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作者：Chiappori, Pierre-Andre
作者单位：Columbia University
摘要：Comparing income levels across families with different composition is a central issue for most welfare indicators and policies. Currently, the dominant method relies on income-based equivalence scales, which raise a host of theoretical, empirical and normative difficulties. However, a new approach, based on the notion of indifference scales, avoids most of these problems, while leading to empirically tractable estimation methods. I submit that time has come to abandon the traditional view in f...
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作者：Blanden, Jo; Del Bono, Emilia; McNally, Sandra; Rabe, Birgitta
作者单位：University of Essex; University of Surrey; University of London; London School Economics & Political Science; University of Bergen
摘要：This article studies the effect of free pre-school education on child outcomes in primary school. We exploit the staggered implementation of free part-time pre-school for three year olds across Local Education Authorities in England in the early 2000s. The policy led to small improvements in attainment at age 5, with no apparent benefits by age 11. We argue that this is because the expansion of free places largely crowded out privately paid care, with small changes in total participation, and ...
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作者：Keane, Michael P.; Wasi, Nada
作者单位：University of Oxford; University of New South Wales Sydney; University of Michigan System; University of Michigan
摘要：We specify and estimate a life-cycle labour supply model that expands on earlier work by simultaneously including human capital accumulation, saving and bequests, an active extensive margin, a realistic specification of the progressive tax structure and the Social Security system, and an accounting for private pensions and health expenditures. By incorporating all these features, we develop new insights into how taxes affect life-cycle labour supply. For instance, we find that labour supply el...
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作者：Foellmi, Reto; Legge, Stefan; Schmid, Lukas
作者单位：University of St Gallen; Centre for Economic Policy Research - UK
摘要：Does information processing affect individual risk-taking behaviour? This article provides evidence that professional athletes suffer from a left-digit bias when dealing with signals about differences in performance. Using data from the highly competitive field of World Cup alpine skiing for the period of 1992-2014, we show that athletes misinterpret actual differences in race times by focusing on the leftmost digit, which results in increased risk-taking behaviour. For the estimation of causa...
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作者：Cubel, Maria; Nuevo-Chiquero, Ana; Sanchez-Pages, Santiago; Vidal-Fernandez, Marian
作者单位：University of Barcelona; University of Edinburgh; University of Sydney; IZA Institute Labor Economics
摘要：While survey data supports a strong relationship between personality and labour market outcomes, the exact mechanisms behind this association remain unexplored. We take advantage of a controlled laboratory set-up to explore whether this relationship operates through productivity. Using a real-effort task, we analyse the impact of the Big Five personality traits on performance. We find that more neurotic subjects perform worse, and that more conscientious individuals perform better. These findi...
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作者：Keane, Michael P.
作者单位：University of Oxford; University of New South Wales Sydney
摘要：I examine econometric and behavioural implications of including human capital in the life-cycle labour supply model. With human capital, the wage is no longer the price of time - which is, instead, the wage plus returns to work experience. This has important implications: first, labour supply elasticities become functions of both preference and wage process parameters. One cannot estimate them separately. Second, the data appear consistent with larger elasticities than prior work suggests. Thi...
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作者：van Dijk, Dick; Lumsdaine, Robin L.; van der Wel, Michel
作者单位：American University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; National Bureau of Economic Research; CREATES
摘要：This article considers the extent to which the federal (fed) funds futures market prepares for Federal Open Market Committee (FOMC) announcements. We demonstrate that there is often less variation in fed funds futures prices during the period immediately preceding an FOMC announcement than in earlier periods, despite greater trading activity, as the market has already incorporated anticipated signals. We find that macro announcements and central bank officials' congressional testimony are of c...
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作者：Bean, Charles
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：I review the causes and some of the consequences of the recent decline in global real interest rates. Causes include: a higher propensity to save associated with a rise in the population share of the high-saving middle-aged; a weaker propensity to invest since the 2007-8 financial crisis; and portfolio shifts towards safer assets. Consequences include: an increased likelihood that policy rates are constrained by the zero lower bound, necessitating greater reliance on unconventional monetary po...
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作者：Kaiser, Boris; Siegenthaler, Michael
作者单位：University of Bern
摘要：This article examines the linkages between real exchange rate movements and firms' skill demand. Augmenting the model of Campa and Goldberg (2001) with heterogeneous labour, we show that exchange rate movements may affect unskilled workers differently than skilled workers because they change the relative price of imported inputs. Using panel data on Swiss manufacturers covering the period 1998-2012, we find that an appreciation increases high-skilled and reduces low-skilled employment in most ...
