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作者：Caponi, Vincenzo
摘要：This article presents an intergenerational self-selection model of migration and education that is capable of explaining the evolution of earnings and education across three generations of immigrants. By structurally estimating the model, it is possible to quantify the sacrifices made by the first generation of Mexican immigrants for the benefits of future generations. In particular, the estimation results suggest that there is a significant one time loss of human capital of immigrants upon mi...
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作者：Carriero, Andrea
作者单位：University of London
摘要：I propose a strategy for forecasting the term structure of interest rates that may produce significant gains in predictive accuracy. The key idea is to use the restrictions implied by Gaussian, no-arbitrage, affine term structure models on a vector autoregression as prior information instead of imposing the restrictions dogmatically. This allows us to account for possible model misspecification. We use the proposed method to forecast a system of five U.S. yields up to 12 months ahead, and we f...
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作者：Jorda, Oscar; Kozicki, Sharon
作者单位：University of California System; University of California Davis; Bank of Canada
摘要：The stability of the solution path in a macroeconomic model implies that it admits a Wold representation. This Wold representation can be estimated semi-parametrically by local projections and used to estimate the model's parameters by minimum distance techniques even when the stochastic process for the solution path is unknown or unconventional. We name this two-step estimation procedure projection minimum distance and investigate its statistical properties for the broad class of models where...
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作者：Herrendorf, Berthold; Teixeira, Arilton
作者单位：Arizona State University; Arizona State University-Tempe; FUCAPE Business School
摘要：We ask whether barriers to entry are a quantitatively important reason for the income gap between developing countries and the United States. We develop a tractable general equilibrium model that captures the effects of barriers to entry and the other main distortions typically considered in the development literature. We carry our model to the data and ask it to match the main development facts from the Penn World Table. We find that this requires large barriers to entry in developing countri...
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作者：Buchheit, Steve; Feltovich, Nick
作者单位：University of Aberdeen; Texas Tech University System; Texas Tech University
摘要：We experimentally test the effect of sunk costs on decision making. In the experiment, subjects play the role of price-setting duopolists. Both firms have identical costs, including an exogenous sunk cost that varies across sessions over six different values. We observe that the sunk cost has a U-shaped effect: From low to medium levels, average prices decrease, but from medium to high levels, average prices increase. This effect, which is consistent with loss avoidance, develops quickly and p...
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作者：Dressler, Scott J.
作者单位：Villanova University
摘要：This article examines an environment where money is essential and agents exchange in perfectly competitive, Walrasian markets. Agents consume and produce a homogeneous good, but hold money to purchase consumption in the event of a relatively low productivity shock. A Walrasian market delivers a nondegenerate distribution of money holdings across agents and avoids some of the computational difficulties associated with the market assumption of bilateral bargaining common to search-theoretic envi...
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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 ...
