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作者：Fratzscher, Marcel; Mehl, Arnaud
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Centre for Economic Policy Research - UK; European Central Bank
摘要：This study assesses whether the international monetary system is already tri-polar by testing what we call China's 'dominance hypothesis', i.e. whether the renminbi already influences exchange rate and monetary policies strongly in Asia, a direct reference to the old 'German dominance hypothesis' which ascribed to the German mark a dominant role in Europe in the 1980s. Using a global factor model of exchange rates and a complementary event study, we find evidence that the renminbi has become a...
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作者：Bell, Brian; Van Reenen, John
作者单位：University of Oxford; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; National Bureau of Economic Research
摘要：We analyse the role of financial sector workers in the huge rise of the share of earnings going to those at the very top of the pay distribution in the UK. Rising bankers' bonuses accounted for two-thirds of the increase in the share of the top 1% after 1999. Surprisingly, bankers' share of earnings showed no decline between the peak of the financial boom in 2007 and 2011, three years after the global crisis began. Nor did bankers' relative employment position deteriorate over this period. We ...
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作者：Bratsberg, Bernt; Raaum, Oddbjorn; Roed, Knut
摘要：Using longitudinal data from the date of arrival, we study long-term labour market and social insurance outcomes for all major immigrant cohorts to Norway since 1970. Immigrants from high-income countries performed as natives, while labour migrants from low-income source countries had declining employment rates and increasing disability programme participation over the lifecycle. Refugees and family migrants assimilated during the initial period upon arrival but labour market convergence halte...
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作者：Clark, Andrew E.
作者单位：Centre National de la Recherche Scientifique (CNRS)
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作者：Manski, Charles F.
作者单位：Northwestern University
摘要：I examine choice of size of government by a planner who has partial knowledge of population preferences and the productivity of public spending. Focusing on income tax-financed spending for infrastructure, I examine scenarios where the planner observes the outcome of a status quo policy and uses various decision criteria to choose policy. The analysis shows that the planner can reasonably choose a wide range of spending levels - thus, a society can rationalise having a small or large governmen...
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作者：Cogley, Timothy; Sargent, Thomas J.; Tsyrennikov, Viktor
作者单位：New York University; Cornell University
摘要：Two types of agents have diverse beliefs about the law of motion for an exogenous endowment. One knows the true process, and the other learns about it via Bayes' theorem. Financial market structure affects the dynamics of the wealth distribution. When markets are complete, the learning agent loses wealth, as in Blume and Easley (2006). The absence of markets for some Arrow securities alters the direction in which wealth is transferred. When the only traded asset is a risk-free bond, the learni...
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作者：Gregory-Smith, Ian; Main, Brian G. M.; O'Reilly, Charles A., III
作者单位：University of Sheffield; University of Edinburgh; Stanford University
摘要：This article uses UK data to examine issues regarding the scarcity of women in boardroom positions. The article examines appointments, pay and any associated productivity effects deriving from increased diversity. Evidence of gender-bias in the appointment of women as non-executive directors is found together with mixed evidence of discrimination in wages or fees paid. However, the article finds no support for the argument that gender diverse boards enhance corporate performance. Proposals in ...
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作者：Behrens, Kristian; Robert-Nicoud, Frederic
作者单位：University of Quebec; University of Quebec Montreal; Centre for Economic Policy Research - UK; University of Geneva
摘要：We develop a framework that integrates natural advantage, agglomeration economies and firm selection to explain why large cities are both more productive and more unequal than small towns. Our model highlights complementarities among those factors and matches a number of key stylised facts about cities. A larger city size increases productivity via selection and higher urban productivity provides incentives for rural-urban migration. Tougher selection increases the returns to skills and earnin...
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作者：Macours, Karen; Vakis, Renos
作者单位：Paris School of Economics; INRAE; The World Bank
摘要：This article analyses the role of interactions with local leaders in amplifying poor households' investment response to a social programme. The causal effect of social interactions is identified through the randomised assignment of leaders and other beneficiaries to three different interventions aimed at increasing human capital and productive investments. Social interactions are found to augment programme impacts on households' investments in education, nutrition and income-generating activit...
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作者：Bell, Brian; Jaitman, Laura; Machin, Stephen
作者单位：University of Oxford; University of London; London School Economics & Political Science; University of London; University College London; University of London; London School Economics & Political Science
摘要：Significant riots occurred in London in August 2011. The riots took place in highly localised geographical areas, with crime going up hugely in the affected sub-wards. The criminal justice response was to make sentencing for rioters much more severe. We show a significant drop in riot crimes across London in the six months after the riots, consistent with a deterrence effect from the tougher sentencing. More evidence of general deterrence comes from the observation that crime also fell in the ...
