-
作者：Duca, John V.; Muellbauer, John; Murphy, Anthony
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Southern Methodist University
摘要：Most US house price models break down in the mid-2000s, due to the omission of exogenous changes in mortgage credit supply (associated with the sub-prime mortgage boom) from house price-to-rent ratio and inverted housing demand models. Previous models lack data on credit constraints facing first-time home-buyers. Incorporating a measure of credit conditions - the cyclically adjusted loan-to-value ratio for first-time buyers - into house price-to-rent ratio models yields stable long-run relatio...
-
作者：Reinhart, Carmen M.; Rogoff, Kenneth S.
作者单位：Harvard University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：The literature on domestic debt default is sparse, as are the data. We compile a database on public debt that spans the nineteenth century to 2010. Our findings are as follows. First, domestic debt accounts for almost two-thirds of public debt. Second, the data help to explain the puzzle of why countries default on external debts at seemingly low debt thresholds. Third, domestic debt (which is often larger than the monetary base in the run-up to high inflation) has largely been ignored in the ...
-
作者：Funk, Patricia; Gathmann, Christina
作者单位：University of Mannheim; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Pompeu Fabra University
摘要：Using new historical data from Swiss cantons, we estimate the effect of direct democracy on government spending. We use fixed effects to control for unobserved heterogeneity and new instruments to address potential endogeneity concerns. We find that direct democracy constrains canton spending but its effect is more modest than previously suggested. The instrumental variable estimates show that a mandatory budget referendum reduces canton expenditures by 12%. Lowering signature requirements for...
-
作者：Jappelli, Tullio; Pistaferri, Luigi
作者单位：University of Naples Federico II; Stanford University; National Bureau of Economic Research
摘要：We test if financial integration improves household consumption smoothing using microeconomic data. We find that the process of financial market integration and liberalisation brought about by the introduction of the euro has not affected the sensitivity of consumption with respect to income shocks in Italy. This article also makes a significant contribution from a methodological point of view, because our procedure does not require that consumption and income are available in the same panel d...
-
作者：Webb, David C.
作者单位：University of London; London School Economics & Political Science
-
作者：Benjamin, Dwayne; Brandt, Loren; Giles, John
作者单位：The World Bank; University of Toronto
摘要：We estimate the relationship between village inequality and subsequent income growth for households in rural China. Using a longitudinal household-level survey spanning 19872002, we find that households from higher inequality villages experienced lower income growth. However, the effect of local inequality fades by 2002. Our evidence points to unobserved village institutions at the time of economic reforms, associated with household access to higher income activities, as the source of the link...
-
作者：Fadinger, Harald; Reiss, Pablo
作者单位：University of Vienna
摘要：Cross-country differences in sectoral total factor productivity (TFP) are at the heart of Ricardian trade theory and of many models of growth and development. Our knowledge of the magnitude and the characteristics Of cross-country differences in sectoral TFP is limited. This study fills the gap by showing how sectoral TFP differences can be backed out from bilateral trade data using a hybrid Ricardo-Heckscher-Ohlin model. This allows us to overcome the data problems that constrained previous s...
-
作者：Gemmell, Norman; Kneller, Richard; Sanz, Ismael
摘要：The literatures testing for aggregate short-run or long-run growth impacts of fiscal policy use quite different methodologies. The former generally focuses on temporary fiscal 'shocks'; the latter typically have no short-run dynamics or assume homogeneity. We use regression methods that treat heterogeneous short-run dynamics explicitly within a long-run model. Results suggest that previously estimated 'long-run' growth effects of fiscal policy are typically achieved quickly, consistent with re...
-
作者：Baye, Michael R.; Gao, Xiaxun; Morgan, John
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University System of Ohio; Miami University; University of California System; University of California Berkeley
摘要：We study optimal fee setting decisions by a monopoly online platform connecting advertisers with potential buyers in two environments: a simple model that captures stylised features of advertising on search engines, social networks and advertisement-supported email; and a richer model that is more relevant for directed search at price comparison sites. While the platform can choose to charge for both impressions and clicks, we show that the platform maximises profits by using clickthrough fees...
-
作者：Bidner, Chris; Francois, Patrick
作者单位：University of New South Wales Sydney; University of British Columbia; Canadian Institute for Advanced Research (CIFAR)
摘要：We study the co-evolution of honesty norms and institutions. New trading opportunities require institutional changes to be realised, since the initial vulnerability of institutions to opportunistic behaviour leads to the deterioration of norms. We show how an escape from opportunism requires that institutional improvements outpace norm deterioration. A key prediction emerges: larger economies are more likely to evolve to steady states with strong honesty norms but need not have better institut...
