-
作者：Bratsberg, Bernt; Raaum, Oddbjorn
摘要：To identify wage impacts of immigration, we use licensing requirements in the Norwegian construction sector that give rise to exogenous variation in immigrant employment across trades. Individual panel data reveal lower wage growth in trades with rising immigrant employment shares, with a 10% increase in immigration predicted to reduce wages by 0.6%. Selective attrition masks the causal wage impact if neglected. For low and semi-skilled workers, wage effects are comparable for natives and olde...
-
作者：Engelmann, Dirk; Grimm, Veronika
作者单位：University of Mannheim; University of Copenhagen; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Erlangen Nuremberg; Leibniz Association; Ifo Institut
摘要：In games of conflict, players typically have an incentive to exaggerate their interests. This concerns issues ranging from negotiations between political parties to conflict resolution within marriages. We experimentally study this problem using a simple voting game where information about preferences is private. With random matching, subjects overwhelmingly follow the dominant strategy to exaggerate their preferences. The exogenous linking mechanism by Jackson and Sonnenschein (2007) captures...
-
作者：Levine, Paul; Pearlman, Joseph; Perendia, George; Yang, Bo
作者单位：University of Surrey; Loughborough University; London Metropolitan University
摘要：A framework for estimating Dynamic Stochastic General Equilibrium (DSGE) models by Bayesian methods and validation under very general information assumptions is applied to a New Keynesian model. The standard asssumption that private agents have perfect information observing all state variables including shocks, whereas the econometrician uses only observable data, is compared with both agents having the same imperfect information (II) set. We also generalise rational expectations to a behaviou...
-
作者：D'Amico, Stefania; English, William; Lopez-Salido, David; Nelson, Edward
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We provide empirical estimates of the effect of large-scale asset purchases (LSAPs) on longer term US Treasury yields within a framework that allows for several transmission channels including the scarcity channel associated with the preferred-habitat literature and the duration channel associated with interest-rate risk. We also clarify LSAPs role in the broader context of historical monetary policy strategy. Results indicate that LSAP-style operations mainly impact longer term rates via the ...
-
作者：Joyce, Michael A. S.; Tong, Matthew
作者单位：Bank of England
摘要：We examine the impact of the first phase of the Bank of Englands quantitative easing (QE) programme during March 2009January 2010 on the UK government bond (gilt) market, using high-frequency, disaggregated data on individual gilts. We find that: QE announcements took varying amounts of time to get incorporated into market prices and had significant effects on the shape of the term structure; the Banks reverse auctions were initially associated with additional yield reductions; and, allowing f...
-
作者：Corcos, Gregory; Del Gatto, Massimo; Mion, Giordano; Ottaviano, Gianmarco I. P.
作者单位：Norwegian School of Economics (NHH); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We discuss how standard computable equilibrium models of trade policy can be enriched with selection effects. This is achieved by estimating and simulating a partial equilibrium model that accounts for a number of real world effects of trade liberalisation: richer availability of product varieties; tougher competition and weaker market power of firms; better exploitation of economies of scale; and, of course, efficiency gains via firms selection. The model is estimated on EU data and then simu...
-
作者：Berton, Fabio; Garibaldi, Pietro
作者单位：University of Eastern Piedmont Amedeo Avogadro; University of Turin; Collegio Carlo Alberto
摘要：The liberalisation of temporary contracts has led to a sizeable share of jobs covered by temporary contracts. This article proposes a matching model of unemployment in which temporary (fixed-term) and permanent (open-ended) jobs coexist in a long-run equilibrium. From the labour demand standpoint, the choice of the type of contract leads to a trade-off between an ex-ante speed of hiring and an ex-post flexible dismissal rate. Empirically, we test with Italian longitudinal data whether non-empl...
-
作者：Kirsanova, Tatiana; Wren-Lewis, Simon
作者单位：University of Exeter; University of Oxford
摘要：We examine the impact of different degrees of fiscal feedback on debt when monetary policy is determined optimally, rather than following a simple rule. We find the welfare maximising level of fiscal feedback to be small. We show for the first time a clear discontinuity in the behaviour of monetary policy and welfare either side of this optimal level. As fiscal feedback increases, optimal monetary policy becomes less active because fiscal feedback tends to deflate inflationary shocks. If fisca...
