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作者:Chatterjee, Satyajit; Eyigungor, Burcu
作者单位:Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要:A sovereign's inability to commit to a course of action regarding future borrowing and default behavior makes long-term debt costly (the problem of debt dilution). One mechanism to mitigate this problem is the inclusion of a seniority clause in debt contracts. In the event of default, creditors are to be paid off in the order in which they lent (the absolute priority or first-in-time rule). In this paper, we propose a modification of the absolute priority rule suited to sovereign debts contrac...
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作者:Baudin, Thomas; de la Croix, David; Gobbi, Paula E.
作者单位:Universite Catholique Louvain; Universite Catholique Louvain; Fonds de la Recherche Scientifique - FNRS
摘要:We develop a theory of fertility, distinguishing its intensive margin from its extensive margin. The deep parameters are identified using facts from the 1990 US Census: (i) fertility of mothers decreases with education; (ii) childlessness exhibits a U-shaped relationship with education; (iii) the relationship between marriage rates and education is hump-shaped for women and increasing for men. We estimate that 2.5 percent of women were childless because of poverty and 8.1 percent because of hi...
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作者:Anderson, Patricia M.; Butcher, Kristin F.; Schanzenbach, Diane Whitmore
作者单位:Dartmouth College; National Bureau of Economic Research; Wellesley College; Northwestern University
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作者:Swinton, Omari H.
作者单位:Howard University
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作者:Benabou, Roland; Ticchi, Davide; Vindigni, Andrea
作者单位:Princeton University; National Bureau of Economic Research; IZA Institute Labor Economics; IMT School for Advanced Studies Lucca
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作者:Bernard, Andrew B.; Fort, Teresa C.
作者单位:Centre for Economic Policy Research - UK; National Bureau of Economic Research
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作者:Grossman, Gene M.; Helpman, Elhanan
作者单位:Princeton University; Harvard University; Canadian Institute for Advanced Research (CIFAR)
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作者:Henderson, Rebecca; Van den Steen, Eric
作者单位:Harvard University
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作者:Laibson, David
作者单位:Harvard University
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作者:Nekoei, Arash; Weber, Andrea
作者单位:Stockholm University; University of Mannheim