作者：Fafchamps, Marcel; Shilpi, Forhad
作者单位：University of Oxford; The World Bank
摘要：The recent literature has shown that subjective welfare depends on relative income. Much of the existing evidence comes from developed economics. What remains unclear is whether this is a universal human trait or an artifact of a prosperous, market-oriented lifestyle. Using data from Nepal, a mountainous country where many households still live in relative isolation, we test whether poorer and more isolated households care less about relative consumption. We find that they do not. We investiga...
作者：Houssa, Romain
作者单位：KU Leuven
摘要：This paper analyzes the economic costs of a monetary union in West Africa by looking at the fluctuations of aggregate demand and aggregate supply shocks across countries. Previous studies have estimated shocks with Vector Auto-Regressive (VAR) models. This paper discusses the limitations of VAR models and applies a new technique based on dynamic factor models. The results show negative and low positive correlations among supply shocks of West African countries, indicating that these countries ...
