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作者：Strachan, Rodney W.; van Dijk, Herman K.
作者单位：Australian National University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Vrije Universiteit Amsterdam
摘要：The empirical support for features of a Dynamic Stochastic General Equilibrium model with two technology shocks is evaluated using Bayesian model averaging over vector autoregressions. The model features include equilibria, restrictions on long-run responses, a structural break of unknown date, and a range of lags and deterministic processes. We find support for a number of features implied by the economic model, and the evidence suggests a break in the entire model structure around 1984, afte...
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作者：Gomis-Porqueras, Pere; Kam, Timothy; Lee, Junsang
作者单位：Monash University; Australian National University; Sungkyunkwan University (SKKU)
摘要：We explore how the informational frictions underlying monetary exchange affect international exchange rate dynamics. Our perfectly flexible price model is capable of producing endogenously rigid international relative prices in response to technology and monetary shocks. The model is capable of accounting for the empirical regularities that the real and nominal exchange rates are more volatile than U.S. output, and that the two are positively and perfectly correlated. The model is also consist...
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作者：Kinsler, Josh
作者单位：University of Rochester
摘要：Racial disparities in school discipline are believed to contribute to the persistent achievement gap between black and white students. In this article, I estimate the relationship between school discipline and achievement within a structural model, taking into account the spillover effects of disruptive behavior. I find that discipline has an overall positive influence on student performance and that the racial gap in discipline stemming from cross-school variation in discipline policies is co...
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作者：Hawkins, William B.
作者单位：Yeshiva University
摘要：I study competitive search equilibrium in an environment where firms operate a decreasing-returns production technology and hire multiple workers simultaneously. Firms post wages, possibly several of them. The equilibrium can feature wage dispersion even though all firms and workers are ex ante identical. Unlike the benchmark where firms hire a single worker, hiring is constrained inefficient. Efficiency requires that firms commit to the number of hires, pay all applicants, or pay wages that d...
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作者：Diaz-Gimenez, Javier; Giolito, Eugenio
作者单位：Universidad Alberto Hurtado
摘要：Among first marriages in the United States, grooms are on average 1.7 years older than their brides. Traditionally, this fact is explained by sex differences in income. We use a general equilibrium, overlapping generations search model economy to show instead that sex differences in fecundity are essential to account for the age gap at first marriage, whereas sex differences in income play a secondary role. Our model economy also accounts for other facts on the timing of first marriages that t...
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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...
