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作者：Cooley, T; Marimon, R; Quadrini, V
作者单位：New York University; National Bureau of Economic Research; National Bureau of Economic Research; Pompeu Fabra University; Centre for Economic Policy Research - UK; University of Southern California
摘要：We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts. Because of enforceability problems, contracts are constrained efficient. We show that limited enforceability amplifies the impact of technological innovations on aggregate output. This implies that economies with lower enforceability of contracts are characterized by greater macroeconomic volatility. A key assumption for the amplification result is that defaulting entrepreneurs are ...
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作者：Bénabou, R; Tirole, J
作者单位：Princeton University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Massachusetts Institute of Technology (MIT)
摘要：We develop a theory of internal commitments or personal rules based on self-reputation over one's willpower, which transforms lapses into precedents that undermine future self-restraint. The foundation for this mechanism is the imperfect recall of past motives and feelings, leading people to draw inferences from their past actions. The degree of self-control an individual can achieve is shown to rise with his self-confidence and decrease with prior external constraints. On the negative side, i...
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作者：Miguel, E; Satyanath, S; Sergenti, E
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; New York University
摘要：Estimating the impact of economic conditions on the likelihood of civil conflict is difficult because of endogeneity and omitted variable bias. We use rainfall variation as an instrumental variable for economic growth in 41 African countries during 1981-99. Growth is strongly negatively related to civil conflict: a negative growth shock of five percentage points increases the likelihood of conflict by one-half the following year. We attempt to rule out other channels through which rainfall may...
