimate country-specific SVARs using data from 38 countries and find that terms-of-trade shocks explain less than 10% of movements in aggregate activity. We th...
作者：Chatterji, Shurojit; Masso, Jordi
作者单位：Singapore Management University; Autonomous University of Barcelona; Barcelona School of Economics
摘要：We consider strategy-proof rules operating on a rich domain of preference profiles. We show that if the rule satisfies in addition tops-onlyness, anonymity, and unanimity, then the preferences in the domain have to satisfy a variant of single-peakedness (referred to as semilattice single-peakedness). We do so by deriving from the rule an endogenous partial order (a semilattice) from which the concept of a semilattice single-peaked preference can be defined. We also provide a converse of this m...
