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作者：Kirsanova, Tatiana; Leith, Campbell; Wren-Lewis, Simon
作者单位：University of Exeter; University of Glasgow
摘要：In this article we consider two arguments suggesting that monetary authorities in an open economy should target output price inflation and not consumer price inflation. The first suggests that output price inflation corresponds to the distortions caused by price rigidity. The second shows how policy rules involving consumer price inflation can induce instability because of the feedback from interest rates to consumer price inflation via the exchange rate. We examine both arguments in the conte...
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作者：Park, Albert
作者单位：University of Michigan System; University of Michigan
摘要：A dynamic model is presented of a household's joint production, storage, and trade decisions when facing transaction costs and risk in prices and yields. Grain management decisions balance the goals of maximising profits and reducing consumption price risk. Model solutions calibrated to Chinese data show that grain's consumption role makes it an attractive form of precautionary saving even when households have access to credit, the joint nature of production and savings decisions limits the in...
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作者：Brock, William A.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This article studies two classes of profiling problems where the relevant structural inputs to the problems may be only partially identified: that where profilees are not 'strategic' in altering their characteristics and that where profilees strategically alter their characteristics at a cost. The analysis is unified by assuming there is a utilitarian planner that attempts to optimise the sum of welfare. We compare maximin solutions and minimax-regret solutions in two contexts. An unexpected f...
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作者：Rangel, Marcos A.
作者单位：University of Chicago
摘要：Can family policy affect well-being of individuals without altering the resources available to their families? This article examines the extension of alimony rights and obligations to cohabiting couples in Brazil. For women in intact relationships, alimony rights upon dissolution should improve outside options, strengthening their negotiating positions, and increasing their influence over intrahousehold allocation of resources. Robust econometric evidence indicates that more decision power in ...
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作者：Barro, RJ; Tenreyro, S
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：Shifts in the extent of competition, which affect markups, are possible sources of aggregate fluctuations. Markups are countercyclical; during booms the economy operates more efficiently. In our benchmark model, markups correspond to the prices of differentiated inputs relative to that of undifferentiated final product. If nominal prices of differentiated goods are relatively sticky, unexpected inflation reduces markups, mimicking the effects of increased competition. Similar effects stem from...
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作者：Manski, Charles F.
作者单位：Northwestern University
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作者：Guth, Werner; Napel, Stefan
作者单位：University of Hamburg; Max Planck Society
摘要：The indirect evolutionary approach integrates forward-looking evaluation of opportunities and adaptation in the light of the past. Subjective motivation determines behaviour, but long-run evolutionary success of motivational types depends on objective factors only. This can justify intrinsic aversion to inequality in reward allocation games. Whereas earlier analysis was restricted to specific games, this article considers a more complex environment comprising different games which - studied in...
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作者：Selod, Harris; Zenou, Yves
作者单位：University of Maine System; University of Maine Orono
摘要：We consider a search-matching model in which black workers are discriminated against and the job arrival rates of all workers depend on social networks as well as distance to jobs. Location choices are mainly driven by racial preferences. There are multiple equilibria and we show that all workers are in general better off in the equilibrium where blacks are close to jobs. We also show that, in cities where black workers reside far away from jobs, the optimal policy is to impose higher quotas o...
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作者：Frijters, P; van der Klaauw, B
作者单位：Australian National University; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：In a non-stationary job search model we allow unemployed workers to have a permanent option to leave the labour force. Transitions into nonparticipation occur when reservation wages drop below the utility of being nonparticipant. Taking account of these transitions allows the identification of duration dependence in the job offer arrival rate and the wage offer distribution. We estimate the structural model with individual data from the German Socio-Economic Panel and use simulated maximum lik...
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作者：Gibbons, S; Machin, S
作者单位：University of London; London School Economics & Political Science; University College London
摘要：School quality is capitalised in house prices if access to schools is rationed by residential location. We generate empirical predictions from three different theoretical approaches linking house prices to school performance, distance to school and capacity. These are respectively based upon admission constraints, school popularity and congestion effects. We find that test-score-based school performance significantly increases property prices, but only the best one in ten schools generate high...
