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作者：Lee, Lung-fei; Yu, Jihai
作者单位：Peking University; University System of Ohio; Ohio State University
摘要：This article investigates spatial panel data models with a spacetime filter in disturbances. We consider their estimation by both fixed effects and random effects specifications. With a between equation properly defined, the difference of the random versus fixed effects models can be highlighted. We show that the random effects estimate is a pooling of the within and between estimates. A Hausman-type specification test and an Lagrangian multiplier test are proposed for the testing of the rando...
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作者：Choi, Jay Pil; Gerlach, Heiko
作者单位：University of Queensland; University of New South Wales Sydney; Michigan State University
摘要：This article analyzes cartel formation and international antitrust enforcement when multinational firms operate in several jurisdictions with local antitrust authorities. We are concerned with how the sustainability of collusion in one local market is affected by the existence of collusion in other markets when they are linked by a negative demand relationship. The interdependence of cartel stability across markets leads to potential externalities in antitrust enforcement across jurisdictions....
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作者：Watanabe, Shingo
作者单位：Bank of Japan; Organisation for Economic Co-operation & Development (OECD)
摘要：This article proposes a method to identify technology and nontechnology shocks that permanently affect labor productivity and applies this method to data for the G7 countries. In most cases, whereas technology improvements have negative or weak effects on hours worked, positive permanent nontechnology shocks are expansionary. Permanent nontechnology shocks play an important role in business cycles, particularly in the United States and Japan, and account for 71% of a large reduction in Japan's...
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作者：Rendahl, Pontus
作者单位：University of Cambridge; Paris School of Economics
摘要：This article studies a model of consumption, savings, and job search in which a borrowing constraint limits self-insurance. The government administers the unemployment insurance program that may condition on an individuals asset position, but not on her efforts of finding a job. To compensate for the impediments to self-insurance, benefit payments should optimally be set higher at lower wealth levels and peak for borrowing-constrained individuals with zero liquid funds. A quantitative exercise...
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作者：Celen, Bogachan; Oezertuerk, Saltuk
作者单位：Columbia University; Southern Methodist University
摘要：Are hedging transactions that diversify a managers compensation risk detrimental to incentives, or can they improve contracting efficiency? If hedging provides efficiency benefits, should the manager or the firm undertake it? In our model, both the firm and the manager can trade financial portfolios to diversify the managers compensation risk. Prior to the portfolio selection, the parties need to acquire information on how different financial portfolios fit their diversification purposes. We i...
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作者：Gawande, Kishore; Krishna, Pravin; Olarreaga, Marcelo
作者单位：Johns Hopkins University; Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research; University of Geneva
摘要：Competition between opposing lobbies is an important factor in the endogenous determination of trade policy. This article investigates the consequences of lobbying competition between upstream and downstream producers. The theoretical structure underlying the empirical analysis is the well-known GrossmanHelpman model of trade policy determination, modified to account for the cross-sectoral use of inputs (itself a quantitatively significant phenomenon, with around 50% of manufacturing output be...
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作者：Brueckner, Markus; Pappa, Evi
作者单位：National University of Singapore; European University Institute; Autonomous University of Barcelona
摘要：Structural VARs indicate that for many OECD countries labor force participation, employment, and the unemployment rate significantly increase following increases in government expenditures under a variety of specifications and identification schemes. Fiscal expansions also tend to increase real wages. Existing models have difficulties in generating such responses. We show that the empirical regularities can be reproduced with two additions into a standard New Keynesian model with matching fric...
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作者：Atesagaoglu, Orhan Erem
作者单位：State University of New York (SUNY) System; Stony Brook University
摘要：Outstanding credit market debt in the U.S. corporate sector increased dramatically over the second half of the 20th century. During this period, tax rates on dividend distributions and corporate income decreased. This article argues that the observed decline in dividend and corporate income tax rates generated an improvement in the collateral value of corporate assets and led to an increase in U.S. corporate debt. To analyze this conjecture, we build a general equilibrium model with enforcemen...
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作者：Cahuc, Pierre; Challe, Edouard
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
摘要：We study the effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and agents freely choose between working in the production or the financial sector. Frictions in the market for deposits create rents in the financial sector that affect agents occupational choices. When rents are large, the private gains associated with trading bubbles lead too many agents to become speculators, causing bubbles to lose their efficiency p...
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作者：Botzen, W. J. Wouter; van den Bergh, Jeroen C. J. M.
作者单位：Vrije Universiteit Amsterdam; ICREA; Autonomous University of Barcelona
摘要：Climate change is projected to increase the risk of natural disasters, such as floods and storms, in certain regions. This is likely to raise the demand for natural disaster insurance. We present a stated preference survey using choice modeling with mixed logit estimation methods in order to examine the effects of climate change and the availability of government compensation on the demand for flood insurance by Dutch homeowners. Currently, no private insurance against flood damage is offered ...
