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作者：Anbarci, Nejat; Feltovich, Nick
作者单位：Deakin University; Monash University
摘要：We experimentally examine posted pricing and directed search. In one treatment, capacity-constrained sellers post fixed prices, which buyers observe before choosing whom to visit. In the other, firms post both single-buyer (applied when one buyer visits) and multibuyer (when multiple buyers visit) prices. We find, based on a 2 x 2 (two buyers and two sellers) market and a follow-up experiment with 3 x 2 and 2 x 3 markets, that multibuyer prices can be lower than single-buyer prices or prices i...
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作者：Martin, Fernando M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Simon Fraser University
摘要：I study how the general and specific details of a micro-founded monetary framework affect the determination of policy when the government has limited commitment. In the general framework, policy is determined by the interaction between the incentives to smooth distortion intertemporally and a time-consistency problem. Resolving financial and trading frictions affects long-run policy significantly. Policy response to fluctuations in productivity is quantitatively different across model variants...
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作者：Wagener, Andreas
作者单位：Leibniz University Hannover
摘要：Rather than about their absolute payoffs, governments in fiscal competition often seem to care about their performance relative to other governments. Moreover, they often appear to mimic policies observed elsewhere. I study such behavior in a standard tax competition game. Both with relative payoff concerns and for imitative policies, evolutionary stability for games with finitely many players is the appropriate solution concept. Independently of the number of jurisdictions involved, an evolut...
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作者：Niemann, Stefan; Pichler, Paul; Sorger, Gerhard
作者单位：University of Essex; University of Vienna
摘要：We study the monetary instrument problem in a dynamic noncooperative game between separate, discretionary, fiscal and monetary policy makers. We show that monetary instruments are equivalent only if the policy makers' objectives are perfectly aligned; otherwise an instrument problem exists. When the central bank is benevolent while the fiscal authority is short-sighted relative to the private sector, excessive public spending and debt emerge under a money growth policy but not under an interes...
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作者：Spearot, Alan C.
作者单位：University of California System; University of California Santa Cruz
摘要：This article presents a model of international trade in which heterogeneous firms can expand through capital acquisitions. I show that demand elasticities are a crucial element in predicting which firms invest, in what location, and for what reason. High-productivity firms, who tend to sell goods at a low elasticity, invest for market access (tariff jumping). Middle productivity firms, who tend to sell at a higher elasticity, invest for productivity improvement. The relative value of trade cos...
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作者：Launov, Andrey; Walde, Klaus
作者单位：Johannes Gutenberg University of Mainz; Universite Catholique Louvain
摘要：The distribution of unemployment duration in our equilibrium matching model with spell-dependent unemployment benefits displays time-varying exit rates. Building on semi-Markov processes, we translate these rates into an expression for the aggregate unemployment rate. Structural estimation using German microdata allows us to discuss the effects of an unemployment benefit reform (Hartz IV). The reform reduced unemployment by less than 0.1 percentage points. Contrary to general beliefs, the net ...
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作者：Restuccia, Diego; Vandenbroucke, Guillaume
作者单位：University of Toronto; University of Southern California
摘要：Between 1940 and 2000 there was a substantial increase in educational attainment in the United States. What caused this trend? We develop a model of human capital accumulation that features a nondegenerate distribution of educational attainment in the population. We use this framework to assess the quantitative contribution of technological progress and changes in life expectancy in explaining the evolution of educational attainment. The model implies an increase in average years of schooling ...
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作者：Yang, Huanxing
作者单位：University System of Ohio; Ohio State University
摘要：I develop a model of nonstationary relational contracts in order to study internal wage dynamics. Workers are heterogeneous, and each worker's ability is both private information and fixed for all time. Learning therefore occurs within employment relationships. The inferences, however, are confounded by moral hazard. Incentive provision is restricted by an inability to commit to long-term contracts. Relational contracts, which must be self-enforcing, must therefore be used. The wage dynamics i...
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作者：Maurice, Jonathan; Rouaix, Agathe; Willinger, Marc
作者单位：Universite de Montpellier
摘要：We experimentally investigate the impact of income redistribution on voluntary contributions by groups of four subjects. We compare equalizing and unequalizing redistribution. Our data are consistent with the neutrality theorem: Redistribution does not affect the amount of voluntarily provided public good at the group level. However, at the individual level, subjects tend to underadjust with respect to the Nash prediction. We also observe an insignificant adjustment asymmetry between the poor ...
