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作者：Durlauf, Steven N.; Kourtellos, Andros; Tan, Chih Ming
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Cyprus; Tufts University
摘要：This article investigates the strength of empirical evidence for various growth theories when there is model uncertainty with respect to the correct growth model. Using model averaging methods, we find little evidence that so-called fundamental growth theories play an important role in explaining aggregate growth. In contrast, we find strong evidence for macroeconomic policy effects and a role for unexplained regional heterogeneity, as well as some evidence of parameter heterogeneity in the ag...
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作者：Ermisch, John; Pronzato, Chiara
作者单位：University of Essex
摘要：A large proportion of divorced and separated fathers form new partnerships. The new partner's preferences are not likely to put much weight on expenditures on the man's children from his previous union. Thus, his own and his partner's income would have different impacts on his child support payments if partners' relative incomes affect bargaining power in household decisions. This article exploits within-father variation in the British Household Panel Survey (1991-2005) to estimate the impacts...
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作者：Nosbusch, Yves
作者单位：University of London; London School Economics & Political Science
摘要：The government faces a trade-off between the benefits of tax smoothing and an associated increase in expected interest costs when choosing its optimal debt portfolio. The article solves for optimal policies in an incomplete markets model where the government uses two debt instruments, long-term and short-term non-contingent, nominal bonds. In this setup the basic prescription is to borrow long and invest short even though equilibrium expected interest costs are higher on long-term debt. The re...
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作者：Rathelot, Roland; Sillard, Patrick
作者单位：Institut Polytechnique de Paris; ENSAE Paris
摘要：Determinants of businesses locations are known to be multiple. Locations of partners and competitors are crucial, as well as the territory's local characteristics. To consider the importance of local taxes we build a Poisson model to explain the number of business creations observed in a given municipality. First results suggest that there are unobserved factors driving firm creation that are positively correlated with the level of local taxes. To deal with this potential source of endogeneity...
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作者：Horstmann, Ignatius J.; Scharf, Kimberley A.
作者单位：University of Toronto; University of Warwick
摘要：Along with the rise in income inequality in the US, there is evidence of a simultaneous move towards fiscal devolution and increased government reliance on private provision of public goods. This article argues that these phenomena are related. We describe a model of jurisdiction and policy formation in which the structure of government provision is endogenous and public good provision levels are determined by a political process that can exploit private motives for voluntary giving. The model...
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作者：Roth, Alvin E.
作者单位：Harvard University
摘要：This article discusses some things we have learned about markets, in the process of designing marketplaces to fix market failures. To work well, marketplaces have to provide thickness, i.e. they need to attract a large enough proportion of the potential participants in the market; they have to overcome the congestion that thickness can bring, by making it possible to consider enough alternative transactions to arrive at good ones; and they need to make it safe and sufficiently simple to partic...
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作者：Maurer, Juergen; Meier, Andre
作者单位：University of Mannheim; International Monetary Fund
摘要：Recent theoretical contributions have suggested peer-group effects as a potential explanation for several puzzles in macroeconomics but their empirical relevance for intertemporal consumption choice is an open question. We derive an extension of the standard life-cycle model that allows for consumption externalities. In this framework, we propose a social multiplier approach to distinguish true externalities from merely correlated effects. Estimating our model using US panel data, we find stro...
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作者：Gai, Prasanna; Kapadia, Sujit; Millard, Stephen; Perez, Ander
作者单位：Australian National University; University of London; London School Economics & Political Science
摘要：We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and contains a clearly defined pecuniary externality associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, this externality is capable of generating a systemic financial crisis that may be self-fulfilling. Our model s...
