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作者：Chahrour, Ryan; Gaballo, Gaetano
作者单位：Boston College; Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK
摘要：We formalize the idea that house price changes may drive rational waves of optimism and pessimism in the economy. In our model, a house price increase caused by aggregate disturbances may be misinterpreted as a sign of higher local permanent income, leading households to demand more consumption and housing. Higher demand reinforces the initial price increase in an amplification loop that drives comovement in output, labour, residential investment, land prices, and house prices even in response...
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作者：David, Joel M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article develops a search and matching model of mergers and acquisitions (M&A) and uses it to evaluate the implications of merger activity for aggregate economic outcomes. The theory is consistent with a rich set of facts on U.S. M&A, including sorting among merging firms, a substantial merger premium and serial acquisition. It provides a sharp link between these facts and the nature of merger gains. At the micro-level, both complementarities between merging firms and productivity improve...
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作者：Giuliano, Paola; Nunn, Nathan
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK; National Bureau of Economic Research; IZA Institute Labor Economics; Harvard University; Canadian Institute for Advanced Research (CIFAR)
摘要：We examine a determinant of cultural persistence that has emerged from a class of models in evolutionary anthropology: the similarity of the environment across generations. Within these models, when the environment is more stable across generations, the traits that have evolved up to the previous generation are more likely to be suitable for the current generation. In equilibrium, a greater value is placed on tradition and there is greater cultural persistence. We test this hypothesis by measu...
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作者：Chari, Amalavoyal; Liu, Elaine M.; Wang, Shing-Yi; Wang, Yongxiang
作者单位：University of Sussex; University of Houston System; University of Houston; National Bureau of Economic Research; University of Pennsylvania; Shanghai Jiao Tong University; The Chinese University of Hong Kong, Shenzhen
摘要：This article examines the impact of a property rights reform in rural China that allowed farmers to lease out their land. We find the reform led to increases in land rental activity in rural households. Our results indicate that the formalization of leasing rights resulted in a redistribution of land toward more-productive farmers. Consequently, output and aggregate productivity increased by 8% and 10%, respectively. We also find that the reform increased the responsiveness of land allocation ...
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作者：Hoerner, Johannes; Lambert, Nicolas S.
作者单位：Yale University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Stanford University
摘要：Performance evaluation (rating) systems not only provide information to users but also motivate the rated worker. This article solves for the optimal (effort-maximizing) rating within the standard career concerns framework. We prove that this rating is a linear function of past observations. The rating, however, is not aMarkov process, but rather the sum of twoMarkov processes. We showhowit combines information of different types and vintages. An increase in effort may adversely affect some (b...
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作者：Li, Jin; Mukherjee, Arijit; Vasconcelos, Luis
作者单位：University of Hong Kong; Michigan State University; University of Technology Sydney; Universidade Nova de Lisboa
摘要：An agent may privately learn which aspects of his job are more important by shirking on some of them, and use that information to shirk more effectively in the future. In a model of long-term employment relationship, we characterize the optimal relational contract in the presence of such learning-by-shirking and highlight how the performance measurement system can be managed to sharpen incentives. Two related policies are studied: intermittent replacement of existing measures, and adoption of ...
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作者：Barone, Guglielmo; Mocetti, Sauro
作者单位：University of Padua; European Central Bank; Bank of Italy
摘要：We examine intergenerational mobility in the very long run, across generations that are six centuries apart. We exploit a unique dataset containing detailed information at the individual level for all people living in the Italian city of Florence in 1427. These individuals have been associated, using their surnames, with their pseudo-descendants living in Florence in 2011. We find that long-run earnings elasticity is about 0.04; we also find an even stronger role for real wealth inheritance an...
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作者：Khaw, Mel Win; Li, Ziang; Woodford, Michael
作者单位：Duke University; Princeton University; Columbia University
摘要：Observed choices between risky lotteries are difficult to reconcile with expected utility maximization, both because subjects appear to be too risk averse with regard to small gambles for this to be explained by diminishing marginal utility of wealth, as stressed by Rabin (2000), and because subjects' responses involve a random element. We propose a unified explanation for both anomalies, similar to the explanation given for related phenomena in the case of perceptual judgments: they result fr...
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作者：Newton, Jonathan
作者单位：Kyoto University
摘要：Strategies of players in a population are updated according to the behavioural rules of agents, where each agent is a player or a coalition of players. It is known that classic results on the stochastic stability of conventions are due to an asymmetry property of the strategy updating process. We show that asymmetry can be defined at the level of the behavioural rule and that asymmetric rules can be mixed and matched whilst retaining asymmetry of the aggregate process. Specifically, we show ro...
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作者：Aguiar, Victor H.; Kashaev, Nail
作者单位：Western University (University of Western Ontario)
摘要：A long-standing question about consumer behaviour is whether individuals' observed purchase decisions satisfy the revealed preference (RP) axioms of the utility maximization theory (UMT). Researchers using survey or experimental panel data sets on prices and consumption to answer this question face the well-known problem of measurement error. We show that ignoring measurement error in the RP approach may lead to overrejection of the UMT. To solve this problem, we propose a new statistical RP f...
