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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：Devereux, Paul J.; Hart, Robert A.
作者单位：University College Dublin; University of Stirling
摘要：Do students benefit from compulsory schooling? In an important article, Oreopoulos (2006) studied the 1947 British compulsory schooling law change and found large returns to schooling of about 15% using the General Household Survey (GHS). Re-analysing this dataset, we find much smaller returns of about 3% on average with no evidence of any positive return for women and a return for men of 4-7%. Additionally, we utilise the New Earnings Survey Panel Data-set (NESPD) that has earnings informatio...
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作者：Feve, Patrick; Guay, Alain
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; University of Quebec; University of Quebec Montreal
摘要：The usefulness of SVARs for developing empirically plausible models is actually subject to controversies in macroeconomics. We propose a two-step SVARs-based procedure which consistently estimates the effect of permanent technology shocks on aggregate variables. Simulation experiments from a standard business cycle model and a sticky prices model show that our approach outperforms standard SVARs. The two-step procedure, when applied to actual data, predicts a significant short-run decrease of ...
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作者：Behncke, Stefanie; Froelich, Markus; Lechner, Michael
作者单位：IZA Institute Labor Economics; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); Centre for Economic Policy Research - UK
摘要：This article examines whether the chances of job placements improve if the unemployed are counselled by caseworkers who belong to the same social group, defined by gender, age, education and nationality. Based on an unusually informative dataset, which links Swiss unemployed to their caseworkers, we find positive employment effects of about 3 percentage points if the caseworker and his unemployed client belong to the same social group. Coincidence in a single characteristic, e.g., same gender ...
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作者：Bandiera, Oriana; Larcinese, Valentino; Rasul, Imran
作者单位：University of London; London School Economics & Political Science; University of London; University College London
摘要：Using administrative records from a UK university, we present evidence on the effects of class size on students' test scores. We estimate non-linear class size effects controlling for unobserved heterogen-eity of students and faculty. We find that: (i) at the average class size, the effect size is -0.108; (ii) the effect size is negative and significant only for the smallest and largest ranges of class sizes and zero in intermediate class sizes; (iii) students at the top of the test score dist...
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作者：de Walque, Gregory; Pierrard, Olivier; Rouabah, Abdelaziz
作者单位：European Central Bank; National Bank of Belgium; Universite Catholique Louvain
摘要：We develop a DSGE model with a heterogeneous banking sector. We introduce endogenous default probabilities for both firms and banks, and allow for bank regulation and liquidity injections into the interbank market. We aim to understand the interactions between the banking sector and the rest of the economy and the importance of supervisory and monetary authorities in restoring financial stability. The model is calibrated against real US data and used for simulations. The minimum capital requir...
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作者：Janssen, Maarten C. W.; Karamychev, Vladimir A.
作者单位：University of Vienna; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We consider a government auctioning off multiple licences to firms that compete in an aftermarket. Firms have different costs, and cost-efficiency is private information in the auction and in the aftermarket. If only one licence is auctioned, standard results say that the most efficient firm wins the auction as it has the highest valuation for the licence. We analyse conditions under which this result does and does not generalise to the case of auctioning multiple licences and aftermarket comp...
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作者：Etro, Federico; Colciago, Andrea
作者单位：Universita Ca Foscari Venezia; University of Milano-Bicocca
摘要：We characterise endogenous market structures under Bertrand and Cournot competition in a DSGE model. Short-run mark ups vary countercyclically because of the impact of entry on competition. Long-run mark ups are decreasing in the discount factor and in productivity, and increasing in the exit rate and in the entry costs. Dynamic inefficiency can emerge due to excessive entry under Cournot competition. Positive temporary shocks attract entry, which strengthens competition so as to reduce the ma...
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作者：Castelnuovo, Efrem; Surico, Paolo
作者单位：University of Padua; Bank of Finland; University of London; London Business School
摘要：This article re-examines the VAR evidence on the price puzzle and proposes a new theoretical interpretation. Using actual data and two identification strategies based on zero restrictions and model-consistent sign restrictions, we find that the positive response of prices to a monetary policy shock is historically limited to the sub-samples that are typically associated with a weak interest rate response to inflation. Using pseudo data generated by a sticky price model of the US economy, we th...
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作者：Poschke, Markus
作者单位：McGill University
摘要：Euro area economies have lower total factor and labour productivity than the US. I argue that differences in entry cost contribute to this by affecting firms' technology choice. Introducing technology choice into a standard heterogeneous-firm model, small differences in administrative entry cost can explain around one third of TFP differences. The productivity difference arises because entry costs reduce competition and the incentive to adopt more advanced technologies. Firm heterogeneity, tec...
