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作者：Farber, HS
作者单位：Princeton University
摘要：The labor supply of taxi drivers is consistent with the existence of intertemporal substitution. My analysis of the stopping behavior of New York City cabdrivers shows that daily income effects are small and that the decision to stop work at a particular point on a given day is primarily related to cumulative daily hours to that point. This is in contrast to the analysis of Camerer et al., who find that the daily wage elasticity of labor supply of New York City cabdrivers is substantially nega...
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作者：Galiani, S; Gertler, P; Schargrodsky, E
作者单位：Universidad Mayor de San Andres; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：While most countries are committed to increasing access to safe water and thereby reducing child mortality, there is little consensus on how to actually improve water services. One important proposal under discussion is whether to privatize water provision. In the 1990s Argentina embarked on one of the largest privatization campaigns in the world, including the privatization of local water companies covering approximately 30 percent of the country's municipalities. Using the variation in owner...
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作者：Clark, G
作者单位：University of California System; University of California Davis
摘要：I use building workers' wages for 1209 - 2004 and the skill premium to consider the causes and consequences of the Industrial Revolution. Real wages were trendless before 1800, as would be predicted for the Malthusian era. Comparing wages with population, however, suggests that the break from the technological stagnation of the Malthusian era came around 1640, long before the classic Industrial Revolution, and even before the arrival of modern democracy in 1689. Building wages also conflict wi...
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作者：Acemoglu, D; Johnson, S
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper evaluates the importance of property rights institutions, which protect citizens against expropriation by the government and powerful elites, and contracting institutions, which enable private contracts between citizens. We exploit exogenous variation in both types of institutions driven by colonial history and document strong first-stage relationships between property rights institutions and the determinants of European colonization strategy ( settler mortality and population dens...
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作者：Engel, C; West, KD
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We show analytically that in a rational expectations present-value model, an asset price manifests near - random walk behavior if fundamentals are I( 1) and the factor for discounting future fundamentals is near one. We argue that this result helps explain the well-known puzzle that fundamental variables such as relative money supplies, outputs, inflation, and interest rates provide little help in predicting changes in floating exchange rates. As well, we show that the data do exhibit a relate...
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作者：Piazzesi, M
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Bond yields respond to policy decisions by the Federal Reserve and vice versa. To learn about these responses, I model a high-frequency policy rule based on yield curve information and an arbitrage-free bond market. In continuous time, the Fed's target is a pure jump process. Jump intensities depend on the state of the economy and the meeting calendar of the Federal Open Market Committee. The model has closed-form solutions for yields as functions of a few state variables. Introducing monetary...
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作者：Wennerlind, C
作者单位：Columbia University
摘要：David Hume's monetary theory has been controversial since its formulation. Lately, the focus has been on Hume's alleged misapplication of the quantity theory of money. While he appears to subscribe to a simple quantity theory with money neutrality, in a famously contested passage in the essay Of Money, he violates the neutrality condition by claiming that an increase in the money stock has favorable output effects. While most commentators argue about the persistence of the output effect, this ...
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作者：Nishiyama, S; Smetters, K
作者单位：University System of Georgia; Georgia State University; University of Pennsylvania; National Bureau of Economic Research
摘要：Fundamental tax reform is examined in an overlapping-generations model in which heterogeneous agents face idiosyncratic wage shocks and longevity uncertainty. A progressive income tax is replaced with a flat consumption tax. If idiosyncratic wage shocks are insurable ( i. e., no risk), this reform improves ( interim) efficiency, a result consistent with the previous literature. But if, more realistically, wage shocks are uninsurable, this reform reduces efficiency, even though national wealth ...
