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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：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：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：Ino, Hiroaki; Matsumura, Toshihiro
作者单位：Kwansei Gakuin University; University of Tokyo
摘要：This article investigates the relationship between the HerfindahlHirschman Index (HHI) and welfare in multiple-leader Stackelberg models. We formulate two long-run models of free entry of followers; in the first (second) model, leaders select their output before (after) the entry of the followers. We find that in both models, in contrast to the short-run models, the Stackelberg model yields a larger welfare and HHI than the Cournot model does regardless of the number of leaders; that is, benef...
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作者：Antoniades, Alexis
作者单位：Georgetown University
摘要：The pricing behavior of firms is a central issue in international macroeconomics. Using the introduction of the euro as a natural experiment I find that year-to-year volatility in import prices among Eurozone members diminished by 4% on average after the introduction of the euro. Additionally, I show that the magnitude of the drop was commensurate with the drop in exchange rate volatility. On the other hand, when looking at exports, I find that the introduction of the euro had no impact on exp...
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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：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：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：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...
