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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：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：Chabot, Benjamin R.; Kurz, Christopher J.
作者单位：Yale University; National Bureau of Economic Research
摘要：Why did Victorian Britain send so much capital abroad? We collect over 500,000 monthly British and foreign security returns between 1866 and 1907 and investigate the effect of international diversification on Victorian investors' portfolios. This is the first study to use nineteenth-century data that is both broad enough and sampled at a high enough frequency to examine if foreign assets expanded the mean-variance efficient frontier of British investors and how valuable this expansion was in t...
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作者：Cassar, A.; Friedman, D.; Schneider, P. H.
作者单位：University of San Francisco; University of California System; University of California Santa Cruz
摘要：When contracts are not perfectly enforceable, can interpersonal networks improve market efficiency? We introduce certain exogenous networks into laboratory markets in which traders can cheat in 'international' but not in 'domestic' transactions. We examine four network configurations, one of which has the potential to achieve 100% efficiency. Theoretical upper bounds correctly predict the main qualitative trade patterns across our network configurations but overpredict observed efficiency. Our...
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作者：Arrunada, Benito
作者单位：Barcelona School of Economics
摘要：This article develops two hypotheses about economically-relevant values of Christian believers, according to which Protestants should work more and more effectively, as in the 'work ethic' argument of Max Weber, or display a stronger 'social ethic' that would lead them to monitor each other's conduct, support political and legal institutions and hold more homogeneous values. Tests using current survey data confirm substantial partial correlations and possible different 'effects' in mutual soci...
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作者：Knabe, Andreas; Raetzel, Steffen; Schoeb, Ronnie; Weimann, Joachim
作者单位：Free University of Berlin; Otto von Guericke University
摘要：We apply the Day Reconstruction Method to compare unemployed and employed people with respect to their subjective assessment of emotional affects, differences in the composition and duration of activities during the course of a day and their self-reported life satisfaction. Employed persons are more satisfied with their life than the unemployed and report more positive feelings when engaged in similar activities. Weighting these activities with their duration shows, however, that average exper...
