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作者：Vollaard, Ben
作者单位：Tilburg University
摘要：Making the length of a prison sentence conditional upon an individual's offence history is shown to be a powerful way of preventing crime. Under a law adopted in the Netherlands in 2001, prolific offenders could be sentenced to a prison term that was approximately 10 times longer than usual. We exploit quasi-experimental variation in application of the law across 31 cities to identify the effect on crime. We find the sentence enhancements to have reduced the rate of theft by 25%. The size of t...
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作者：Cherchye, Laurens; Demuynck, Thomas; De Rock, Bram
作者单位：KU Leuven; Universite Libre de Bruxelles
摘要：We present revealed preference characterisations of Nash-bargained consumption decisions in a two-player game. Our main analysis focuses on the symmetric Nash-bargaining solution with observed threat point bundles. However, we also present the testable implications of the generalised Nash-bargaining solution and the settings in which threat point bundles are not observed. We illustrate the practical usefulness of these conditions by means of an application to experimental data, which provides ...
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作者：Miles, David; Yang, Jing; Marcheggiano, Gilberto
作者单位：Bank of England; Bank for International Settlements (BIS); Bank of England
摘要：This article reports estimates of the long-run costs and benefits of having banks fund more of their assets with loss-absorbing capital, or equity. We model how shifts in funding affect required rates of return and how costs are influenced by the tax system. We draw a clear distinction between costs to individual institutions (private costs) and overall economic (or social) costs. We find that the amount of equity capital that is likely to be desirable for banks to use is very much larger than...
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作者：Crawford, Ian; Pendakur, Krishna
作者单位：University of Oxford; University of London; London School Economics & Political Science; Simon Fraser University
摘要：We consider a revealed preference-based method that will bound the minimal partition of consumer microdata into a set of preference types such that the data are perfectly rationalisable by standard utility theory. This provides a simple, non-parametric and theory-driven way of investigating unobserved preference heterogeneity in empirical data, and easily extends to any choice model which has a revealed preference characterisation. We illustrate the approach using survey data and find that the...
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作者：de la Croix, David; Licandro, Omar
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：We propose a new theory of the demographic transition based on the evidence from natural sciences that physical development during childhood affects adult life expectancy positively. This theory is embodied in a continuous time OLG framework where fertility, longevity and education all result from individual decisions. We conclude that a sustained improvement in physical development is at the basis of the observed demographic transition in today's developed countries and may be an important fa...
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作者：Arifovic, Jasmina; Bullard, James; Kostyshyna, Olena
作者单位：Simon Fraser University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Portland State University
摘要：We analyse the effects of social learning in a monetary policy context. Social learning might be viewed as more descriptive of actual learning behaviour in complex market economies. In our model, Taylor Principle governs uniqueness and expectational stability of rational expectations equilibrium (REE) under homogeneous recursive algorithms. We find that the Taylor Principle is not necessary for convergence to REE minimum state variable (MSV) equilibrium under social learning. Sunspot equilibri...
