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作者：Delacroix, A
作者单位：Purdue University System; Purdue University
摘要：A labor market model under search frictions is developed, where participants are heterogeneous in productivity and the decision of which type of agents to match with is endogenized. Two applications are studied. It is observed that countries with high (low) unemployment tend to exhibit low (high) wage dispersion. And there is evidence showing that individual and firm characteristics have more explanatory power for the French than for the American wage data. Matching patterns can account for th...
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作者：Nechyba, TJ
作者单位：Duke University
摘要：A CGE model is used to analyze the impact of public school financing on private school attendance. The common perception that public school finance centralization will necessarily lead to greater private school attendance is not correct in such a model-even when that centralization involves an extreme equalization as in California. Furthermore, if centralization is less dramatic (as in most states), declines in private school attendance are even more pronounced. This weakens the speculation th...
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作者：Haliassos, M; Michaelides, A
作者单位：University of London; London School Economics & Political Science; University of Cyprus; Centre for Economic Policy Research - UK
摘要：We study the infinite-horizon model of household portfolio choice under liquidity constraints and revisit the portfolio specialization puzzle. We show why the puzzle is robust to several model variations, and argue that positive correlation between earnings shocks and stock returns is unlikely to provide an empirically plausible resolution. We find that relatively small fixed costs for stock market entry are sufficient to deter stockholding because, for a plausible range of parameter values, h...
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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...
