-
作者：Cooley, TF; Ohanian, LE
作者单位：University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The policies used by Britain to finance World War II represented a dramatic departure from the policies used to finance earlier wars and were very different from the policies used by the United States during the war. Following Keynes's recommendations, Britain taxed capital income at a much higher rate than the United States during the war and for much of the postwar period. We analyze quantitatively the policies designed by Keynes using an endogenous growth model and the neoclassical growth m...
-
作者：MacLeod, WB
作者单位：Universite de Montreal
-
作者：Keane, MP; Wolpin, KI
作者单位：University of Pennsylvania
摘要：This paper provides structural estimates of a dynamic model of schooling, work, and occupational choice decisions based on II years of observations on a sample of young men from the 1979 youth cohort of the National Longitudinal Surveys of Labor Market Experience (NLSY). The structural estimation framework that we adopt fully imposes the restrictions of the theory and permits an investigation of whether such a theoretically restricted model can succeed in quantitatively fitting the observed da...
-
作者：Debelle, G; Lamont, O
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross section of U.S. cities. We find this correlation to be a robust empirical regularity: cities that have higher than average inflation also have higher than average relative price dispersion, ceteris paribus. This result holds for different periods of time, for different classes of goods, and across different time horizons. Our results suggest that at least part...
-
作者：Noussair, CN; Plott, CR; Riezman, RG
作者单位：California Institute of Technology; University of Iowa
摘要：This paper reports the first experiments designed to explore the behavior of economies with prominent features of international finance. Two ''countries,'' each with its own currency, were created. International trade could take place only through the operation of markets for currency. The law of one price and the flow of funds theory of exchange rate determination were used to produce general equilibrium models that captured much of the behavior of the economies, Prices of goods, as well as t...
-
作者：Cummings, RG; Elliott, S; Harrison, GW; James, M
作者单位：University of Colorado System; University of Colorado Boulder; University of South Carolina System; University of South Carolina Columbia
摘要：Hypothetical referenda have been proposed as an incentive-compatible mechanism that can be used to obtain social valuations of environmental resources. We employ experimental methods to test the hypothesis that such referenda are indeed incentive compatible. Our results lead us to reject that hypothesis.
-
作者：Bliss, C; DiTella, R
作者单位：University of Oxford
摘要：Corrupt agents (officials or gangsters) exact money from firms. Corruption affects the number of firms in a free-entry equilibrium. The degree of deep competition in the economy increases with lower overhead costs relative to profits and with a tendency toward similar cost structures. Increases in competition may not lower corruption. The model explains why a rational corrupt agent may extinguish the source of his bribe income by causing a firm to exit. Assessing the welfare effect of corrupti...
-
作者：SchmittGrohe, S; Uribe, M
摘要：A traditional argument against a balanced-budget fiscal policy rule is that it amplifies business cycles by stimulating aggregate demand during booms via tax cuts and higher public expenditures and by reducing demand during recessions through a corresponding fiscal contraction. This paper suggests an additional source of instability that may arise from this ripe of fiscal policy rule, It shows that: within the standard neoclassical growth model, a balanced-budget rule can make expectations of ...
-
作者：Chiappori, PA
