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作者：Burnside, C; Eichenbaum, M; Rebelo, S
作者单位：The World Bank; Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper argues that a principal cause of the 1997 Asian currency crisis was large prospective deficits associated with implicit bailout guarantees to failing banking systems. The expectation that these future deficits would be at least partially financed by seigniorage revenues or an inflation tax on outstanding nominal debt led to a collapse of the fixed exchange rate regimes in Asia. We articulate this view using a simple model whose key feature is that a speculative attack is inevitable ...
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作者：Fong, YF; Zhang, JS
作者单位：Boston University; Chinese University of Hong Kong
摘要：This paper is based on the idea that for each partner in a marriage, there are two distinct types of leisure. One type is each person's independent (or private) leisure, and the other type is spousal leisure, whose importance has long been emphasized in the literature of psychology. While each type of leisure is unobservable (only total leisure is observed), it is shown that the recent collective models of the intrahousehold allocation initiated by Chiappori can be extended to identify each ty...
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作者：Robson, A
作者单位：Western University (University of Western Ontario); Boston University
摘要：Consider the possible biological origin of the expected utility criterion. On the one hand, if individuals possess a utility function stemming from the rate of production of expected offspring, they can rapidly adapt to arbitrary unknown distributions in a bandit problem. Embedding such a utility function in a simple rule of thumb involving no beliefs about probabilities leads to evolutionary optimality. On the other hand, if any rule whatever yields evolutionary optimality for all distributio...
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作者：Saint-Paul, G
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Pompeu Fabra University; Centre for Economic Policy Research - UK
摘要：I study the earnings structure and the equilibrium assignment of workers when workers exert intrafirm spillovers on each other. I allow for arbitrary spillovers provided that output depends on some aggregate index of workers' skill. Despite the possibility of increasing returns to skills, equilibrium typically exists. I show that equilibrium will typically be segregated and that the skill space can be partitioned into a set of segments and any firm hires from only one segment. Next, I apply th...
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作者：Kaplow, L; Shavell, S
作者单位：Harvard University; National Bureau of Economic Research
摘要：The public at large, many policymakers, and a number of economists hold views of social welfare that are non-welfarist. That is, they attach some importance to factors other than the effects of policies on individuals' utilities. We show, however, that any non-welfarist method of policy assessment violates the Pareto principle.
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作者：Heckman, JJ
作者单位：University of Chicago
摘要：This paper summarizes the contributions of microeconometrics to economic knowledge. Four main themes are developed. (1) Microeconometricians developed new tools to respond to econometric problems raised by the analysis of the new sources of micro data produced after the Second World War. (2) Microeconometrics improved on aggregate time-series methods by building models that linked economic models for individuals to data on individual behavior. (3) An important empirical regularity detected by ...
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作者：Bronars, SG; Famulari, M
作者单位：University of Texas System; University of Texas Austin
摘要：We present empirical evidence on the relationship between individual wages, conditional on worker characteristics, and equity returns using a unique survey from the Bureau of Labor Statistics. Equity returns affect the wages only of workers with three or more years of tenure. A 4 percent increase in a firm's market value raises pay by 0.3 percent within three years. Our estimates suggest that each $10 increase in shareholder wealth raises the present value of a firm's wage bill by $1. The elas...
