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作者：Danielsson, Jon; Penaranda, Francisco
作者单位：University of London; London School Economics & Political Science; Pompeu Fabra University
摘要：We develop a coordination game to model interactions between fundamentals and liquidity during unstable periods in financial markets. We then propose a flexible econometric framework for estimation of the model and analysis of its quantitative implications. The specific empirical application is carry trades in the yen-dollar market, including the turmoil of 1998. We find a generally very deep market, with low information disparities among agents. We observe occasional episodes of market fragil...
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作者：Phillips, Peter C. B.; Wu, Yangru; Yu, Jun
作者单位：Singapore Management University; University of Southampton; University of Auckland; Yale University; Rutgers University System; Rutgers University New Brunswick; Central University of Finance & Economics
摘要：A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date stamping the origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method involves the recursive implementation of a right-side unit root test and a sup test, both of which are easy to use in practical applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory po...
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作者：Araujo, Luis; Minetti, Raoul
作者单位：Michigan State University; Getulio Vargas Foundation
摘要：We compare allocations sustained by credit with allocations sustained by bank notes (inside money) in a search model with decentralized trade and limited monitoring. We demonstrate that there exists a credit arrangement that is superior to inside money. However, in contrast with inside money, this arrangement is not robust to an expansion of trade that is not accompanied by an adequate increase in the degree of monitoring. Therefore, banks are essential when trade is intense and monitoring is ...
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作者：Aruoba, Boragan
作者单位：University System of Maryland; University of Maryland College Park
摘要：Monetary models that specify explicit frictions to generate money demand have been developed over the last 20 years and have been used to address many questions. In this article, I investigate the short-run properties of a particular model considering a number of versions based on some modeling choices. All versions feature flexible prices. I find that in many aspects, both real and nominal, the model resembles other, more reduced-form models. Some variations of the model come closer to matchi...
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作者：Fox, Jeremy T.; Smeets, Valerie
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Aarhus University
摘要：One explanation for productivity dispersion is that the quality of inputs differs across firms. We add labor market history variables such as experience and firm and industry tenure, as well as general human capital measures such as schooling and sex. Adding these variables decreases the ratio of the 90th to 10th productivity quantiles from 3.27 to 2.68 across eight Danish manufacturing and service industries. We also use the wage bill and worker fixed effects. We find that the wage bill expla...
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作者：Coles, Melvyn G.; Francesconi, Marco
作者单位：University of Essex
摘要：We explore how gender bias in career opportunities affects matching in a marriage market with search frictions and where an individual's fitness decays with age. We document a being left on the shelf effect where young singles, who find the marriage market rapidly thins with age, rush into early partnership. Singles with stronger career opportunities, however, have a greater option value to defer marriage. More equal career opportunities for women (captured by greater schooling and better occu...
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作者：Kopecky, Karen A.
作者单位：Western University (University of Western Ontario)
摘要：A model with leisure production and endogenous retirement is used to explain declining labor force participation rates of elderly males. The model is calibrated to cross-sectional data on labor force participation rates of U.S. males by age, their drop in consumption, and leisure good expenditure share in 2000. Running the calibrated model for the period 1850-2000, a prediction of the evolution of the cross-section is obtained. The model accounts for more than 87% of the increase in retirement...
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作者：Adamopoulos, Tasso
作者单位：York University - Canada
摘要：I study the role of transportation for development by introducing regional trade and a transportation sector into the standard two-sector model of agriculture-nonagriculture. Low transport productivity can distort the allocation of resources across geographically dispersed production units within sectors and between agriculture and nonagriculture. I infer cross-country transport productivity disparities from observed domestic transport costs and transport infrastructure stocks. Endowing rich c...
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作者：Uren, Lawrence; Virag, Gabor
作者单位：University of Melbourne; University of Rochester
摘要：We analyze wage inequality, extending the Burdett and Mortensen (International Economic Review 39 (1998), 257-73) model by incorporating worker heterogeneity through skill requirements. We provide sufficient conditions for existence of an equilibrium where more productive firms offer higher wages. The unique such equilibrium is characterized in a closed form solution. Both within- and between-group inequality are explicitly calculated. We then calibrate the model to explain the joint movement ...
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作者：Peck, James; Yang, Huanxing
作者单位：University System of Ohio; Ohio State University
摘要：We study investment cycles in a social learning model, where investment returns fluctuate according to a Markov process. In our Waiting Game, agents observe the investment history and a private signal correlated with the current period's investment return. Agents then decide whether to invest immediately or to delay their decision to later in the period. Cascades in which everyone invests or no one invests eventually reverse themselves. As compared to the No-Waiting Game with no opportunity fo...
