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作者：Farmer, Roger E. A.; Waggoner, Daniel F.; Zha, Tao
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University
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作者：Woodford, Michael
作者单位：Columbia University
摘要：The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of ...
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作者：Ellman, Matthew; Pezanis-Christou, Paul
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics; Universites de Strasbourg Etablissements Associes; Universite de Strasbourg; Universite de Lorraine
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作者：Greenwood, Jeremy; Sanchez, Juan M.; Wang, Cheng
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Fudan University; Iowa State University
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作者：Chakraborty, Archishman; Harbaugh, Rick
作者单位：York University - Canada; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We consider the credibility, persuasiveness, and informativeness of multidimensional cheap talk by an expert to a decision maker. We find that an expert with state-independent preferences can always make credible comparative statements that trade off the expert's incentive to exaggerate on each dimension. Such communication benefits the expert-cheap talk is persuasive-if her preferences are quasiconvex. Communication benefits a decision maker by allowing for a more informed decision, but strat...
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作者：Ramondo, Natalia; Rodriguez-Clare, Andres
作者单位：University of Texas System; University of Texas Austin; Princeton University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
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作者：Baron, David P.
作者单位：Stanford University; Northwestern University
摘要：Self-regulation is the private provision of public goods and private redistribution. This paper examines the scope of self-regulation motivated by altruistic moral preferences that are reciprocal and stronger the closer are citizens in a socioeconomic distance. The focus is on the role of organizations in increasing self-regulation by mitigating free-rider problems. Social label and certification organizations can expand the scope of self-regulation but not beyond that with unconditional altru...
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作者：Epple, Dennis; Gordon, Brett; Sieg, Holger
作者单位：Carnegie Mellon University; Columbia University
摘要：Dating to the classic works of Alonso, Mills, and Muth, the production function for housing has played a central role in urban economics and local public finance. This paper provides a new flexible approach for estimating the housing production function which treats housing quantities and prices as latent variables. The empirical analysis is based on a comprehensive database of recently built properties in Allegheny County, Pennsylvania. We find that the new method proposed in this paper works...
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作者：Gordon, Robert J.
作者单位：Northwestern University
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作者：Garcia-Cicco, Javier; Pancrazi, Roberto; Uribe, Martin
作者单位：Central Bank of Chile; Duke University; Columbia University; National Bureau of Economic Research
