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作者：Hale, Galina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：The costs of debt crises are not invariant to the foreign debt instrument composition: bank loans or bonds. The lending boom of the 1990s witnessed considerable variation over time and across countries in the debt instrument used by emerging market (EM) borrowers. This article tests how macroeconomic fundamentals affect the composition of international debt instruments used by EM borrowers. Analysis of micro-level data using an ordered probability model shows that macroeconomic fundamentals ex...
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作者：Bruni, Luigino; Sugden, Robert
作者单位：University of Milano-Bicocca; University of East Anglia
摘要：This article explores parallels between the debate prompted by Pareto's reformulation of choice theory at the beginning of the twentieth century and current controversies about the status of behavioural economics. Before Pareto's reformulation, neoclassical economics was based on theoretical and experimental psychology, as behavioural economics now is. Current 'discovered preference' defences of rational-choice theory echo arguments made by Pareto. Both treat economics as a separate science of...
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作者：Guiso, Luigi; Schivardi, Fabiano
作者单位：University of Rome Tor Vergata; University of Cagliari
摘要：We study the role of social interaction (SI) in determining firms' employment adjustments in industrial districts. We assume that SI matters only among firms that are both similar and geographically close. Our first test of this assumption is based on the correlation between individual and aggregate measures of employment adjustments. Exploiting the richness of our data, we directly address the problems of self-selection and unobserved common shocks that plague most of the empirical literature...
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作者：Couprie, Helene
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：A collective model of leisure demand, generalised to the production of a household public good, is estimated on the British Household Panel Survey. The sharing rule is identified by using an original parametric framework based on the change of family status: from single-living to couple or from couple to single-living. Womens' ratios of private household expenditures are 40% on average. The level of intra-household inequality appears highly dependent on the intra-household wage gap. Omitting h...
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作者：Sheshinski, Eytan
作者单位：Hebrew University of Jerusalem
摘要：When information on longevity (survival functions) is unknown early in life, individuals have an interest in insuring themselves against moving into different 'risk-classes' as their life expectancy is revealed. The First-Best allocation involves transfers across states of nature. With symmetric information, competitive equilibrium separates different risk classes and cannot provide such transfers because insurance firms are unable to precommit. When utility is invariant to risk-class realisat...
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作者：Donni, Olivier
作者单位：CY Cergy Paris Universite
摘要：This article deals with female labour supply in the collective framework. It studies married couples and starting from the empirical observation that the husband's labour supply is generally fixed at full-time. It shows that, in this case, structural elements of the decision process, such as individual preferences or the rule that determines the intra-household distribution of welfare, can be identified if household demand for at least one commodity, together with the wife's labour supply, is ...
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作者：Immervoll, Herwig; Kleven, Henrik Jacobsen; Kreiner, Claus Thustrup; Saez, Emmanuel
作者单位：University of Cambridge; Organisation for Economic Co-operation & Development (OECD); Centre for Economic Policy Research - UK; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This article compares the effects of increasing traditional welfare to introducing in-work benefits in the 15 (pre-enlargement) countries of the European Union. We use a labour supply model encompassing responses to taxes and transfers along both the intensive and extensive margins, and the EUROMOD microsimulation model to estimate current marginal and participation tax rates. We quantify the equity-efficiency trade-off for a range of elasticity parameters. In most countries, because of large ...
