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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：Anderlini, L; Felli, L
作者单位：Georgetown University; University of London; London School Economics & Political Science
摘要：This paper explores the extent to which ex ante transaction costs may lead to failures of the Coase Theorem. In particular we identify the basic 'hold-up problem' that arises whenever the parties to a Coasian negotiation have to pay ex ante costs for the negotiation to take place. We then show that a 'Coasian solution' to this problem is not available: a Coasian solution typically entails a negotiation about the payment of the costs associated with the future negotiation, which in turn is asso...
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作者：Carlaw, KI; Lipsey, RG
作者单位：Simon Fraser University
摘要：Seven years after Helpman's (1998) book on general purpose technologies (GPTs), there is a dearth of subsequent models. Early models employed technically complex dynamic optimising techniques which limited further development. We present a model in which sustained growth is driven by a succession of GPTs that is technically simpler than the early models yet captures stylised facts that were omitted from them. Ours has diminishing returns to inputs, and endogenous, incremental technological cha...
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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：Simonsohn, U; Loewenstein, G
作者单位：University of Pennsylvania; Carnegie Mellon University
摘要：Based on contrast effects studies from psychology, we predicted that movers arriving from more expensive cities would rent pricier apartments than those arriving from cheaper cities. We also predicted that as people stayed in their new city they would get used to the new prices and would readjust their housing expenditures countering the initial impact of previous prices. We found support for both predictions in a sample of 928 movers from the PSID. Alternative explanations based on unobserved...
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作者：Raaum, O; Salvanes, KG; Sorensen, EO
作者单位：Norwegian School of Economics (NHH)
摘要：Using a variance decomposition framework that bounds the effect of families and neighbourhoods, we find important effects of family characteristics and residential location on adult education and earnings in Norway. Neighbourhoods are less important than families, as the correlations among siblings are significantly higher than among children growing up in the same local community. The impact of neighbourhoods is reduced by half from 1960 to 1970. We link this result to several policy changes ...
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作者：Henry, SGB; Satchi, M; Vines, D
作者单位：University of Kent; University of Oxford; Australian National University
摘要：This article assesses the implications of discounting on a result derived by Bean (1998): that in a model of monetary policy where policy acts with a lag, the outcomes of monetary policy are very similar for a wide range of preferences of the monetary authority with respect to inflation and output stability. We show that when the authority discounts the future, outcomes become more sensitive to its preferences, and that it is important to take the discount rate into account when examining the ...
