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作者：Madsen, Jakob B.; Davis, E. Philip
作者单位：University of Copenhagen; Monash University; Brunel University
摘要：The sharp increase in equity prices over the 1990s was widely attributed to permanently higher productivity growth derived from the New Economy. This article establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions, productivity advances can only have temporary effects on the fundamentals of equity prices. Using historical data on productivity of R&D capital, patent capital and fixed capital for 11 OECD countries, empir...
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作者：Hussain, I
作者单位：University of London; University College London
摘要：In this article I test empirically whether intratemporal preferences between (1) nondurables and labour supply and (2) nondurables and housing are separable. In doing so, careful attention is paid to the potential endogeneity of the total budget, labour supply and housing. For housing I offer two separate solutions to the problem of correlation between house size, proxied by number of rooms, and unobserved heterogeneity: first, instrument with a children's sex composition dummy and second, sel...
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作者：Smith, S
作者单位：University of Bristol
摘要：This article uses data from the British Household Panel Survey (BHPS) to shed further light on the fall in consumption at retirement (the 'retirement-consumption puzzle'). Comparing food spending of men retiring involuntarily early (through ill health or redundancy) with spending of men who retire voluntarily, it finds a significant fall in spending only for those who retire involuntarily. This is consistent with the observed fall in spending being linked to a negative wealth shock for some re...
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作者：Guender, AV
作者单位：University of Canterbury
摘要：This article sets out a simple New Keynesian open-economy model and shows that the conduct of discretionary monetary policy in an open economy differs substantially from the closed-economy framework. The article shows analytically that the existence of the direct exchange rate channel in the open economy Phillips Curve impairs the perfect stabilising property of monetary policy in the face of demand-side disturbances under domestic inflation targeting. If CPI inflation is instead the target, t...
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作者：Farmer, Roger E. A.; Lahiri, Amartya
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK
摘要：The open-economy Solow-Swan growth model predicts (1) that growth should be uncorrelated with the ratio of national investment to GDP and (2) instantaneous convergence of GDP per capita across countries. In the presence of capital market imperfections convergence is predicted to occur more slowly. But savings and investment ratios should still differ substantially across countries. In the data, investment ratios are strongly correlated with growth across countries and investment ratios are clo...
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作者：Charles, KK; Kline, P
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：This article posits that individuals can more easily form social connections with people if they are of the same race. If true, the greater the incidence among his neighbours of persons of his race, the more likely an individual is to make neighbourhood social capital connections and the more likely he is to engage in activities which require it. The article tests this idea using an indicator of individual social capital never previously studied: whether the person uses a carpool to get to wor...
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作者：Devereux, MB; Lane, PR; Xu, JY
作者单位：University of British Columbia; Trinity College Dublin; Simon Fraser University
摘要：We compare alternative monetary policies for an emerging market economy that experiences external shocks to interest rates and the terms of trade. Financial frictions magnify volatility but do not affect the ranking of alternative policy rules. In contrast, the degree of exchange rate pass-through is critical for the assessment of monetary rules. With high pass-through, stabilising the exchange rate involves a trade-off between real stability and inflation stability and the best monetary polic...
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作者：Barassi, MR
作者单位：University of Birmingham
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作者：Diamond, P
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This essay describes the current debate on reforming Social Security in the US, along with a brief description of how the programme works. Along the way it comments on the quality of some reform proposals as well as their political standing. Where issues are similar, some inferences are drawn for the UK. While the focus of this essay is the political debate, the debate and my analysis do draw on the academic literature, which is not surprising since academics have played a number of roles in t...
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作者：Bandyopadhyay, S; Chatterjee, K
作者单位：University of Birmingham; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We survey some of the major advances in coalition theory in recent years. We then look at the recent applications of the theory in the area of political economy and touch upon some important theoretical and applied open questions in the field.
