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作者：Montalvo, Jose G.; Reynal-Querol, Marta
作者单位：Pompeu Fabra University; Barcelona School of Economics
摘要：Inequality and polarisation are two different measures of heterogeneity. As in the case of inequality, the measurement of polarisation was initially developed in the context of a continuous dimension (income). However, in many important dimensions, like ethnicity, there are no available measures of distance across ethnic groups and individuals are mostly separated by the dichotomous perception 'we versus they'. In this article we analyse the theoretical properties of a measure of polarisation ...
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作者：Akitoby, Bernardin; Stratmann, Thomas
作者单位：George Mason University
摘要：We examine the effect of fiscal policy on sovereign risk spreads and investigate whether the interaction of fiscal variables with political institutions affect financial markets. Using panel data from emerging market countries, we find that revenue-based adjustment lowers spreads more than spending-based adjustment. Financial markets also react to the composition of spending. Cuts in current spending lower spreads more than cuts in investment. We show that debt-financed spending increases sove...
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作者：Baharad, Eyal; Nitzan, Shmuel
作者单位：University of Haifa; Bar Ilan University
摘要：This study shows that distortion of probabilities is a possible reason for rent under-dissipation in contests with relatively small number of participants. Such distortion may also result, however, in over-dissipation of the contested rent. Focusing on contests with homogeneous contestants and the commonly studied contest success function, our main results clarify under what circumstances (i) rents are more under-dissipated relative to the standard situation where probabilities are not distort...
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作者：Hoerdahl, Peter; Tristani, Oreste; Vestin, David
作者单位：Bank for International Settlements (BIS)
摘要：We show that microfounded DSGE models with nominal rigidities can be successful in replicating features of bond yield data, including sizeable term premia and volatile long-term yields, which have previously been considered puzzling in general equilibrium frameworks. At the same time, sample moments of consumption growth and inflation can be fit relatively well. The improved model performance does not arise directly from the presence of nominal rigidities. However, this feature introduces (sho...
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作者：Schwienbacher, Armin
作者单位：Universite Catholique Louvain; University of Amsterdam
摘要：This article analyses how start-ups financed by venture capital choose their innovation strategy based on the investor's exit preferences and thereby form different outcomes in the product market. It considers innovation choices and venture capital exits (IPO vs trade sale) in a setting in which entrepreneurs derive private benefits from staying independent, which is better guaranteed under an IPO. The entrepreneur has incentives to distort the innovation strategy in order to induce the ventur...
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作者：Brunello, Giorgio; Rocco, Lorenzo
作者单位：University of Padua; University of Padua
摘要：When school quality increases with the educational standard set by schools, education before college need not be a hierarchy with private schools offering better quality than public schools. In our model, private schools can offer a lower educational standard at a positive price because they attract students with a relatively high cost of effort, who would find the high standards of public schools excessively demanding. We estimate the key parameters of the model and show that majority voting ...
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作者：Caggese, Andrea; Cunat, Vicente
作者单位：Pompeu Fabra University
摘要：This article studies the interactions between financing constraints and the employment decisions of firms when both fixed-term and permanent employment contracts are available. It develops the model of an industry where firms face financing frictions and produce output using both fixed-term and permanent workers. Once calibrated, the model shows that financially constrained firms use fixed-term workers more intensely and make them absorb a larger fraction of the total employment volatility tha...
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作者：Linn, Joshua
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This article investigates the link between factor prices, technology and factor demands. Using plant-level data from the Census of Manufactures, I compare the energy intensity of entrants and incumbents from 1967-97. A 10% increase in the price of energy reduces the relative energy intensity of entrants by 1%. The estimate implies that technology adoption by incumbents explains a statistically significant but relatively small fraction of changes in aggregate energy demand in the 1970s and 1980...
