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作者：Bulow, Jeremy; Klemperer, Paul
作者单位：Stanford University; University of Oxford
摘要：We propose a new form of hybrid capital for banks, Equity Recourse Notes (ERNs), which (i) ameliorate booms and busts by creating counter-cyclical incentives for banks to raise capital, and so encourage bank lending in bad times; (ii) help solve the too-big-to-fail problem; and (iii) reduce the regulatory system's reliance on accounting measures of capital. ERNs avoid the flaws of existing contingent convertible bonds (cocos) - in particular, they convert more credibly. Future required increas...
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作者：Hansen, Casper Worm; Lonstrup, Lars
作者单位：University of Copenhagen; University of Southern Denmark
摘要：This research exploits conditional exogenous variation in mortality from the diffusion of modern medicine to study the effect of growth in life expectancy on the growth in GDP per capita. The empirical analysis establishes that countries that obtained higher growth rates of life expectancy due to this shock to mortality in the mid-twentieth century experienced lower growth rates of GDP per capita in the second half of the twentieth century. In addition, a negative relationship between initial ...
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作者：Bleichrodt, Han; Wakker, Peter P.
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：In their famous 1982 paper in this Journal, Loomes and Sugden introduced regret theory. Now, more than 30years later, the case for the historical importance of this contribution can be made. Loomes, G. and Sugden, R. (1982). Regret theory: an alternative theory of rational choice under uncertainty', Economic Journal, vol. 92(368), pp. 805-24.
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作者：Brueckner, Markus; Schwandt, Hannes
作者单位：National University of Singapore; Princeton University
摘要：Do populations grow as countries become richer? In this study we estimate the effects on population growth of shocks to national income that are plausibly exogenous and unlikely to be driven by technological change. For a panel of over 139 countries spanning the period 1960-2007, we interact changes in international oil prices with countries' average net-export shares of oil in GDP. Controlling for country and time fixed effects, we find that this measure of oil price induced income growth is ...
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作者：Sa, Filipa
作者单位：University of London; King's College London; IZA Institute Labor Economics
摘要：This article studies the effect of immigration on house prices in the UK. It finds that immigration has a negative effect on house prices and presents evidence that this negative effect is due to the mobility response of the native population. Natives respond to immigration by moving to different areas and those who leave are at the top of the wage distribution. This generates a negative income effect on housing demand and pushes down house prices. The negative effect of immigration on house p...
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作者：Freeman, Mark C.; Groom, Ben
作者单位：Loughborough University; University of London; London School Economics & Political Science
摘要：The aggregated term structure of social discount rates that results from Weitzman's (2001) survey of expert opinion is shown to be highly sensitive to the nature of the responses. If variation reflects irreducible differences in ethical judgments, the term structure can decline rapidly. If variation occurred because respondents were forecasting future rates under uncertainty, the term structure is much flatter because additional experts provide new information. The former approach triples the ...
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作者：Atkinson, Anthony B.; Brandolini, Andrea
作者单位：University of Oxford; European Central Bank; Bank of Italy; University of London; London School Economics & Political Science
摘要：This article assesses the importance of Dalton's 1920 paper in the Economic Journal for subsequent developments in income distribution analysis. Dalton, H. (1920). The measurement of the inequality of incomes', Economic Journal, vol. 30(119), pp. 348-61.
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作者：Dalton, Hugh
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作者：Loomes, Graham; Sugden, Robert
作者单位：University of Newcastle
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作者：Roy, A. D.
