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作者：Abramitzky, Ran; Einav, Liran; Kolkowitz, Shimon; Mill, Roy
作者单位：Stanford University; National Bureau of Economic Research; Harvard University
摘要：We study professional tennis players decisions of whether to challenge umpires calls using data on over 2,000 challenges in 35 tennis tournaments. The decision to challenge, which is simple to characterize, trades off reversing the umpires call against losing subsequent challenge opportunities. Qualitatively, players are more likely to challenge when the stakes are greater and when the option value of challenging is lower, as theory predicts. Quantitatively, players actual behavior is close to...
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作者：Collignon, Stefan
作者单位：Scuola Superiore Sant'Anna
摘要：The sustainability of public debt is interpreted as the result of the interaction of fiscal policy with the economic environment, and not as a statistical concept as in most of the recent literature. If debt is not to explode over time, policymakers have to respond to the changing conditions in the macroeconomic environment. This article defines the conditions that will ensure compliance of fiscal policy with the intertemporal budget constraint in the context of Europe's fiscal policy rules. T...
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作者：Egger, Hartmut; Egger, Peter; Markusen, James R.
作者单位：University of Colorado System; University of Colorado Boulder; University of Bayreuth; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We formulate a two-country model with monopolistic competition and heterogeneous firms to reconsider labor market linkages in open economies. Labor market imperfections arise by virtue of country-specific real minimum wages. Abstracting from selection of just the best firms into export status, standard effects on marginal and average firm productivity are reversed in our model, yet there are significant gains from trade arising from employment expansion. In addition, we show that with firm het...
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作者：Huang, Fali
作者单位：Singapore Management University
摘要：This article establishes a unified political economy model to analyze the democratization process from monarchy to oligarchy and to democracy in the context of dynamic economic development. As the predominant source of wealth evolves from land to physical capital and finally to human capital, the relative economic and hence coercive power of land owners, capitalists, and workers shifts accordingly, inducing the transition of the political system where political power is expanded from landlords...
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作者：Knell, Markus; Stiglbauer, Alfred
摘要：This article presents an extension of the Taylor model with staggered wages in which wage setting is also influenced by reference norms. We show that reference norms can considerably increase the persistence of inflation but that the size of this effect depends on the exact definition (e.g., external vs. internal, symmetric vs. asymmetric norms). Using data on collectively bargained wages in Austria from 1980 to 2006 we show that wage setting is strongly influenced by reference norms, that ext...
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作者：Borck, Rainald; Koh, Hyun-Ju; Pflueger, Michael
作者单位：University of Passau
摘要：This article studies a subsidy game among two asymmetric regions in a new trade model. Capital can freely move among regions, but capital rewards are repatriated to the region of residence. The activity of the modern sector is associated with positive spillovers. We study subsidy competition, starting from an equilibrium where the industry core is inefficiently locked in to the smaller region. When regions weigh workers and capitalists welfare equally, subsidy competition results in a relocati...
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作者：Myojo, Satoshi; Kanazawa, Yuichiro
作者单位：Kobe University; University of Tsukuba
摘要：We derive asymptotic properties of an estimator for supply and demand models extended with additional moments relating consumer demographics to the characteristics of purchased products. We clarify the structure of a practical sampling scheme in which the extended estimator is consistent, asymptotically normal, and more efficient than the original estimator. We provide conditions guaranteeing the asymptotic theorems hold for the random coefficient logit model of demand with oligopolistic suppl...
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作者：Bullard, James; Singh, Aarti
作者单位：University of Sydney; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：We study a stylized theory of the volatility reduction in the U.S. after 1984the Great Moderationwhich attributes part of the stabilization to less volatile shocks and another part to more difficult inference on the part of Bayesian households attempting to learn the latent state of the economy. We use a standard equilibrium business cycle model with technology following an unobserved regime-switching process. After 1984, according to Kim and Nelson (1999a), the variance of U.S. macroeconomic ...
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作者：Bag, Parimal Kanti; Pepito, Nona
作者单位：National University of Singapore; ESSEC Business School
摘要：In a joint project involving two players of a two-round effort investment game with complementary efforts, transparency, by allowing players to observe each others efforts, achieves at least as much, and sometimes more, collective and individual efforts relative to a nontransparent environment. Without transparency multiple equilibria can arise, and transparency eliminates the inferior equilibria. When full cooperation arises only under transparency, it occurs gradually: No worker sinks in the...
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作者：Bhatt, Vipul; Ogaki, Masao
作者单位：Keio University; James Madison University
摘要：This article develops and studies a tough love model of intergenerational altruism. We model tough love by modifying the Barro-Becker standard altruism model in two ways. First, the childs discount factor is endogenously determined, so lower childhood consumption leads to a higher discount factor later in life. Second, the parent evaluates the childs lifetime utility with a constant high discount factor. Our model predicts that parental transfers will fall when the childs discount factor falls...
