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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...
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作者：Karabarbounis, Loukas
作者单位：University of Chicago
摘要：This article revisits the relationship between inequality and redistribution in a panel of advanced OECD countries. Using panel data methods that hold constant a variety of determinants of redistributive spending, I find a non-monotonic relationship between pre-tax-and-transfer distribution of income and redistribution. Relative to mean income, a more affluent rich and middle class are associated with less redistribution and a richer poor class is associated with more redistribution. These res...
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作者：Wolff, Hendrik; Chong, Howard; Auffhammer, Maximilian
作者单位：University of Washington; University of Washington Seattle; University of California System; University of California Berkeley
摘要：We measure and examine data error in health, education and income statistics used to construct the Human Development Index. We identify three sources of data error which are due to data updating; formula revisions; and thresholds to classify a country's development status. We propose a simple statistical framework to calculate country specific measures of data uncertainty and investigate how data error biases rank assignments. We find that up to 34% of countries are misclassified and, by repli...
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作者：Den Haan, Wouter J.; Sterk, Vincent
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam
摘要：Financial innovation is widely believed to be at least partly responsible for the recent financial crisis. At the same time, there are empirical and theoretical arguments that support the view that changes in financial markets, in particular, innovations in consumer credit and home mortgages, played a role in the 'great moderation'. This article questions empirical evidence supporting this view. Especially the behaviour of aggregate home mortgages changed less during the great moderation than ...
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作者：Ellis, Christopher J.; Fender, John
作者单位：University of Birmingham; University of Oregon
摘要：We combine Acemoglu and Robinson's model of the economic origins of democracy with Lohmann's model of political mass protest. This allows us to analyse the economic causes of political regime change based on the microfoundations of revolution. We are able to derive conditions under which democracy arises peacefully, when it occurs only after a revolution and when oligarchy persists. We model these possibilities in a world of asymmetric information, where information cascades are possible, and ...
