-
作者：Basu, Kaushik; Stiglitz, Joseph E.
作者单位：The World Bank; Cornell University; Columbia University
摘要：As the euro area crisis drags on, it is evident that a part of the problem lies in the architecture of debt within the euro area. This study argues that at least part of the debt problem could be addressed through limited cooperative action entailing appropriately structured contracts generating cross-country liability for sovereign debt incurred by individual nations within the European Union. Such agreements are currently proscribed by the Treaty of Lisbon. We construct a game-theoretic mode...
-
作者：Aikman, David; Haldane, Andrew G.; Nelson, Benjamin D.
作者单位：Bank of England
摘要：Credit cycles have been a characteristic of advanced economies for over 100years. On average, a sustained pick-up in the ratio of credit to GDP has been highly correlated with banking crises. The boom phases of the cycle are characterised by large deviations in credit from trend. A range of mechanisms can generate these effects, each of which has strategic complementarity between banks at its core. Macro-prudential policy could curb these credit cycles, both through raising the cost of maintai...
-
作者：Atkinson, A. B.; Sandmo, A.
作者单位：University of London; London School Economics & Political Science; Norwegian School of Economics (NHH)
-
作者：D'Exelle, Ben; Verschoor, Arjan
作者单位：University of East Anglia
摘要：Using a lab-in-the-field experiment in Uganda we study how risk sharing influences investment behaviour. Depending on the treatment, an investor may decide to share profits with a paired person, and/or the paired person may compensate the investor for investment losses. Following sharing norms in African societies, predicted investment is higher if loss sharing is possible, and/or profit sharing is not possible. Contrary to these predictions, we find that investment is higher when losses may n...
-
作者：Burke, Marshall; Gong, Erick; Jones, Kelly
作者单位：University of California System; University of California Berkeley; Middlebury College; CGIAR; International Food Policy Research Institute (IFPRI)
摘要：We examine how variation in local economic conditions has shaped the AIDS epidemic in Africa. Using data from over 200,000 individuals across 19 countries, we match biomarker data on individuals' serostatus to information on local rainfall shocks, a large source of income variation for rural households. We estimate infection rates in HIV-endemic rural areas increase by 11% for every recent drought, an effect that is statistically and economically significant. Income shocks explain up to 20% of...
-
作者：Autor, David H.; Dorn, David; Hanson, Gordon H.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Zurich; Centre for Economic Policy Research - UK; University of California System; University of California San Diego
摘要：We juxtapose the effects of trade and technology on employment in US local labour markets between 1980 and 2007. Labour markets whose initial industry composition exposes them to rising Chinese import competition experience significant falls in employment, particularly in manufacturing and among non-college workers. Labour markets susceptible to computerisation due to specialisation in routine task-intensive activities instead experience occupational polarisation within manufacturing and non-m...
-
作者：Keynes, J. M.
作者单位：University of Cambridge
-
作者：Almond, Douglas; Mazumder, Bhashkar; van Ewijk, Reyn
作者单位：Columbia University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Amsterdam
摘要：A large literature has linked the in utero environment to health in adulthood. We consider how prenatal nutrition may shape human capital acquisition in childhood, utilising the month-long Ramadan fast as a natural experiment. In student register data for Pakistani and Bangladeshi families in England, we examine whether Ramadan's overlap with pregnancy affects subsequent academic outcomes at age 7. We find that test scores are 0.05-0.08 standard deviations lower for students exposed to Ramadan...
-
作者：Beine, Michel; Coulombe, Serge; Vermeulen, Wessel N.
作者单位：Leibniz Association; Ifo Institut; University of Ottawa; University of Oxford
摘要：This article evaluates whether immigration can mitigate the Dutch disease effects associated with booms in natural resource sectors. We derive predicted changes in the size of the non-tradable sector from a small general-equilibrium model a la Obstfeld-Rogoff. Using data for Canadian provinces, we find evidence that aggregate immigration mitigates the increase in the size of the non-tradable sector in booming regions. The mitigation effect is due mostly to interprovincial migration and tempora...
-
作者：Lavy, Victor
作者单位：University of Warwick; Hebrew University of Jerusalem; National Bureau of Economic Research
摘要：The time that children spend in school varies across countries. Do these differences explain international gaps in pupils' academic achievements? In this article I estimate the effects of instructional time on students' achievement using PISA 2006 data, which include data samples from over 50 countries. I find that instructional time has a positive and significant effect on test scores, and that the effect is much lower in developing countries. Evidence also suggests that the productivity of i...
