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作者：Yared, Pierre
作者单位：Columbia University
摘要：The standard analysis of the efficient management of income taxes and debt assumes a benevolent government and ignores potential distortions arising from rent-seeking politicians. This paper departs from this framework by assuming that a rent-seeking politician chooses policies. If the politician chooses extractive policies, citizens throw him out of power. We analyse the efficient sustainable equilibrium. Unlike in the standard economy, temporary economic shocks generate volatile and persiste...
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作者：Rubio-Ramirez, Juan F.; Waggoner, Daniel F.; Zha, Tao
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University
摘要：Structural vector autoregressions (SVARs) are widely used for policy analysis and to provide stylized facts for dynamic stochastic general equilibrium (DSGE) models; yet no workable rank conditions to ascertain whether an SVAR is globally identified have been established. Moreover, when nonlinear identifying restrictions are used, no efficient algorithms exist for small-sample estimation and inference. This paper makes four contributions towards filling these important gaps in the literature. ...
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作者：Van Nieuwerburgh, Stijn; Veldkamp, Laura
作者单位：New York University; National Bureau of Economic Research
摘要：If an investor wants to form a portfolio of risky assets and can exert effort to collect information on the future value of these assets before he invests, which assets should he learn about? The best assets to acquire information about are ones the investor expects to hold. But the assets the investor holds depend on the information he observes. We build a framework to solve jointly for investment and information choices, with general preferences and information cost functions. Although the o...
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作者：Blum, Bernardo S.
作者单位：University of Toronto
摘要：In this paper, I ask the question: Does the output-mix of countries change in response to changes in factor endowments? If so: How long does it take? Using data on capital, as well as skilled and unskilled labour employed in three-digit International Standard Industrial Classification (ISIC) manufacturing industries for a sample of 27 developing and developed countries over the 1973-1990 period, I find that the output-mix of countries does not change in response to endowment changes, even afte...
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作者：Bonhomme, Stephane; Robin, Jean-Marc
作者单位：Paris School of Economics; Universite Paris Cite; University of London; University College London
摘要：In this paper, we construct a non-parametric estimator of the distributions of latent factors in linear independent multi-factor models under the assumption that factor loadings are known. Our approach allows estimation of the distributions of up to L(L + 1)/2 factors given L measurements. The estimator uses empirical characteristic functions, like many available deconvolution estimators. We show that it is consistent, and derive asymptotic convergence rates. Monte Carlo simulations show good ...
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作者：Bandiera, Oriana; Barankay, Iwan; Rasul, Imran
作者单位：University of London; London School Economics & Political Science; University of Pennsylvania; University of London; University College London
摘要：We present evidence on social incentives in the workplace, namely on whether workers' behaviour is affected by the presence of those they are socially tied to, even in settings where there are no externalities among workers due to either the production technology or the compensation scheme in place. To do so, we combine data on individual worker productivity from a firm's personnel records with information on each worker's social network of friends in the firm. We find that compared to when sh...
