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作者：Dennis, Richard; Kirsanova, Tatiana
作者单位：University of Glasgow
摘要：Discretionary policy makers cannot manage private-sector expectations and cannot coordinate the actions of future policy makers. As a consequence, coordination failures can occur and multiple equilibria can arise. In this article, we employ notions of self-enforceability and learnability to motivate and identify equilibria of particular interest in discretionary policy problems exhibiting multiple equilibria. Central among these criteria are whether an equilibrium is robust to the formation of...
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作者：Boserup, Simon Halphen; Kopczuk, Wojciech; Kreiner, Claus Thustrup
作者单位：University of Copenhagen; Columbia University; Center for Economic & Policy Research (CEPR); Center for Economic & Policy Research (CEPR)
摘要：We use Danish wealth records from three decades to characterise wealth inequality in childhood, where the main source of wealth is transfers. Wealth holdings are small in childhood but they have strong predictive power for future wealth in adulthood. At age 18, asset holdings of children are more informative than parental wealth in predicting wealth of children when they are in their 40s. We investigate why and rule out that childhood wealth in itself can accumulate enough to explain later wea...
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作者：Bond, Eric W.; Saggi, Kamal
作者单位：Vanderbilt University
摘要：In a stylised model involving a developing country (called South) and a foreign patent holder, we analyse whether and how the incidence and social value of compulsory licensing (CL) depends upon the South's patent protection policy. If South is free to deny patent protection, CL fails to arise in equilibrium and the option to use it makes both parties worse off. If South is obliged to offer patent protection, CL can occur and even yield a Pareto improvement. The ability to control price increa...
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作者：Bogart, Dan
作者单位：University of California System; University of California Irvine
摘要：Economic and political interests often block or delay infrastructure improvements. This article examines their effects by studying Britain's river navigation improvements in the early 1700s - a subject of intense lobbying in parliament. It shows that stronger party connections and influence in neighbouring areas likely to oppose or support projects affected whether a town got a river navigation act. Their estimated effects are comparable to geography and town economic characteristics in magnit...
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作者：Bonfiglioli, Alessandra; Crino, Rosario; Gancia, Gino
作者单位：Pompeu Fabra University; Barcelona School of Economics; Catholic University of the Sacred Heart; Centre de Recerca en Economia Internacional (CREI)
摘要：We study the determinants of firm-level heterogeneity in a model where innovation choices upon entry affect the variance of productivity draws. In equilibrium, productivity is Pareto distributed with a shape parameter that depends on industry-level characteristics. We show that export opportunities, by increasing the pay-offs in the tail, induce firms to invest in bigger projects with more dispersed outcomes. When more productive firms pay higher wages, trade amplifies wage dispersion by makin...
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作者：Gilchrist, Simon; Mojon, Benoit
作者单位：Boston University; National Bureau of Economic Research; European Central Bank; Bank of France; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We construct credit risk indicators for euro area banks and non-financial corporations. These indicators reveal that the financial crisis of 2008 dramatically increased the cost of market funding for both banks and non-financial firms. In contrast, the prior recession following the 2000 US dot-com bust led to widening credit spreads of non-financial firms but had no effect on the credit spreads of financial firms. The 2008 financial crisis also led to a systematic divergence in credit spreads ...
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作者：Sher, Itai
作者单位：University of California System; University of California Irvine
摘要：This article develops a formal approach to evaluating freedom in interactive settings based on the literatures on preference for flexibility and measurement of diversity. The approach posits that the value of freedom has an instrumental component - grounded in preferences - and an intrinsic component. The philosophical justification of the approach is considered and potential conflicts between freedom and efficiency are explored. On a technical level, the article extends the notion of a divers...
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作者：Johnston, David W.; Shields, Michael A.; Suziedelyte, Agne
作者单位：Monash University; University of London
摘要：The costs of violent crime victimisation are often left to a tribunal, judge or jury to determine, which can lead to considerable subjectivity and variation. Using panel data, this article provides compensation estimates that help reduce the subjectivity of awards by providing a benchmark for the compensation required to offset direct and intangible costs. Individual-area fixed-effects models of well-being that allow for adaptation and the endogeneity of income suggest that, on average, A$88,0...
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作者：Charnoz, Pauline; Lelarge, Claire; Trevien, Corentin
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Universite Paris Saclay; European Central Bank; Bank of France; Institut Polytechnique de Paris; ENSAE Paris; Institut Polytechnique de Paris; ENSAE Paris
摘要：We take advantage of the expansion of the French High-speed Rail to study the impact of decreases in communication costs in the form of lower travel times between headquarters and affiliated plants of corporate groups. We show that such shocks foster the functional specialisation of remote affiliates on their production activities. Support activities shrink because of the transfer of high-skilled managers to headquarters. These organisational rationalisations have a significant but small impac...
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作者：Gierlinger, Johannes; Laczo, Sarolta
作者单位：Autonomous University of Barcelona; Barcelona School of Economics; University of Surrey; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Center for Economic & Policy Research (CEPR)
摘要：This article studies the effect of limited commitment on sorting when two sides of a frictionless market form pairs to share risk. On each side, agents are identical except for their risk preferences. First, we provide analytical results when transfers do not condition on the history of shocks. More risk-averse agents can commit to larger transfers, as long as their consumption is less risky than their endowment. With sufficiently large idiosyncratic risk and sufficient discounting of the futu...
