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作者：Ekinci, Emre; Kauhanen, Antti; Waldman, Michael
作者单位：Universidad Carlos III de Madrid; University of Jyvaskyla; Cornell University
摘要：Standard models of promotion tournaments do not distinguish between wages and bonuses and thus cannot explain variation in the use of bonuses. We combine classic and market-based tournament theories to develop a model in which wages and bonuses serve distinctly different roles. We use this model to derive testable predictions which we test employing both a single firm data set and a data set encompassing a large segment of the Finnish economy. Our empirical analysis supports the testable predi...
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作者：Hjalmarsson, Randi; Lindquist, Matthew J.
作者单位：University of Gothenburg; Center for Economic & Policy Research (CEPR); Stockholm University
摘要：We study the causal effect of mandatory military conscription in Sweden on the criminal behaviour of men born in the 1970s. We find that military service significantly increases post-service crime (overall and across multiple crime categories) between the ages of 23 and 30. These results are driven primarily by young men who come from low socioeconomic status households and those with pre-service criminal histories, despite evidence of a contemporaneous incapacitation effect of service for the...
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作者：Sargent, Thomas J.
作者单位：New York University
摘要：A government defines a dollar as a list of quantities of one or more precious metals. If issued in limited amounts, token money is a perfect substitute for precious metal money. Atemporal equilibrium conditions determine how quantities of precious metals and token monies affect an equilibrium price level. Within limits, a government can peg the relative price of two precious metals, confirming Fisher's (1911) response to a classic criticism of bimetallism. Monometallism dominates bimetallism a...
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作者：Spulber, Daniel F.
作者单位：Northwestern University
摘要：The analysis provides conditions under which standard setting organisations (SSOs) choose efficient technology standards. I introduce a two-stage game with both voting and market competition. In equilibrium, standards and market outcomes are efficient even with market power from scarce capacity and standard essential patents (SEPs). I show that a drastic innovation with SEPs generates greater social welfare than a less efficient standard without SEPs. A key finding is that voting power and mar...
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作者：Braggion, Fabio; Ongena, Steven
作者单位：Tilburg University; University of Zurich
摘要：We study the effects of the 1971 deregulation of uk banking on firms' financial and investment policies. The deregulation was a turning point in the evolution of firm-bank relationships during the twentieth century. Indeed, for more than 80 years prior to deregulation, most firms had had a relationship with only one bank: this was no longer the case from 1971 on. Deregulation and intensifying competition in the banking sector spurred firms - in local markets with many banks already active - to...
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作者：Hoffmann, Mathias; Krause, Michael U.; Laubach, Thomas
作者单位：Deutsche Bundesbank; University of Cologne; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：During the 1990s and 2000s, survey expectations of long-run output growth for the US relative to the rest of the world were highly correlated with the US current account, and thus, with global imbalances. We show that this finding is, to a large extent, predicted by a two-region stochastic growth model simulated using expected trend growth based on surveys. In line with the intertemporal approach to the current account, a major part of the build-up and subsequent reversal of the US current acc...
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作者：Furlanetto, Francesco; Ravazzolo, Francesco; Sarferaz, Samad
作者单位：Free University of Bozen-Bolzano; BI Norwegian Business School; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We estimate demand, supply, monetary, investment and financial shocks in a VAR identified with a minimum set of sign restrictions on US data. We find that financial shocks are major drivers of fluctuations in output, stock prices and investment but have a limited effect on inflation. In a second step, we disentangle shocks originating in the housing sector, shocks originating in credit markets and uncertainty shocks. In the extended set-up, financial shocks are even more important and a leadin...
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作者：McIntosh, Craig; Povel, Felix; Sadoulet, Elisabeth
作者单位：University of California System; University of California San Diego; University of California System; University of California Berkeley
摘要：We play a series of incentivised laboratory games with risk-exposed co-operativised Guatemalan coffee farmers to understand the demand for index-based rainfall insurance. We estimate an explicit utility curve for every player and hence predict expected utility demand under counterfactual scenarios. Using these estimates, we provide a precise money-metric decomposition of the extent to which the low observed demand for index insurance is driven by expected utility theory, or by behavioural issu...
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作者：Antler, Yair
作者单位：University of Essex
摘要：A decision-maker wishes to fill a vacancy with a fixed wage. Candidates who are more valuable to the decision maker are less likely to be available. The candidates suffer a disutility from filling the position when they are ranked low on the decision-maker's preference list. However, the decision-maker's preferences are his private information. Therefore, the candidates infer the decision-maker's preference list from information revealed by the number of failed offers. I explore the adverse ef...
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作者：Feve, Patrick; Guay, Alain
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; University of Quebec; University of Quebec Montreal; Universite de Montreal
摘要：This article investigates the contribution of sentiment shocks to US fluctuations in a Structural VAR setup with restrictions at various frequencies. Sentiments shocks are identified as shocks orthogonal to fundamentals that account for most of the variance of confidence. We obtain that, contrary to news shocks on total factor productivity, sentiment shocks explain little of quantities and prices. Sentiments shocks mostly appear as an idiosyncratic component of confidence. These results are ro...
