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作者：Acemoglu, Daron; Jensen, Martin Kaae
作者单位：Massachusetts Institute of Technology (MIT); University of Nottingham
摘要：Rich behavioural biases, mistakes, and limits on rational decision-making are often thought to make equilibrium analysis much more intractable. We establish that this is not the case in the context of one-sector growth models such as Ramsey-Cass-Koopmans or Bewley-Aiyagari models. We break down the response of the economy to a change in the environment or policy into two parts: the direct response at the given (pre-tax) prices, and the equilibrium response which plays out as prices change. Our...
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作者：Mogstad, Magne; Romano, Joseph P.; Shaikh, Azeem M.; Wilhelm, Daniel
作者单位：University of Chicago; Stanford University; University of Chicago; University of London; University College London
摘要：It is often desired to rank different populations according to the value of some feature of each population. For example, it may be desired to rank neighbourhoods according to some measure of intergenerational mobility or countries according to some measure of academic achievement. These rankings are invariably computed using estimates rather than the true values of these features. As a result, there may be considerable uncertainty concerning the rank of each population. In this paper, we cons...
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作者：Kovak, Brian K.; Morrow, Peter M.
作者单位：National Bureau of Economic Research; Carnegie Mellon University; IZA Institute Labor Economics; University of Toronto
摘要：This article assesses the long-run effects of the 1989 Canada-U.S. Free Trade Agreement on the Canadian labour market using matched longitudinal administrative data for the years 1984-2004. We simultaneously examine the labour market effects of increased export expansion and import competition, generally finding adverse effects of Canadian tariff cuts and favourable effects of U.S. cuts, though both effects are small. Workers initially employed in industries that experienced larger Canadian ta...
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作者：Cole, Harold L.; Neuhann, Daniel; Ordonez, Guillermo
作者单位：University of Pennsylvania; University of Texas System; University of Texas Austin
摘要：We develop a theory of information spillovers in sovereign bond markets in which investors can learn about default risk before trading in primary and secondary markets. If primary markets are structured as multi-unit discriminatory-price auctions, an endogenous winner's curse leads to strategic complementarities in information acquisition. Shocks to default risk in one country may trigger crisis episodes with widespread information acquisition, sharp increases in the level and volatility of yi...
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作者：Caldwell, Sydnee; Danieli, Oren
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Tel Aviv University
摘要：This paper develops a method to estimate workers' outside employment opportunities. We outline a matching model with two-sided heterogeneity, from which we derive a sufficient statistic, the outside options index (OOI), for the effect of outside options on earnings, holding worker productivity constant. The OOI uses the cross-sectional concentration of similar workers across job types to quantify workers' outside options as a function of workers' commuting costs, preferences, and skills. Using...
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作者：[Anonymous]
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作者：Faia, Ester; Pezone, Vincenzo
作者单位：Goethe University Frankfurt; Tilburg University
摘要：Private efficiency of wage rigidity has taken centre stage in economics. Measuring its effects has proven elusive for lack of actual wage data. Using a unique confidential labour contract-level dataset matched with firm-level high-frequency asset prices, we find robust evidence that firms' stock prices and employment fluctuate more in response to monetary policy announcements, the higher the degree of wage rigidity. Hand-collected information on the periods across renegotiations of collective ...
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作者：Tebaldi, Pietro
作者单位：Columbia University; National Bureau of Economic Research
摘要：Regulations to design private yet publicly sponsored health insurance markets are increasingly adopted in many OECD countries. Here I combine data and economic theory to analyse the interaction between insurers' competition and the design of premium subsidies in determining equilibrium outcomes. My empirical model includes adverse selection, rich heterogeneity in preferences for vertically and horizontally differentiated plans and accommodates alternative assumptions on pricing conduct. In the...
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作者：Ashraf, Quamrul H.; Cinnirella, Francesco; Galor, Oded; Gershman, Boris; Hornung, Erik
作者单位：Williams College; University of Bergamo; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Brown University; National Bureau of Economic Research; American University; University of Cologne
摘要：This study argues that the decline of coercive labour institutions over the course of industrialization was partly driven by complementarity between physical capital and effective labour in manufacturing. Given the difficulty of extracting labour effort in care-intensive industrial tasks through monitoring and punishment, capital-owning elites ultimately chose to emancipate workers to induce their supply of effective labour and, thus, boost the return to physical capital. This hypothesis is em...
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作者：Mogstad, Magne
