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作者：Blomquist, Soren; Micheletto, Luca
作者单位：Uppsala University; University of Milan; Bocconi University
摘要：We extend to a fiscal federalism setting the literature on redistributive in-kind transfers in the presence of nonlinear income taxation. Local governments have a cost advantage, motivating decentralization of the in-kind transfer. The cost structure varies across regions, and the central government cannot observe which region is which. We show that decentralized in-kind transfers can, in this setting, be an even more important instrument for relaxing self-selection constraints, thus, helping ...
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作者：Manski, Charles F.
作者单位：Northwestern University
摘要：This article develops a broad theme about treatment under ambiguity through study of a particular decision criterion. The broad theme is that a planner may want to cope with ambiguity by diversification, assigning observationally identical persons to different treatments. Study of the minimax-regret (MR) criterion substantiates the theme. The article significantly extends my earlier analysis of one-period planning with an individualistic treatment and a linear welfare function. I show that MR ...
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作者：Belleflamme, Paul; Toulemonde, Eric
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; University of Namur; IZA Institute Labor Economics
摘要：Two types of agents interact on a pre-existing free platform. Agents value positively the presence of agents of the other type but may value negatively the presence of agents of their own type. We ask whether a new platform can find fees and subsidies so as to divert agents from the existing platform and make a profit. We show that this might be impossible if intra-group negative externalities are sufficiently (but not too) strong with respect to positive inter-group externalities.
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作者：Lee, Sam-Ho
作者单位：University of Western Australia
摘要：This article introduces a new model of early contracting. Employers who have private information about the applicant's ability worry that applicants who accept their offer are precisely those who were not offered other jobs. To avoid this winner's curse, employers anticipate the time of contracting. The model is developed in the context of university admissions, and is shown to be consistent with several stylized facts in that market. We show that, in contrast to received wisdom, allocative ef...
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作者：Kilian, Lutz; Park, Cheolbeom
作者单位：Korea University
摘要：It is shown that the reaction of U.S. real stock returns to an oil price shock differs greatly depending on whether the change in the price of oil is driven by demand or supply shocks in the oil market. The demand and supply shocks driving the global crude oil market jointly account for 22% of the long-run variation in U.S. real stock returns. The responses of industry-specific U.S. stock returns to demand and supply shocks in the crude oil market are consistent with accounts of the transmissi...
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作者：Fang, Lei; Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The large differences in hours of work across rich countries reflect large differences in both employment to population ratios and hours per worker. We imbed the canonical model of labor supply into a matching model to produce a model with operative intensive and extensive margins, and assess the implications of several policies for changes along the two margins. Tax and transfer policies lead to decreases along both margins, whereas regulations that increase the cost of creating or maintainin...
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作者：Pavoni, Nicola
作者单位：University of London; University College London
摘要：This article introduces the possibility of a deterioration in job opportunities during unemployment into the standard optimal unemployment insurance (UI) design framework and characterizes the efficient UI scheme. The optimal program may display two novel features, which cannot be present in stationary models. First, UI transfers are bounded below by a minimal assistance level that arises endogenously in the efficient contract. Second, the optimal scheme implies a wage subsidy for long-term un...
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作者：Trogdon, Justin G.
作者单位：Research Triangle Institute
摘要：Centralization of cardiac services can increase hospital surgery volumes and decrease access for patients. This study estimates the effects of changes in the regulation of cardiac services on treatments, mortality, and utility. Demand for surgery services by heart attack victims who form expectations of the need for and productivity of surgery in their choice of hospital and treatment is estimated. The results indicate that mortality and ex ante utility are insensitive to moderate changes in p...
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作者：Zanna, Luis-Felipe
作者单位：International Monetary Fund
摘要：In order to maintain competitiveness, governments in developing economies seem to have pursued purchasing power parity (PPP) exchange rate rules, by adjusting the nominal devaluation rate in response to real exchange rate deviations from an intermediate target. This article shows that these rules are likely to induce macroeconomic instability, as they generate sunspot-driven fluctuations that are in fact learnable by agents in the Expectational-Stability sense. It finds that the existence of t...
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作者：Rossi-Hansberg, Esteban; Sarte, Pierre-Daniel; Owens, Raymond
作者单位：Princeton University
摘要：We document several empirical regularities regarding the evolution of urban structure in the largest U. S. metropolitan areas over the period 1980-90. These regularities relate to changes in resident population, employment, occupations, as well as the number and size of establishments in different sections of the metropolitan area. We then propose a theory of urban structure that emphasizes the location and internal structure decisions of firms. In particular, firms can decide to locate their ...
