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作者：Schluter, C; Trede, M
作者单位：University of Southampton; University of Munster
摘要：Mobility indices are popular tools designed to quantify the extent of income changes by aggregating local distributional change into a global scalar according to some rule. For some mobility measures, this aggregation rule is only implicit in their standard definition. We derive an insightful approximation to the (statistical) aggregation rule for the important class of mobility indices introduced by Shorrocks (Journal of Economic Theory 19 (1978), 376-93) and further generalized by Maasoumi a...
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作者：Klonner, S
作者单位：Ruprecht Karls University Heidelberg; Yale University
摘要：We model rotating savings and credit associations (Roscas) among risk-averse participants who experience privately observed income shocks. A random Rosca is not Advantageous, whereas a bidding Rosca is if temporal risk aversion is less pronounced than static risk aversion. The payoff scheme of a bidding Rosca facilitates risk sharing in the presence of information asymmetries. The risk-sharing performance of a simple arrangement where a group of homogenous individuals runs several bidding Rosc...
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作者：Krishna, K; Winston, T
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：Why are higher quality niches seen as intrinsically more profitable in business circles? Why do high quality products sometimes have a low real price, whereas it is unusual to see low quality products with high real prices? Can markets have quality differentiation as well as quality bunching? How does the rate at which fixed costs change with quality affect market structure? In this article we develop a new model of quality that casts light on such issues.
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作者：Steigum, E; Thogersen, O
作者单位：BI Norwegian Business School
摘要：Should the government run fiscal deficits in response to an adverse external shock that warrants transfer of resources from production of nontraded to traded goods? This article considers normative fiscal policy implications of sectoral adjustment costs in a two-sector model with overlapping generations. Fiscal deficits benefit present generations by depleting foreign assets and slowing down the adjustment process. We show that despite no nominal rigidities, temporary fiscal deficits increase ...
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作者：Klein, P; Ríos-Rull, J
作者单位：Western University (University of Western Ontario); University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This article studies the properties of optimal fiscal policy in a stochastic growth model when the government cannot commit itself beyond the next period's capital income tax rate. We find that the results contrast markedly with those under full commitment. First, capital income tax rates are very high (65% on average versus close to zero on average under full commitment). Second, labor income taxes are rather low on average (about 12% versus a value of around 31 % under full commitment). Fina...
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作者：Lagerlöf, NP
作者单位：Concordia University - Canada
摘要：We model demographic and economic long-run development in a setting where mortality is endogenous and subject to epidemic shocks. The model replicates the full transition from Malthusian stagnation to modern growth. Consistent with the historical facts, the economy also passes an intermediate post-Malthusian phase where growth rates of both population and per capita income increase simultaneously, as mortality rates fall and become less volatile. The escape from the Malthusian trap is the resu...
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作者：Armstrong, KG
作者单位：Carleton University
摘要：This article develops a novel multilateral test approach to the problem of international comparisons. Many of the associated tests are justified as reasonable using the fact that they are direct analogues to properties of the cost-of-living index. Further support is bestowed upon the new approach by showing that it is equivalent to an extended version of Diewert's (1986) multilateral test approach. Finally, a number of alternative multilateral comparison formulas are evaluated and the relative...
