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作者：Van den Berg, Gerard J.; Van der Klaauw, Bas
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We investigate the effect of counseling and monitoring on the individual transition rate to employment. We theoretically analyze these policies in a job search model with two search channels and endogenous search effort. In the empirical analysis we use unique administrative and survey data concerning a social experiment with full randomization and compliance. The results do not provide evidence that counseling and monitoring affect the exit rate to work. Monitoring causes a shift from informa...
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作者：Phillips, Peter C. B.; Sun, Yixiao; Jin, Sainan
作者单位：Yale University; University of California System; University of California San Diego; Peking University
摘要：A new class of kernels for long-run variance and spectral density estimation is developed by exponentiating traditional quadratic kernels. Depending on whether the exponent parameter is allowed to grow with the sample size, we establish different asymptotic approximations to the sampling distribution of the proposed estimators. When the exponent is passed to infinity with the sample size, the new estimator is consistent and shown to be asymptotically normal. When the exponent is fixed, the new...
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作者：Davidson, Carl; Matusz, Steven J.
作者单位：Michigan State University; University of Nottingham
摘要：Liberalization harms some groups while generating aggregate benefits. We consider various labor market policies that might be used to compensate those who lose from freer trade. Our goal is to find the policy that compensates each group of losers at the lowest cost to the economy. We argue that wage subsidies should be used to compensate those who bear the adjustment costs triggered by liberalization whereas employment subsidies should be used to compensate those who remain trapped in the prev...
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作者：Domeij, David; Floden, Martin
作者单位：Stockholm School of Economics; Stockholm School of Economics
摘要：We use the neoclassical growth framework to model international capital flows in a world with exogenous demographic change. We compare model implications and actual current account data and find that the model explains a small but significant fraction of capital flows between OECD countries, in particular after 1985.
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作者：Julien, Benoit; Kennes, John; King, Ian
作者单位：University of Copenhagen
摘要：How much of residual wage dispersion can be explained by an absence of coordination among firms ? To answer, we construct a dynamic directed search model with identical workers where firms can create high- or low-productivity jobs and are uncoordinated in their offers to workers, calibrated to the U.S. economy. Workers can exploit ex post opportunities once approached by firms, and can conduct on-the-job search. The stationary equilibrium wage distribution is hump-shaped, skewed significantly ...
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作者：Monnet, Cyril
作者单位：European Central Bank
摘要：I show that the nature of agents' production determines whether they should issue money. I use a matching model with no commitment and no enforcement. Some agents can produce goods, whereas others are unproductive. All agents can produce at a cost a distinguishable, intrinsically useless but durable good: notes. Productive agents produce red notes whereas unproductive agents produce green notes. I find that green notes are the most efficient means of exchange, as they implement more allocation...
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作者：Goyal, Sanjeev; Joshi, Sumit
作者单位：George Washington University; University of Essex
摘要：We study a setting with many countries; in each country there are firms that can sell in the domestic as well as foreign markets. Countries can sign bilateral free-trade agreements that lower import tariffs and thereby facilitate trade. We allow a country to sign any number of bilateral free-trade agreements. A profile of free-trade agreements defines the trading regime. Our principal finding is that, in symmetric settings, bilateralism is consistent with global free trade. We also explore the...
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作者：Bental, Benjamin; Demougin, Dominique
作者单位：University of Haifa; Humboldt University of Berlin
摘要：We propose a transactions cost theory of total factor productivity (TFP). In a world with asymmetric information and transactions costs, productivity must be induced by incentive schemes. Labor contracts trade off marginal benefits and costs of effort. The latter include, in addition to the workers' marginal disutility of effort, organizational costs and rents. As the economy grows, contracts change endogenously, inducing higher effort and productivity. Transactions costs are also affected by ...
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作者：King, Robert G.; Thomas, Julia K.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Boston University; National Bureau of Economic Research
摘要：Econometric partial adjustment models perform relatively well at the aggregate level; however, many kinds of microeconomic behavior involve discrete and occasional choices. Analyzing the classic employment adjustment problem, we show how a generalized partial adjustment model tractably accommodates both observations by aggregating the actions of heterogeneous producers facing fixed adjustment costs. Aggregate disturbances cause changes in establishment-level target employment and in the measur...
