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作者：Phillips, Peter C. B.; Shi, Shuping; Yu, Jun
作者单位：Yale University; University of Auckland; University of Southampton; Singapore Management University; Macquarie University
摘要：Recent work on econometric detection mechanisms has shown the effectiveness of recursive procedures in identifying and dating financial bubbles in real time. These procedures are useful as warning alerts in surveillance strategies conducted by central banks and fiscal regulators with real-time data. Use of these methods over long historical periods presents a more serious econometric challenge due to the complexity of the nonlinear structure and break mechanisms that are inherent in multiple-b...
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作者：Lin, Haizhen
作者单位：Indiana University System; Indiana University Bloomington
摘要：This article develops a dynamic model of entry and exit to analyze quality choice and oligopoly market structure in the nursing home industry. I find significant heterogeneity in the competitive effects across market structures: Firms of similar quality levels compete more strongly than dissimilar firms. Sunken entry costs are extremely large, and quality adjustment behavior is governed by significant fixed adjustment costs. A proposal to eliminate low-quality nursing homes is found to cause a...
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作者：Zubrickas, Robertas
作者单位：University of Zurich
摘要：The teacher-student relationship is modeled as an agency problem, where teachers are concerned with human capital formation and students with ability signaling. We distinguish between two cases depending on whether in ability inference the job market can or cannot observe the grading rule applied. We show that many empirical grading patterns, including grade compression and inflation, are all consistent with optimal ability screening when grading rules are unobservable. With observable grading...
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作者：Skira, Meghan M.
作者单位：University System of Georgia; University of Georgia
摘要：This article formulates and estimates a dynamic discrete choice model of elder parent care and work to analyze how caregiving affects a woman's current and future labor force participation and wages. The model incorporates parental health changes, human capital accumulation, and job offer availability. The estimates indicate that women face low probabilities of returning to work or increasing work hours after a caregiving spell. I use the estimated model to simulate the caregiving, employment,...
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作者：De Haan, Thomas; Offerman, Theo; Sloof, Randolph
作者单位：Norwegian School of Economics (NHH); University of Amsterdam
摘要：We experimentally study the strategic transmission of information in a setting where both cheap talk and money can be used. Theoretically, many equilibria exist side by side, in which senders use either costless messages, money, or both. We find that senders prefer to communicate through costless messages. Only when the interest disalignment between sender and receiver increases does cheap talk tend to break down and high sender types start burning money to enhance the credibility of their cos...
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作者：Boucher, Vincent
作者单位：Laval University
摘要：Homophily, or the fact that similar individuals tend to interact with each other, is a prominent feature of economic and social networks. I show that the equilibrium structure of homophily has empirical power. I build a strategic model of network formation, which produces a unique equilibrium network. Individuals have homophilic preferences and face capacity constraints on the number of links. I develop a novel empirical method, based on the shape of the equilibrium network, which allows for t...
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作者：Candelon, Bertrand; Dupuy, Arnaud
作者单位：IPAG Business School; Maastricht University
摘要：This article proposes an equilibrium theory of the organization of work in an economy with an implicit market for productive time. In this market, agents buy or sell productive time. This implicit market gives rise to the formation of teams, organized in hierarchies with one leader (buyer) at the top and helpers (sellers) below. Relative to autarky, hierarchical organization leads to higher within and between team payoffs/productivity inequality. This prediction is tested empirically in the co...
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作者：Flinn, Christopher; Mullins, Joseph
作者单位：New York University; Collegio Carlo Alberto
摘要：We generalize a search, matching, and bargaining model to allow individuals to acquire productivity-enhancing schooling prior to labor market entry. In general, search frictions and weakness in bargaining position contribute to underinvestment in schooling from an efficiency perspective. Using estimates of a general equilibrium version of the model in which firm vacancy creation decisions are included, we find that minimum wages and schooling subsidies improve aggregate welfare, but have very ...
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作者：Bowen, T. Renee
作者单位：Stanford University
摘要：Tariff bindings and administered protection are two characteristics of the World Trade Organization (WTO) that are little understood. Tariff bindings place a ceiling on tariffs that is not always reached, whereas administered protection provides all industries with some minimum import protection, effectively creating a floor for protection. How do these policies affect applied most favored nation (MFN) tariff rates that are enacted through the legislature? I model tariffs determined by a dynam...
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作者：Brumm, Johannes; Grill, Michael; Kubler, Felix; Schmedders, Karl
作者单位：University of Zurich; European Central Bank; Swiss Finance Institute (SFI)
摘要：Many assets derive their value not only from future cash flows but also from their ability to serve as collateral. In this article, we investigate this collateral premium and its impact on asset returns in an infinite-horizon general equilibrium model with heterogeneous agents. We document that borrowing against collateral substantially increases the return volatility of long-lived assets. Moreover, otherwise identical assets with different degrees of collateralizability exhibit substantially ...
