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作者：Canova, Fabio; Pappa, Evi
作者单位：Pompeu Fabra University; Autonomous University of Barcelona; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We study the effect of regional expenditure and revenue shocks on price differentials for 47 US states and 9 EU countries. We identify shocks using sign restrictions on the dynamics of expenditures, revenues, deficits and output and construct two estimates for structural price differentials dynamics, one for the average and one for each unit, which optimally weight information contained in the data for all units. On average, expansionary fiscal disturbances produce positive, while distortionar...
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作者：Adam, Klaus
作者单位：Centre for Economic Policy Research - UK
摘要：This article presents experimental evidence from a monetary sticky price economy in which output and inflation depend on expected future inflation. Rational inflation expectations do not allow for persistent deviations of output and inflation following a monetary shock. In the experimental sessions, however, output and inflation display considerable persistence and regular cyclical patterns. This emerges because subjects' inflation expectations fail to be captured by rational expectations func...
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作者：Jacobsson, Fredric; Johannesson, Magnus; Borgquist, Lars
作者单位：Linkoping University; Stockholm School of Economics
摘要：We test if altruism is paternalistic with respect to health. Subjects can donate money or nicotine patches to a smoking diabetes patient whose willingness to pay for nicotine patches is positive but below the market price. In a between-subjects treatment, average donations are 40% greater in the nicotine patches group. When subjects can donate both nicotine patches and money more than 90% of the donations are given in kind rather than cash. These results are also confirmed in three additional ...
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作者：Rosenkranz, Stephanie; Schmitz, Patrick W.
作者单位：Utrecht University; Centre for Economic Policy Research - UK; University of Cologne
摘要：We consider second-price and first-price auctions in the symmetric independent private values framework. We modify the standard model by the assumption that the bidders have reference-based utility, where a publicly announced reserve price has some influence on the reference point. It turns out that the seller's optimal reserve price increases with the number of bidders. Also in contrast to the standard model, we find that secret reserve prices can outperform public reserve prices, and that se...
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作者：Webb, David C.
作者单位：University of London; London School Economics & Political Science
摘要：This article presents a model of the interaction of a company's financial and real investment decisions with the financing of its defined benefit pension plan. The pension plan deficit is a debt of the company, with explicit funding requirements and priority in the event of company insolvency. Pension plan deficits and options on future deficits and surpluses affect investment incentives as does the size and composition of company debt. We examine incentives for the firm to pay dividends rathe...
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作者：Cunat, Alejandro; Maffezzoli, Marco
作者单位：University of Essex; Centre for Economic Policy Research - UK; Bocconi University
摘要：We present a dynamic comparative advantage model in which moderate reductions in import tariffs can generate sizable increases in trade volumes over time. A fall in tariffs has two effects. First, for given factor endowments, it raises the degree of specialisation, leading to a larger volume of trade in the short run. Second, it raises the factor price of each country's abundant factor, leading to diverging paths of relative factor endowments and a rising degree of specialisation. A simulation...
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作者：Conde-Ruiz, J. Ignacio; Profeta, Paola
作者单位：Bocconi University
摘要：Countries with low intragenerational redistribution in social security systems (Bismarckian) are associated with larger public pension expenditures, a smaller fraction of private pension and lower income inequality than countries with more redistributive social security (Beveridgean). This article introduces a bidimensional voting model to account for these features. Agents different in age, income and in their ability to invest in the capital market vote on the degree of redistribution of the...
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作者：Alonso-Carrera, Jaime; Caballe, Jordi; Raurich, Xavier
作者单位：Universidade de Vigo; Autonomous University of Barcelona; University of Barcelona
摘要：We consider an economy where individuals use their standard of living based on past consumption in order to evaluate the utility arising from current consumption. We analyse how this process of preference formation affects the bequest motive. We show that habits (based on one's own past consumption) reduce the willingness of individuals to leave bequests, while aspirations (based on the standard of living of parents) make the existence of positive bequests easier. The long-run effects of both ...
