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作者：Aghion, P; Schankerman, M
作者单位：Harvard University; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：We analyse the welfare effects of policies that intensify product market competition, and the channels through which they operate. Using a circular model of horizontal product differentiation with asymmetric costs, we study the effects of increased price competition on market selection among incumbent firms, cost reduction effort, and entry of new firms. The model also generates an endogenous demand for competition-enhancing or retarding policies arising from cost heterogeneity, and we demonst...
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作者：Manzini, P; Mariotti, M
作者单位：University of London; IZA Institute Labor Economics
摘要：Several contractual situations are such that the parties may 'step out' of negotiations and take up outside opportunities only if there is mutual consent to do so. Examples include employer - employee negotiations, divorce and inheritance procedures, and arbitration. To analyse such cases we develop the general concept of a 'joint outside option' and study its effect in the standard bargaining game. Examples from the international trade and theory of the firm are considered in some depth.
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作者：Kaas, L; von Thadden, L
作者单位：University of Vienna
摘要：We consider a dynamic general equilibrium model with capital accumulation and collective wage bargaining and investigate how unemployment responds to structural shocks under two stylised budgetary policies. Under balanced budgets, tax adjustments lead to higher unemployment on impact but enable a quick recovery of employment. By contrast, unbalanced budgets mitigate unemployment effects on impact but dynamics are more persistent due to weaker capital accumulation and future fiscal consolidatio...
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作者：Oxoby, RJ
作者单位：University of Calgary
摘要：We present a model of cognitive adaptation to examine the growth and behaviours of the underclass. In the model, individuals experiencing cognitive dissonance between status seeking and social recognition adapt their attitudes regarding what is deemed status worthy. This yields the endogenous formation of an underclass in which non-pecuniary social returns counteract the effect of traditional incentives (i.e. wages) in motivating behaviour. By gaining insight into the process of psychological ...
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作者：Lybbert, TJ; Barrett, CB; Desta, S; Coppock, DL
作者单位：State University System of Florida; Florida Atlantic University; Cornell University; Utah System of Higher Education; Utah State University
摘要：We use herd history data collected among pastoralists in southern Ethiopia to study stochastic wealth dynamics among a poor population. Although covariate rainfall shocks plainly matter, household-specific factors, including own herd size, account for most observed variability in wealth dynamics. We find no support for the tragedy of the commons hypothesis. Past studies may have conflated costly self-insurance with stocking rate externalities. Biophysical shocks move households between multipl...
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作者：Clements, MP
作者单位：University of Warwick
摘要：We consider evaluating the UK Monetary Policy Committee's inflation density forecasts using probability integral transform goodness-of-fit tests. These tests evaluate the whole forecast density. We also consider whether the probabilities assigned to inflation being in certain ranges are well calibrated, where the ranges are chosen to be those of particular relevance to the MPC, given its remit of maintaining inflation rates in a band around 21/2% annum. Finally, we discuss the decision-based a...
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作者：Lastrapes, WD; McMillin, WD
作者单位：University System of Georgia; University of Georgia; Louisiana State University System; Louisiana State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper examines cross-country variation in the liquidity effect - the negative response of interest rates to money supply shocks - focusing on the role of financial factors in explaining this variation. We estimate the liquidity effect for each of 21 countries using VAR models in which money supply shocks are restricted to be neutral in the long-run, then regress the estimated liquidity effect on financial market variables across countries. We find that financial factors play an important ...
