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作者：Daniel, Betty C.
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：Investment necessary for growth is risky and often requires external financing. We present a model in which capital market imperfections separate countries into a safe credit club of industrial countries, with low interest rates and steady credit access and a risky club of emerging markets, with high interest rates and volatile access. In an emerging market, a large negative productivity shock interacts with credit-market imperfections to trigger a severe contraction in external lending. Domes...
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作者：Hanson, Gordon H.; McIntosh, Craig
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We use census data for the US, Canada, Spain and UK to estimate bilateral migration rates to these countries from 25 Latin American and Caribbean nations over the period 1980 to 2005. Latin American migration to the US is responsive to labour supply and demand shocks as well as natural disasters. Latin American migration to Canada, Spain and the UK, in contrast, is largely insensitive to these shocks, responding only to civil and military conflict. The results are consistent with US immigratio...
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作者：Neri, Stefano; Ropele, Tiziano
作者单位：European Central Bank; Bank of Italy
摘要：An important concern for the European Central Bank (ECB), and all central banks alike, is the necessity of making decisions in real-time under conditions of great uncertainty about the underlying state of the economy. We address this concern by estimating on real-time data a New Keynesian model for the euro area under the assumption of imperfect information. In comparison to models that maintain the assumption of perfect information and are estimated on ex-post revised, we find that: (i) the e...
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作者：Beckert, Walter; Christensen, Mette; Collyer, Kate
作者单位：University of London; Birkbeck University London; University of Manchester
摘要：This article examines the choice of hospital for elective hip replacements amongst patients in England, using patient-episode level data from the Hospital Episodes Statistics records. The article is primarily methodological: we estimate a demand model that allows for heterogeneity across observed patient characteristics and demonstrate how to use this model to simulate the effect of mergers between hospitals. Our article contributes to the empirical literature on hospital choice and provides a...
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作者：van Rooij, Maarten C. J.; Lusardi, Annamaria; Alessie, Rob J. M.
作者单位：European Central Bank; De Nederlandsche Bank NV; University of Groningen; George Washington University
摘要：Relying on comprehensive measures of financial knowledge, we provide evidence of a strong positive association between financial literacy and net worth, even after controlling for many determinants of wealth. We discuss two channels through which financial literacy might facilitate wealth accumulation. First, financial knowledge increases the likelihood of investing in the stock market, allowing individuals to benefit from the equity premium. Second, financial literacy is positively related to...
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作者：Bentolila, Samuel; Cahuc, Pierre; Dolado, Juan J.; Le Barbanchon, Thomas
作者单位：Universidad Carlos III de Madrid; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：France and Spain have similar labour market institutions and their unemployment rates were both around 8% just before the Great Recession but subsequently that rate has increased to 10% in France and to 23% in Spain. In this article, we assess the part of this differential that is due to the larger gap between the firing costs of permanent and temporary contracts, and the laxer rules on the use of the latter in Spain. A calibrated search and matching model indicates that Spain could have avoid...
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作者：Hensvik, Lena
摘要：This article examines how the entry of private independent high schools in Sweden affects the mobility and wages of teachers in a market with individual wage bargaining. Using matched employeremployee panel data covering all high school teachers over 16 years, I show that the entry of private schools is associated with higher teacher salaries, also for teachers in public schools. The wage returns from competition are highest for teachers entering the profession and for teachers in maths and sc...
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作者：Lavy, Victor; Paserman, M. Daniele; Schlosser, Analia
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Boston University; University of Warwick; Centre for Economic Policy Research - UK; Tel Aviv University
摘要：We estimate the extent of ability peer effects and explore the mechanisms through which they operate. Using within-school variation in the proportion of low-ability students in Israeli schools, we find that the proportion of low-ability peers has a negative effect on the performance of regular students. An exploration of the underlying mechanisms show that, relative to regular students, low-ability students report higher levels of satisfaction with their teachers. However, a higher proportion ...
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作者：Giannone, Domenico; Lenza, Michele; Pill, Huw; Reichlin, Lucrezia
作者单位：Universite Libre de Bruxelles; University of London; London Business School
摘要：We analyse the impact on the euro area economy of the ECBs non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial Institutions (MFI) balance sheet, which allow us to construct a measure of the policy shock represented by the ECBs increasing role as a financial intermediary. We find small but significant effects on both loans ...
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作者：Moav, Omer; Neeman, Zvika
作者单位：Hebrew University of Jerusalem; University of London; Royal Holloway University London; Tel Aviv University
摘要：Poor families around the world spend a large fraction of their income consuming goods that do not appear to alleviate poverty, while saving at low rates. We suggest that individuals care about economic status and interpret this behaviour as conspicuous consumption intended to provide a signal about unobserved income. We show that if human capital is observable and correlated with income, then a signalling equilibrium in which poor individuals tend to spend a large fraction of their income on c...
