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作者：Guidolin, M; Timmermann, A
作者单位：University of Virginia; University of California System; University of California San Diego
摘要：This paper presents evidence of persistent 'bull' and 'bear' regimes in UK stock and bond returns and considers their economic implications from the perspective of an investor's portfolio allocation. We find that the perceived state probability has a large effect on the optimal asset allocation, particularly at short investment horizons. If ignored, the presence of such regimes gives rise to substantial welfare costs. Parameter estimation uncertainty, while clearly important, does not overturn...
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作者：Gangopadhyay, S; Ghatak, M; Lensink, R
作者单位：University of London; London School Economics & Political Science; University of Groningen; University of Nottingham
摘要：We show that the joint liability lending contracts derived in Ghatak (2000) violate an ex post incentive-compatibility constraint which says that the amount of joint liability cannot exceed the amount of individual liability. We derive and characterise optimal separating joint liability contracts incorporating this constraint.
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作者：Garibaldi, P; Violante, GL
作者单位：New York University
摘要：Firing costs have two separate dimensions: a transfer from the firm to the laid-off worker and a tax paid outside the firm-worker pair. To avoid the 'bonding critique' most of the existing literature implicitly assumes that, in the presence of wage rigidity, transfers have the same real effects as taxes. This paper shows that this presumption is in general misplaced, especially so when the degree of wage rigidity is endogenous. The predictions of our theory find empirical support in a panel da...
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作者：Frey, BS; Benz, M
作者单位：University of Zurich
摘要：Corporate governance is importantly based on agency theory and relies on extrinsic incentives to align the interests of managers, employees and shareholders. This article argues that in view of recent corporate scandals, private governance can learn from public governance: (1) Goal-oriented intrinsic motivation of agents should be supported by fixed incomes and an extensive selection process of employees; (2) Extrinsic, but non-monetary incentives (e.g. conferring orders and titles) can be use...
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作者：Aizenman, J; Kletzer, KM; Pinto, B
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; The World Bank
摘要：This paper argues that the frequent failure of the debt swaps follows from fundamental forces driven by the market's assessment of the scarcity of fiscal revenue relative to the demand for fiscal outlays. As a country approaches the range of partial default, swaps may not provide the expected breathing room and could even bring the crisis forward. Our methodology combines three independent themes: exchange rate crises as the manifestation of excessive monetary injections, the fiscal theory of ...
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作者：Clark, A; Etilé, F; Postel-Vinay, F; Senik, C; Van der Straeten, K
作者单位：Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); INRAE; Institut Polytechnique de Paris; ENSAE Paris; INRAE; Universite Paris Cite; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：This paper models the relationship between income and reported well-being using latent class techniques applied to panel data from twelve European countries. Introducing both intercept and slope heterogeneity into this relationship, we strongly reject the hypothesis that individuals transform income into well-being in the same way. We show that both individual characteristics and country of residence are strong predictors of the four classes we identify. We expect that differences in the margi...
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作者：Giulietti, M; Price, CW; Waterson, M
作者单位：University of East Anglia; University of Warwick
摘要：Consumer choice is increasingly recognised as a crucial factor in competition policy. To illustrate the implications of such choice we present an investment model of the switching choice in the UK residential natural gas market and examine responses to a specially commissioned survey of nearly seven hundred consumers, identifying search and switching costs. Through an assessment of the savings which consumers say they require to switch supplier, together with an evaluation of consumer switchin...
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作者：Buiter, WH
作者单位：University of Amsterdam; European Bank of Reconstructon & Development; European Bank of Reconstructon & Development; University of Amsterdam
摘要：Monetary theory and policy are part of intertemporal public finance. The two ghosts are the liquidity trap and the real balance effect. The eccentricities are negative nominal interest rates and the helicopter drop of money. The fallacy is the Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government's intertemporal budget constraint and the general price level. The mirage is the prediction that financial deregulation and technical change in the payme...
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作者：Kocher, MG; Sutter, M
作者单位：University of Innsbruck; Max Planck Society
摘要：Economics has devoted little attention to whether the type of decision maker matters for economic decisions. However, many important decisions like those on monetary policy or a company's business strategy are made by (small) groups rather than an individual. We compare behaviour of individuals and small groups in an experimental beauty-contest game. Our findings suggest that groups are not smarter decision makers per se but that they learn faster than individuals. When individuals compete aga...
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作者：Ray, I; Ganguly, C
作者单位：University of Birmingham
