-
作者：Erickson, T; Whited, TM
作者单位：United States Department of Labor; University of Iowa
摘要：Many recent empirical investment studies have found that the investment of financially constrained firms responds strongly to cash flow Paralleling these findings is the disappointing performance of the q theory of investment: even though marginal q should summarize the effects of all factors relevant to the investment decision, cash flow still matters. We examine whether this failure is due to error in measuring marginal q. Using measurement error-consistent generalized method of moments esti...
-
作者：Szymanski, S
作者单位：Imperial College London
摘要：This paper proposes a market test for racial discrimination in salary setting in English league soccer over the period 1978-93 using a balanced panel of 39 clubs. If there is a competitive market fur the services of players. the wage bill of the club will reflect their productivity and hence the performance of the club ill the league. Discrimination can be said to exist if clubs fielding an above-average proportion of black players systematically outperform clubs with a below-average proportio...
-
作者：Segal, U
作者单位：Western University (University of Western Ontario)
摘要：This paper shows that a minimal degree of consideration for other people's well-being enables society to agree that one social policy is the best. I offer axioms that imply that this best policy maximizes a weighted sum of individual utilities. The weight of each individual is the inverse of his or her maximal possible utility from social endowments. The suggested policy is not sensitive to the choice of the von Neumann-Morgenstern utilities. The key axiom is that individuals agree that giving...
-
作者：Velde, FR; Weber, WE
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：Bimetallism has been the subject of considerable debate: Was it a viable monetary system? Was it desirable? In our model, the amounts of each metal are split between coined metal, satisfying a cash-in-advance constraint, and uncoined metal, yielding utility. The ratio of the monies in the cash-in-advance constraint is endogenous. Bimetallism is feasible: we find a continuum of steady states indexed by the constant exchange rate of the monies. Bimetallism is not desirable: among steady states, ...
-
作者：Matsuyama, K
作者单位：Northwestern University
摘要：This paper develops a Ricardian model of trade in which goods are indexed according to priority and higher-indexed goods are consumed only by richer households. South (North) has a comparative advantage in lower- (higher-) indexed goods and, hence, specializes in goods with lower (higher) income elasticities of demand. Product cycles and a southern terms-of-trade deterioration result from faster population growth and uniform productivity growth in South and a global productivity improvement. S...
-
作者：Baland, JM; Robinson, JA
作者单位：University of Namur; University of California System; University of California Berkeley
摘要：We build a model of child labor and study its implications for welfare. We assume that there is a trade-off between child labor and the accumulation of human capital. Even if parents are altruistic and child labor is socially inefficient, it may arise in equilibrium because parents Fail to fully internalize its negative effects, This occurs when bequests are zero or when capital markers are imperfect. We also study the effects of a simple ban on child labor and derive conditions under which it...
-
作者：Rao, V
作者单位：The World Bank
-
作者：Bernardo, AE; Ledoit, O
作者单位：University of California System; University of California Los Angeles
摘要：We develop an approach to asset pricing in incomplete markets that bridges the gap between the two fundamental approaches in finance: model-based pricing and pricing by no arbitrage. We strengthen the absence of arbitrage assumption by precluding investment opportunities whose attractiveness to a benchmark investor exceeds a specified threshold. In our framework, the attractiveness of an investment opportunity is measured by the gain-loss ratio. We show that a restriction on the maximum gain-l...
-
作者：Dercon, S; Krishnan, P
作者单位：University of Oxford; KU Leuven
摘要：Much of the literature on consumption smoothing and on risk sharing has focused on the ability of the household as a unit to protect its consumption. Little is known about the ability of individual members of the household to keep consumption smooth over time or relative to other members of the household. We use data on adult nutrition in Ethiopia to investigate whether individuals are able to smooth their consumption over time and within the household. We find that poorer households are not a...
