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作者:Bhagwati, J; Srinivasan, TN
作者单位:Columbia University; Yale University
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作者:Hamermesh, DS
作者单位:University of Texas System; University of Texas Austin; National Bureau of Economic Research
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作者:Chang, YS; Gomes, JF; Schorfheide, F
作者单位:University of Pennsylvania; University of Pennsylvania; Center for Economic & Policy Research (CEPR); University of Pennsylvania
摘要:This paper suggests that skill accumulation through past work experience, or learning-by-doing (LBD), can provide an important propagation mechanism in a dynamic stochastic general-equilibrium model, as the current labor supply affects future productivity. Our econometric analysis uses a Bayesian approach to combine micro-level panel data with aggregate time series. Formal model evaluation shows that the introduction of the LBD mechanism improves the model's ability to fit the dynamics of aggr...
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作者:Keane, MP
作者单位:Yale University
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作者:Gokhale, J; Kotlikoff, LJ
作者单位:Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Boston University
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作者:Hartley, R; Farrell, L
作者单位:Keele University; University of Melbourne
摘要:We investigate the ability of expected utility theory to account for simultaneous gambling and insurance. Contrary to a previous claim that borrowing and lending in perfect capital markets removes the demand for gambles, we show expected utility theory with nonconcave utility functions can explain gambling. When the rates of interest and time preference are equal, agents seek to gamble unless income falls in a finite set of values. When they differ, there is a range of incomes where gambles ar...
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作者:Williamson, OE
作者单位:University of California System; University of California Berkeley
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作者:Fey, M; Kim, J
作者单位:University of Rochester
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作者:Bouman, S; Jacobsen, B
作者单位:Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
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作者:Frank, RH
作者单位:Cornell University