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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：Goldstein, I
作者单位：University of Pennsylvania
摘要：The economic literature emphasised the role of strategic complementarities in generating banking crises and currency crises. Motivated by evidence from recent financial crises, we study a model, where strategic complementarities exist, not only within a group of creditors or within a group of currency speculators, but also between the two groups. The additional type of complementarities generates a vicious circle between banking crises and currency crises. This magnifies the correlation betwee...
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作者：Holm, HJ; Danielson, A
作者单位：Lund University
摘要：Undergraduates in Tanzania and Sweden participated in one Trust game, one Dictator game, and answered a standard set of survey questions relating to trust. In both countries we detected a strong and significant relation between Dictator donations and proportions returned in Trust games, indicating that unconditional distribution preferences matter in Trust game behaviour. In Sweden incentive compatible evaluations of unrevealed Dictator donations significantly predicted the amount sent in Trus...
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作者：Bernheim, BD; Thomadsen, R
作者单位：Stanford University; National Bureau of Economic Research; Columbia University
摘要：The introduction of memory imperfections into models of economic decision making creates a natural role for anticipatory emotions. Their combination has striking behavioural implications. The paper first shows that agents can rationally select apparently dominated strategies. We consider Newcomb's Paradox and the Prisoners' Dilemma. We provide a resolution for Newcomb's Paradox and argue it requires the decision maker to ascribe only a tiny weight to anticipatory emotions. For some ranges of p...
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作者：Peersman, G; Smets, F
作者单位：Ghent University; Centre for Economic Policy Research - UK; European Central Bank
摘要：We first estimate the effects of a euro area-wide monetary policy change on output growth in eleven industries of seven euro area countries over the period 1980-98. On average the negative effect of an interest rate tightening on output is significantly greater in recessions than in booms. There is, however, considerable cross-industry heterogeneity in both the overall policy effects and the degree of asymmetry across the two business cycle phases. We then explore which industry characteristic...
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作者：Moore, MP; Ranjan, P
作者单位：University of California System; University of California Irvine
摘要：Globalisation and skill-biased technological change have emerged as alternative explanations for the increase in US wage inequality since 1980. We investigate the static and dynamic effects of these shocks on unemployment across skill classes using a model of search unemployment. Although we confirm that globalisation and skill-biased technological change both lead to increases in wage inequality, we show that these shocks may have different effects on unemployment. We also show that labour ma...
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作者：Fafchamps, M; Shilpi, F
作者单位：University of Oxford; The World Bank
摘要：Using survey data from Nepal, we examine the relationship between proximity to urban centres and the organisation of labour. We show that wards located in and near cities have more diversified and more market oriented activities. This suggests the presence of returns to market specialisation in cities. We also find some evidence of returns to hierarchical specialisation. These effects are felt up to four hours of travel time from large cities. Urbanisation is associated with lower female labou...
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作者：Burgess, S; Turon, H
作者单位：University of Bristol; Centre for Economic Policy Research - UK
摘要：We examine the inter-related dynamics of the unemployment flows and stock. Our model allows them to be linked through the standard accounting identity, but also through behavioural relationships. We find that, for the UK, the bulk of the correlation between duration and the unemployment stock arises from the dependence of duration on unemployment, taking careful account of the inter-temporal identity. Outflow shocks have contributed little to the evolution of unemployment since the late 1960s....
