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作者：Campbell, JY; Viceira, LM; White, JS
作者单位：Harvard University
摘要：Conventional wisdom holds that conservative investors should avoid exposure to foreign currency risk. Even if they hold foreign equities, they should hedge the currency exposure of these positions and hold only domestic Treasury bills. This paper argues that the conventional wisdom may be wrong for long-term investors. Domestic bills are risky for long-term investors, because real interest rates vary over time and bills must be rolled over at uncertain future interest rates. This risk can be h...
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作者：Benigno, G; Thoenissen, C
作者单位：University of London; London School Economics & Political Science; Bank of England
摘要：We develop a two-country, optimising, sticky prices and sticky wages model of real exchange rate determination in the new open macrocconomics tradition to analyse the interaction between supply-side behaviour, market structure and the real exchange rate. For a UK-euro area calibration, supply-side improvements to total factor productivity (TFP) or the degree of monopolistic competition in the goods and labour markets result in a depreciation of the real exchange rate. When TFP increases in the...
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作者：Francois, P
作者单位：University of Bristol; University of British Columbia
摘要：Not-for-profit firms are greatly over-represented in the childcare, medical care, education and care for the aged sectors where service providing workers, as well as purchasers, seem to care about the level or quality of service being provided. Since all individuals who care about service levels receive non-excludable benefits, these services have a public good element. Such care can be used to motivate employees to perform tasks beyond their strict job description. But such care only motivate...
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作者：Dercon, S; Krishnan, P
作者单位：University of Oxford; University of Cambridge
摘要：We use public transfers in the form of food aid to test for the presence of risk sharing arrangements at the village level in rural Ethiopia. We reject perfect risk-sharing, but find evidence of partial fisk-sharing via transfers. There is also evidence consistent with crowding out of informal insurance linked to food aid programmes.
