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作者：Manski, CF
作者单位：Northwestern University; Northwestern University
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作者：Chowdhry, B; Roll, R; Xia, YH
作者单位：University of California System; University of California Los Angeles
摘要：Relative purchasing power parity (PPP) holds for pure price inflations, which affect prices of all goods and services by the same proportion, while leaving relative prices unchanged. Pure price inflations also affect nominal returns of all traded financial assets by exactly the same amount. Recognizing that relative PPP may not hold for the official inflation data constructed from commodity price indices because of relative price changes and other frictions that cause prices to be sticky, we ...
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作者：Davidoff, T; Brown, JR; Diamond, PA
作者单位：University of California System; University of California Berkeley; University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness which are substantially less restrictive than those used by Menahem E. Yaari (1965). We examine demand with market incompleteness, finding that positive annuitization remains optimal widely, but complete annuitization does not. How uninsured medical expenses affect demand for illiquid annuities depends critically on the timing of the risk. A new set of calculatio...
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作者：DeMarzo, PM; Kremer, I; Skrzypacz, A
作者单位：Stanford University
摘要：We study security-bid auctions in which bidders compete for an asset by bidding with securities whose payments are contingent on the asset's realized value. In formal security-bid auctions, the seller restricts the security design to an ordered set and uses a standard auction format (e.g., first- or second-price). In informal settings, bidders offer arbitrary securities and the seller chooses the most attractive bid, based on his belie, ex post. We characterize equilibrium and show that steepe...
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作者：Boyd, D; Lankford, H; Loeb, S; Wyckoff, J
作者单位：State University of New York (SUNY) System; University at Albany, SUNY; Stanford University
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作者：Pagano, M; Volpin, PF
作者单位：University of Naples Federico II; University of London; London Business School
摘要：We analyze the political determinants of investor and employment protection. Our model predicts that proportional electoral systems are conducive to weaker investor protection and stronger employment protection than majoritarian systems. This prediction is consistent with international panel data evidence. The proportionality of the voting system is significantly and negatively correlated with shareholder protection in a panel of 45 countries, and positively correlated with employment protecti...
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作者：Black, SE; Devereux, PJ; Salvanes, KG
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Norwegian School of Economics (NHH)
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作者：Henderson, R; Jaffe, A; Trajtenberg, M
作者单位：Massachusetts Institute of Technology (MIT); Brandeis University; Tel Aviv University
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作者：Kenkel, DS
作者单位：Cornell University; National Bureau of Economic Research; Cornell University
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作者：Catao, LAV; Solomou, SN
作者单位：International Monetary Fund; University of Cambridge
摘要：Using a new international dataset of trade-weighed exchange, rates, this paper highlights a neglected adjustment mechanism in the classical gold standard literature. Since gold-pegged countries traded extensively with economies operating more flexible monetary regimes and where parity change was a common adjustment device to systemic shocks, we show that such parity adjustments induced worldwide swings in nominal effective exchange rates. These translated into real exchange rate variations to ...
