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作者：De Fiore, Fiorella; Tristani, Oreste
作者单位：European Central Bank
摘要：We study a simple extension of the basic new-Keynesian set-up in which we relax the assumption of frictionless financial markets: due to asymmetric information and default risk, bank lending rates incorporate a spread over the deposit rate. We demonstrate that financial frictions affect aggregate dynamics mainly through their impact on firms' financing costs, which increase in both the deposit rate and in the spread between lending and deposit rates. Welfare includes a concern for smoothing th...
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作者：Ohinata, Asako; van Ours, Jan C.
作者单位：Tilburg University; University of Melbourne
摘要：In this article, we analyse how the share of immigrant children in the classroom affects the educational attainment of native Dutch children. Our analysis uses data from various sources, which allow us to characterise educational attainment in terms of reading literacy, mathematical skills and science skills. Our results suggest that Dutch students face a worse learning environment when they are studying with more immigrant students in the classroom. However, we do not find strong evidence of ...
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作者：Sgroi, Daniel; Oswald, Andrew J.
作者单位：University of Warwick
摘要：Many governments wish to assess the quality of their universities. A prominent example is the UK's new Research Excellence Framework (REF) 2014. In the REF, peer-review panels will be provided with information on publications and citations. This article suggests a way in which panels could choose the weights to attach to these two indicators. The analysis draws in an intuitive way on the concept of Bayesian updating (where citations gradually reveal information about the initially imperfectly ...
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作者：Jose Luengo-Prado, Maria; Sevilla, Almudena
作者单位：Northeastern University; University of London; Queen Mary University London
摘要：Detailed panel expenditure data from Spain reveal little evidence of a retirement consumption puzzle in 1985-2004. There is a drop in food at home expenditure in the later years of the sample along with evidence of households paying lower prices for the food they purchase after retirement. However, our findings are consistent with a model that allows for home production as long as one accounts for the greater participation in housework by men after retirement coinciding with this latter period...
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作者：Lang, Matthew
作者单位：University System of Ohio; Xavier University
摘要：A popular proxy for gun ownership is the fraction of suicides from firearms. This has made identifying the causal effect of guns on suicide difficult. In this article, firearm background checks are used as a proxy for changes in gun ownership rates, allowing the effect of guns on suicide to be identified. The results from panel data regressions show that increases in firearm background checks rates are associated with increases in firearm suicide rates. Overall suicide is positively, but insig...
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作者：Zussman, Asaf
作者单位：Hebrew University of Jerusalem
摘要：Using a combination of randomised field experiments, follow-up telephone surveys and other data collection efforts, this article studies the extent and the sources of ethnic discrimination in the Israeli online market for used cars. We find robust evidence of discrimination against Arab buyers and sellers which, the analysis suggests, is motivated by statistical' rather than taste' considerations. We additionally find that Arab sellers manipulate their ethnic identity in the market by leaving ...
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作者：Spinnewijn, Johannes
作者单位：University of London; London School Economics & Political Science
摘要：People have very different beliefs about the risks they face. I analyse how heterogeneous risk perceptions affect the insurance contracts offered by profit-maximising firms. An essential distinction is how risk perceptions affect the willingness to pay for insurance relative to the willingness to exert risk-reducing effort. This determines both the sign of the correlation between risk and insurance coverage in equilibrium, shedding new light on a recent empirical puzzle, and the type of indivi...
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作者：Bilbiie, Florin O.; Monacelli, Tommaso; Perotti, Roberto
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; National Bureau of Economic Research
摘要：We build a model with financial imperfections and heterogeneous agents and analyse the effects of two types of fiscal policy: revenue-neutral, intratemporal redistribution; and debt-financed tax cuts, which we interpret as intertemporal redistribution. Under flexible prices, the two policies are either neutral or display effects that are at odds with the empirical evidence. With sticky prices, Ricardian equivalence always fails. A Robin Hood, revenue-neutral redistribution to borrowers is expa...
