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作者：van Binsbergen, Jules; Brandt, Michael; Koijen, Ralph
作者单位：Northwestern University; Duke University; University of Chicago; National Bureau of Economic Research; Tilburg University
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作者：Gilchrist, Simon; Zakrajsek, Egon
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve System Board of Governors; National Bureau of Economic Research
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作者：Acemoglu, Daron; Egorov, Georgy; Sonin, Konstantin
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; New Economic School
摘要：In dynamic collective decision making, current decisions determine the future distribution of political power and influence future decisions. We develop a general framework to study this class of problems. Under acyclicity, we characterize dynamically stable states as functions of the initial state and obtain two general insights. First, a social arrangement is made stable by the instability of alternative arrangements that are preferred by sufficiently powerful groups. Second, efficiency-enha...
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作者：Kretschmer, Tobias; Miravete, Eugenio J.; Pernias, Jose C.
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Texas System; University of Texas Austin; Universitat Jaume I
摘要：Liberalization of the European automobile distribution system in 2002 limits the ability of manufacturers to impose vertical restraints, leading to a substantial increase in competitive pressure among dealers. We estimate an equilibrium model of profit maximization to evaluate how dealers change their innovation adoption strategies following the elimination of exclusive territories. Using French data we evaluate the existence of complementarities between the adoption of software applications a...
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作者：Michaillat, Pascal
作者单位：University of London; London School Economics & Political Science
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作者：Barsky, Robert B.; Sims, Eric R.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; National Bureau of Economic Research; University of Notre Dame
摘要：Innovations to consumer confidence convey incremental information about economic activity far into the future. Does this reflect a causal effect of animal spirits on economic activity, or news about exogenous future productivity received by consumers? Using indirect inference, we study the impulse responses to confidence innovations in conjunction with an appropriately augmented New Keynesian model. While news, animal spirits, and pure noise all contribute to confidence innovations, the relati...
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作者：Elsby, Michael W. L.; Shapiro, Matthew D.
作者单位：University of Edinburgh; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：That the employment rate appears to respond to changes in trend growth is an enduring macroeconomic puzzle. This paper shows that, in the presence of a return to experience, a slowdown in productivity growth raises reservation wages, thereby lowering aggregate employment. The paper develops new evidence that shows this mechanism is important for explaining the growth-employment puzzle. The combined effects of changes in aggregate wage growth and returns to experience account for all the increa...
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作者：Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; University of Michigan System; University of Michigan
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作者：Sims, Christopher A.
作者单位：Princeton University
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作者：Michalopoulos, Stelios
作者单位：Brown University
摘要：This study explores the determinants of ethnolinguistic diversity within as well as across countries, shedding light on its geographic origins. The empirical analysis conducted across countries, virtual countries, and pairs of contiguous regions establishes that geographic variability, captured by variation in regional land quality and elevation, is a fundamental determinant of contemporary linguistic diversity. The findings are consistent with the proposed hypothesis that differences in land ...
