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作者：Milani, Fabio
作者单位：University of California System; University of California Irvine
摘要：Psychological factors, market sentiments and less-than-fully-rational shifts in beliefs are widely believed to play a role in the economy. Yet, they are rarely considered in macroeconomic models. This article evaluates the empirical role of expectational shocks on business cycle fluctuations and relaxes the rational expectations assumption to exploit survey data on expectations in the estimation of a New Keynesian model, which allows for learning by economic agents. Expectation shocks affect t...
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作者：Hoff, Karla; Kshetramade, Mayuresh; Fehr, Ernst
作者单位：University of Zurich; The World Bank
摘要：Well-functioning groups enforce social norms that restrain opportunism. We study how the assignment to the top or bottom of the caste system affects the altruistic punishment of norm violations. Individuals at the bottom of the hierarchy exhibit a much lower willingness to punish norm violations that hurt members of their own caste. We can rule out self-selection into castes and control for wealth, education and political experience. We thus plausibly identify the impact of caste status on alt...
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作者：Arnold, Jens Matthias; Brys, Bert; Heady, Christopher; Johansson, Asa; Schwellnus, Cyrille; Vartia, Laura
作者单位：University of Kent
摘要：This article identifies tax policy that both speeds recovery from the current economic crisis and contributes to long-run growth. This is a challenge because short-term recovery requires increases in demand while long-term growth requires increases in supply. As short-term tax concessions can be hard to reverse, this implies that policies to alleviate the crisis could compromise long-run growth. The analysis makes use of recent evidence on the impact of tax structure on economic growth to iden...
