-
作者：Leduc, Sylvain; Natal, Jean-Marc
作者单位：Bank of Canada; International Monetary Fund
摘要：We examine the optimal monetary policy in the presence of endogenous feedback loops between asset prices and economic activity when macroprudential policies can also be pursued. Absent macroprudential policies, the optimal monetary policy leans against asset prices and can be closely approximated, using a speed-limit rule that responds to the growth of financial variables. An endogenous feedback loop is crucial for this result: price stability is otherwise quasi-optimal. Similarly, a simple ma...
-
作者：Vanden Eynde, Oliver
作者单位：Paris School of Economics
摘要：How does a rebel group's access to funding affect its fighting capacity? Using a district-year panel of fatal Maoist incidents in India between 2005 and 2011, I find that deficient rainfall spurs targeted Maoist violence against civilians but that the number of Maoist attacks against security forces increases only in mining districts. The relationship between income shocks and conflict depends on the type of targets and the revenue sources of the rebels. In particular, the fighting capacity of...
-
作者：Braun, Sebastian Till; Stuhler, Jan
作者单位：University of St Andrews; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Universidad Carlos III de Madrid
摘要：This article shows that across multiple generations, the persistence of occupational and educational attainment in Germany is larger than estimates from two generations suggest. We consider two recent interpretations. First, we assess Gregory Clark's hypotheses that the true rate of intergenerational persistence is higher than the observed rate, as high as 0.75, and time-invariant. Our evidence supports the first but not the other two hypotheses. Second, we test for independent effects of gran...
-
作者：Myatt, David P.; Wallace, Chris
作者单位：University of London; London Business School; University of Leicester
摘要：Asymmetric price-setting multi-product suppliers have access to multiple sources of information about demand conditions, where the publicity of each source corresponds to the cross-industry correlation of signals received from it. A signal's influence on suppliers' prices is increasing in its publicity as well as in its precision. The emphasis on relatively public information is stronger for smaller suppliers who control narrower product portfolios. When information is endogenously acquired, s...
