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作者：Stueber, Heiko
作者单位：University of Erlangen Nuremberg
摘要：Several recent macroeconomic models assume that real wages are rigid. The wage rigidity of newly hired workers assumes a crucial role in these models, as the decision of whether to open a vacancy is primarily influenced by real hiring wages. This article analyses the cyclical behaviour of real wages in Germany. It considers recent concerns that not controlling for cyclical job up and downgrading leads to biased results. The results indicate that wages are not rigid - neither for all workers no...
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作者：Fan, Haichao; Gao, Xiang
作者单位：Fudan University; Shanghai University of Finance & Economics
摘要：This article unbundles institutions protecting domestic and foreign creditors' rights. We estimate a negative relation between the degree of domestic rights protection and the external stock of private non-guaranteed debt in 85 developing countries. A supply-side explanation is that strong domestic protection supports reliable outside financing options for potential external debt defaulters; foreign investors anticipating this would tighten credit constraints ex ante. Then we formalise the arg...
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作者：Bertoletti, Paolo; Etro, Federico
作者单位：University of Pavia; Universita Ca Foscari Venezia
摘要：We analyse monopolistic competition when consumers have an indirect utility that is additively separable. This leads to markups depending on income (both in the short and long run) but not on the market size, which generates pricing to market, incomplete pass-through and pure gains from variety for countries that open up to trade. Firms' heterogeneity a la Melitz implies a Darwinian effect of consumers' spending on business creation and a Linderian effect on (endogenous) quality provision. We ...
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作者：Osotimehin, Sophie; Pappada, Francesco
作者单位：University of Virginia; European Central Bank; Bank of France
摘要：Recessions are conventionally considered as times when the least productive firms are driven out of the market. How do credit frictions affect this cleansing effect of recessions? We build and calibrate a model of firm dynamics with credit frictions and endogenous entry and exit to investigate this question. We find that there is a cleansing effect of recessions in the presence of credit frictions, despite their effect on the selection of exiting and entering firms. This result holds true rega...
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作者：Bag, Parimal Kanti; Saha, Bibhas
作者单位：National University of Singapore
摘要：Illegal betting in a two-team sports contest is studied with player sabotage instigated by a monopolist bookmaker. Whereas punters hold beliefs about the teams' winning chances correlated with Nature's draw, the bookmaker's information is noise-free. Enforcement investigates with a higher probability, the greater the upset. In such an environment, if punters do not suspect match-fixing, the favourite is bribed, thus creating upsets and intensifying subsequent investigations. Match-fixing conti...
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作者：Oosterlinck, Kim
作者单位：Universite Libre de Bruxelles; Solvay SA; Center for Economic & Policy Research (CEPR)
摘要：During World War II, artworks significantly outperformed all alternative investments in Occupied France. With the surge in demand for portable and easy-to-hide (discreet) assets such as artworks and collectible stamps, prices boomed. This suggests that discreet assets may be viewed as crypto-currencies, demand for which varies depending on the environment and the need to hide value. Regarding art market valuation, this article argues that while some economic actors derive significant utility f...
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作者：Brewer, Mike; Etheridge, Ben; O'Dea, Cormac
作者单位：University of Essex; University of Essex; University of London; London School Economics & Political Science
摘要：We document that households in the UK with extremely low measured income tend to spend much more than those with merely moderately low income. This phenomenon is evident throughout three decades worth of microdata and across different employment states, levels of education and marital statuses. Of the likely explanations, we provide several arguments that discount over-reporting of expenditure and argue that under-reporting of income plays the major role. In particular, by using a dynamic mode...
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作者：Anderson, Robert Warren; Johnson, Noel D.; Koyama, Mark
作者单位：University of Michigan System; University of Michigan; George Mason University
摘要：What factors caused the persecution of minorities in pre-modern Europe? Using panel data consisting of 1,366 persecutions of Jews from 936 European cities between 1100 and 1800, we test whether persecutions were more likely following colder growing seasons. A one standard deviation decrease in growing season temperature in the previous five-year period increased the probability of a persecution by between 1 and 1.5 percentage points (relative to a baseline of 2%). This effect was strongest in ...
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作者：Kamei, Kenju; Putterman, Louis
作者单位：Durham University; Brown University
摘要：Often the fuller the reputational record people's actions generate, the greater their incentive to earn a reputation for cooperation. However, inability to wipe clean' one's past record might trap some agents who initially underappreciate reputation's value in a cycle of bad behaviour, whereas a clean slate could have been followed by their reforming' themselves. In a laboratory experiment, we investigate what subjects learn from playing a finitely repeated dilemma game with endogenous, symmet...
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作者：Cubel, Maria; Sanchez-Pages, Santiago
作者单位：Brunel University; University of Barcelona; University of London; King's College London
摘要：This article explores the existence and endogeneity of gender differences in strategic behaviour. We report results from two experimental studies employing the beauty contest game, one in the laboratory and one in the classroom. We observe robust and significant gender differences in observed depth of strategic reasoning in favour of men in zero-stake situations. These differences disappear when a monetary prize is awarded. We also find that females engage in more rounds of reasoning than male...
