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作者：Abramitzky, Ran; Einav, Liran; Rigbi, Oren
作者单位：Stanford University; National Bureau of Economic Research
摘要：We use individual-level survey and county-level expenditure data to examine the extent to which Hanukkah celebrations among US Jews are driven by the presence of Christmas. We document that Jews with young children are more likely to celebrate Hanukkah, that this effect is greater for reform Jews and for strongly-identified Jews, and that Jewish-related expenditure on Hanukkah is higher in counties with lower shares of Jews. All these findings are consistent with the hypothesis that celebratio...
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作者：Feve, Patrick; Matheron, Julien; Sahuc, Jean-Guillaume
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite PSL; Universite Paris-Dauphine
摘要：The euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed serially correlated changes in the inflation target into a DSGE model with real and nominal frictions. The formal Bayesian estimation of the model suggests that gradual changes in the inflation target have pla...
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作者：Brueckner, Markus
作者单位：Pompeu Fabra University
摘要：Does an expansion of the population size expose nation states to a higher risk of suffering from civil conflict? Obtaining empirical evidence for a causal relationship is difficult due to reverse effects and omitted variable bias. This article addresses causality issues by using randomly occurring drought as an instrumental variable to generate exogenous variation in population size for a panel of 37 Sub-Saharan countries over the period 1981-2004. Instrumental variable estimates yield that a ...
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作者：Harrison, Glenn W.; Humphrey, Steven J.; Verschoor, Arjan
作者单位：University System of Georgia; Georgia State University; University Osnabruck; University of East Anglia
摘要：We review experimental evidence collected from risky choice experiments using poor subjects in Ethiopia, India and Uganda. Using these data we estimate that just over 50% of our sample behaves in accordance with expected utility theory and that the rest subjectively weight probability according to prospect theory. Our results show that inferences about risk aversion are robust to whichever model we adopt when we estimate each model separately. However, when we allow both models to explain port...
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作者：Lansing, Kevin J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：This article derives a general class of intrinsic rational bubble solutions in a Lucas-type asset pricing model. I show that the rational bubble component of the price-dividend ratio can evolve as a geometric random walk without drift, such that the mean of the bubble growth rate is zero. Driftless bubbles are part of a continuum of equilibrium solutions that satisfy a period-by-period no-arbitrage condition. I also derive a near-rational solution in which the agent's forecast rule is under-pa...
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作者：Mendoza, Ronald U.
作者单位：Asian Institute of Management
摘要：This article develops a model of trade-induced learning whereby both domestic and cross-border learning externalities could drive long-run growth. This framework is used to synthesise the emerging empirical evidence, revealing how trade-induced learning could underpin the mechanics behind trade and growth in at least three important ways: first, trading matters, as firms might be able to increase their productivity due to export and import linkages with buyers and suppliers; second, whom you t...
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作者：Ziebarth, Nicolas R.
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Technical University of Berlin
摘要：This study is the first to estimate price elasticities of demand for convalescent care programmes. In 1997, the German legislature more than doubled the daily co-payments for the publicly insured from euro6 to euro13. The measure caused the overall demand for convalescent care treatments to fall by 20 to 25%. I estimate the price elasticity for medical rehabilitation programmes aimed at preventing work disability to be about -0.3, whereas the elasticity for medical rehabilitation programmes fo...
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作者：Damjanovic, Tatiana; Nolan, Charles
作者单位：University of St Andrews
摘要：Sticky-price models often suggest that relative price distortion is a major cost of inflation. We provide an intuition for this: Even at low rates, inflation strongly affects price dispersion which in turn has an impact on the economy qualitatively similar to, and of the order of magnitude of, a negative shift in productivity. The utility cost of price dispersion is quantified and its impact on optimal monetary policy discussed. Price dispersion is incorporated into a linearised model. Strikin...
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作者：Bettinger, Eric; Kremer, Michael; Saavedra, Juan E.
作者单位：Stanford University; Harvard University; National Bureau of Economic Research
摘要：It is unclear if vouchers increase educational productivity or are purely redistributive, benefiting recipients by giving them access to more desirable peers at others' expense. To examine this, we study an educational voucher programme in Colombia which allocated vouchers by lottery. Among voucher applicants to vocational schools, lottery winners were less likely to attend academic secondary schools and thus had peers with less desirable observable characteristics. Despite this, lottery winne...
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作者：Monacelli, Tommaso; Perotti, Roberto
摘要：We estimate the effects of government spending shocks on the CPI real exchange rate, the trade balance and their co-movements with GDP and private consumption. We decompose the variations of the CPI real exchange rate into variations of the traded goods real exchange rate and the relative price of traded to non-traded goods. We reach three main conclusions: a rise in government spending induces a depreciation of the CPI real exchange rate and a trade balance deficit; private consumption rises ...
