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作者：De La Croix, David; Doepke, Matthias
作者单位：Universite Catholique Louvain; Northwestern University
摘要：How is the quality of public education affected by the presence of private schools for the rich? Theory and evidence suggest that the link depends crucially on the political system. We develop a theory that integrates private education and fertility decisions with voting on public schooling expenditures. We find that the presence of a large private education sector benefits public schools in a broad-based democracy where politicians are responsive to low-income families but crowds out public e...
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作者：Michelacci, Claudio; Quadrini, Vincenzo
作者单位：Center for Economic & Policy Research (CEPR); University of Southern California; National Bureau of Economic Research
摘要：We study a labour market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: they pay lower wages today in exchange for higher future wages once they become unconstrained. Because constrained firms grow faster, the model predicts a positive correlation between the growth of wages and the growth of the firm. Under some conditions, the model also generates a positive relation between firm size an...
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作者：Aguiar, Mark; Amador, Manuel; Gopinath, Gita
作者单位：University of Rochester; National Bureau of Economic Research; Stanford University; Harvard University
摘要：We characterize optimal taxation of foreign capital and optimal sovereign debt policy in a small open economy where the government cannot commit to policy, seeks to insure a risk-averse domestic constituency, and is more impatient than the market. Optimal policy generates long-run cycles in both sovereign debt and foreign direct investment in an environment in which the first best capital stock is a constant. The expected tax on capital endogenously varies with the state of the economy, and in...
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作者：Li, Hong; Mueller, Ulrich K.
作者单位：Brandeis University; Princeton University
摘要：This paper considers time series Generalized Method of Moments (GMM) models where a subset of the parameters are time varying. We focus on an empirically relevant case with moderately large instabilities, which are well approximated by a local asymptotic embedding that does not allow the instability to be detected with certainty, even in the limit. We show that for many forms of the instability and a large class of GMM models, usual GMM inference on the subset of stable parameters is asymptoti...
