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作者：Matsuyama, K
作者单位：Northwestern University
摘要：This article presents a model of the emergent class structure, in which a society inhabited by inherently identical households may be endogenously split into the rich bourgeoisie and the poor proletariat. For some parameter values, the model has no steady state where all households remain equally wealthy. In this case, the model predicts emergent class structure or the rise of class societies. Even if every household starts with the same amount of wealth, the society will experience symmetry-b...
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作者：Ishikawa, J; Kiyono, K
作者单位：Hitotsubashi University; Waseda University
摘要：To examine how greenhouse-gas emission controls affect a country's industrial and trade structures, this article presents an open economy model that has both Ricardian and Heckscher-Ohlin features. We specifically compare emission quotas, emission taxes, and emission standards. The patterns of production and trade critically hinge on those policy tools. It is shown that a domestic emission control may lead to carbon leakage and may not reduce the world emissions, and that emission standards ma...
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作者：Brien, MJ; Lillard, LA; Stern, S
作者单位：University of Virginia; University of Michigan System; University of Michigan; Deloitte Touche Tohmatsu Limited
摘要：The objective of this research is to further our understanding of how and why individuals enter and leave coresidential relationships. We develop and estimate an economic model of nonmarital cohabitation, marriage, and divorce that is consistent with current data on the formation and dissolution of relationships. Jovanovic's (Journal of Political Economy 87 (1979), 972-90) theoretical matching model is extended to help explain household formation and dissolution behavior. Implications of the m...
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作者：Alonso-Carrera, J; Caballé, J; Raurich, X
作者单位：Autonomous University of Barcelona; Universidade de Vigo; University of Barcelona
摘要：We analyze the welfare properties of the equilibrium path of a growth model where both habits and consumption externalities affect the utility of consumers. Our analysis highlights the crucial role played by complementarities between externalities and habits in order to generate an inefficient dynamic equilibrium. In particular, we show that the competitive equilibrium is inefficient when consumption externalities and habit-adjusted consumption are not perfect substitutes.
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作者：Castro, R
作者单位：Universite de Montreal; Universite de Montreal
摘要：How does openness affect economic development ? This question is answered in the context of a dynamic general equilibrium model of the world economy, where countries have technological differences that are both sector neutral and specific to the investment goods sector. Relative to a benchmark case of trade in credit markets only, consider (i) a complete restriction of trade and (ii) a full liberalization of trade. The first change decreases the cross-sectional dispersion of incomes only sligh...
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作者：Armantier, O
作者单位：Universite de Montreal
摘要：The influence of relative wealth on fairness considerations is analyzed in an ultimatum game experiment in which participants receive large and widely unequal initial endowments. Subjects initially demonstrate a concern for fairness. With time however, behavior becomes at odds with both subgame perfection and fairness. Evidence of learning is detected for both proposers and receivers in the estimation of a structural reinforcement learning model. The estimation results suggest that, guided by ...
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作者：Chambers, MJ; McCrorie, JR
作者单位：University of Essex; University of Leicester
摘要：This article is concerned with issues of model specification, identification, and estimation in exchange rate models with unobservable fundamentals. We show that the continuous-time model proposed by Gardeazabal, Regulez, and Vazquez (International Economic Review 38 (1997), 389-404) is not identified and that this property is characteristic of the discrete-time representation of the model that they used as the basis for estimation by simulated method of moments. We briefly discuss the implica...
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作者：Delacroix, A; Shi, SY
作者单位：University of Toronto; University of Quebec; University of Quebec Montreal
摘要：We model a labor market where employed workers search on the job and firms direct workers' search using wage offers and employment probabilities. Applicants observe all offers and face a trade-off between wage and employment probability. There is wage dispersion among workers, even though all workers and jobs are homogeneous. Equilibrium wages form a ladder, as workers optimally choose to climb the ladder one rung at a time. This is because low-wage applicants are relatively more sensitive to ...
