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作者：FERNANDEZ, R
作者单位：National Bureau of Economic Research
摘要：This paper examines a two-sector small open economy that is subject to shocks in its terms-of-trade. Risk-neutral entrepreneurs use implicit contracts to insure risk-averse workers against fluctuations in their income. The characteristics of these contracts are examined within a general equilibrium framework and the implications for employment, wages and utility of different realizations of relative prices are analyzed. The implicit contract equilibrium is shown to be constrained Pareto optima...
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作者：KRISHNA, K
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This reply shows that both market structure and the form of preferences affect the argument by Falvey (1979) on ad valorem tariffs and the quality of imports. It does not depend on whether or not consumers are restricted to purchasing only one variety as claimed in the preceding comment by Wall.
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作者：WOOLDRIDGE, JM
摘要：A nonlinear regression model is proposed as an alternative to the Box-Cox regression model for nonnegative variables. The functional form contains linear, exponential, and reciprocal models as special cases. Unlike Box-Cox type approaches, the proposed estimators of the conditional mean function are robust to conditional variance and other distributional misspecifications. Computationally simple, robust Lagrange multiplier statistics for restricted versions of the model are derived. Scale inva...
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作者：GALOR, O; TSIDDON, D
作者单位：Hebrew University of Jerusalem
摘要：This paper analyzes the effects of transitory productivity shocks on long-run output. The study demonstrates that, despite its transitory nature, an adverse productivity shock may result in lower long-run output. A fall in productivity reduces output and savings, and consequently, the interest rate increases and investment in human capital falls. Although productivity returns to its initial level, a sufficiently large reduction in investment pushes the economy to a new stationary equilibrium w...
