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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：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：Dellas, H; Tavlas, G
作者单位：University of Bern
摘要：We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. We find that countries with a high degree of nominal wage rigidity benefit from monetary union, especially when they join other, similarly rigid countries. Countries with relatively more flexible wages tend to be worse off in unions with countries that have more rigid wages. We examine France, Germany and the UK and find that the welfare implications of monetary arrangements ...
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作者：Carlsson, M; Laséen, S
作者单位：Uppsala University
摘要：We study the capital adjustment process in Swedish manufacturing Firms and relate the findings to standard models of capital adjustment. We have three findings. (i) The capital accumulation process is highly volatile and non-persistent. (it) An S, s model fits the data well in some, but not all, dimensions. Also, a model with irreversible capital goes. a long way in matching the data. In fact, we argue that it is much more likely that the data reflect irreversibility than fix adjustment costs....
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作者：Ehrmann, M; Fratzscher, M
摘要：This article investigates whether the degree, of interdependence between the US and the euro area has changed with EMU by analysing the effects of monetary policy and macroeconomic news on daily interest rates in the two economies. The article finds a strongly increased interdependence of money markets around EMU. Spillover effects from the US to the euro area remain stronger than in the opposite direction, but US markets have started reacting to euro area developments. In recent years certain...
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作者：Hijzen, A; Görg, H; Hine, RC
作者单位：University of Nottingham
摘要：This article investigates empirically the link between international outsourcing and the skill structure of labour demand in the UK. It is the first detailed study of this issue for the UK. Outsourcing is calculated using import-use matrices of input-output tables for manufacturing industries for the period 1982 to 1996. Estimating a system of variable factor demands, our main results show that international outsourcing has had a strong negative impact on the demand for unskilled labour. Hence...
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作者：Bolton, GE; Brandts, J; Ockenfels, A
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Cologne
摘要：Procedures are the area where fairness arguably has its largest influence on modern societies. The experiments we report provide an initial characterisation of that influence and suggest new interpretations for some well-known results. We find that procedural fairness is conceptually distinct from allocation fairness, although the evidence also indicates that the two are linked in important ways. Post hoc extension of one of the current models of fairness illustrates this link and implies that...
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作者：Plug, E; Vijverberg, W
作者单位：University of Amsterdam; University of Texas System; University of Texas Dallas
摘要：One would expect that family income is an important positive factor in children's school attainment. However, evidence is often tainted by the lack of control for parental ability, since at least a portion of ability is transferred genetically to children. This paper uses a sample of adopted children and offers genetically unbiased estimates. We further correct for biases arising from unobserved parenting qualities and from parents' differentiation between their own birth and adopted children....
