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作者：FERNANDEZ, R; KAARET, D
作者单位：National Bureau of Economic Research; Columbia University
摘要：This paper examines a process of debt renegotiation in which banks possess divergent interests and there is asymmetric information. We assume that large banks must exert pressure on small banks in order to obtain participation of these in the provision of new money and in debt forgiveness. Making use of a reputational model, we argue that the effect of asymmetric information as to the amount of pressure that large banks can exert on small banks makes the debtor countries worse off than absent ...
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作者：ROSSANA, RJ; SEATER, JJ
作者单位：North Carolina State University
摘要：The effects of both temporal and cross-sectional aggregation on the estimated time series characteristics of manufacturing real wage data are examined. The effects, especially of temporal aggregation, are found to be quite large and in accord with statistical theory. The well-known results of Altonji and Ashenfelter, that real wages are a random walk, and of Nelson and Plosser, that real wages are an IMA(1, 1) process, both seem to be entirely artifacts of temporal aggregation, with the true m...
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作者：CHAVAS, JP; POPE, R
作者单位：Brigham Young University
摘要：While homogencity restrictions of optimal choice functions are well known in the context of neoclassical economic theory, the existence and implications of homogeneity-like restrictions in more general optimization models have not received much attention in the literature. We call such restrictions nullity restrictions since they involve the null space of the matrix of slopes of choice functions. The existence, nature and implications of nullity restrictions are investigated in the context of ...
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作者：CUSHING, MJ; MCGARVEY, MG
作者单位：University System of Georgia; Georgia State University
摘要：This paper generalizes the first differencing test proposed by Plosser, Schwert and White to the case of finite one-sided polynomial filters. We demonstrate that the filtering test is asymptotically equivalent to a Hausman-Wu test. This provides a computationally simple way of performing the test and analyzing the test's power. We show that the choice of lag weights is nontrivial for filters of order greater than one. By examining the optimal choice of filter, the paper shows under what circum...
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作者：MONTGOMERY, E; SHAW, K; BENEDICT, ME
作者单位：Carnegie Mellon University; University System of Ohio; Bowling Green State University
摘要：This paper examines whether a tradeoff exists between the level of pension benefits and wages. The 1983 Survey of Consumer Finances in used to match detailed information on pension plans to worker characteristics for a random sample of the population. The pension-wage tradeoff is estimated using both a contractual model of the labor market and the spot market model used in previous studies. The results indicate a large negative tradeoff in the contractual model but only a negligible tradeoff i...
