The American Economic Review

最新文章

• Liberalization, moral hazard in banking, and prudential regulation: Are capital requirements enough? AI翻译
  作者：Hellmann, TF; Murdock, KC; Stiglitz, JE
  作者单位：Stanford University; McKinsey & Company; The World Bank
  摘要：In a dynamic model of moral hazard, competition can undermine prudent bank behavior. While capital-requirement regulation can induce prudent behavior, the policy yields Pareto-inefficient outcomes. Capital requirements reduce gambling incentives by putting bank equity at risk. However, they also have a perverse effect of harming banks' franchise values, thus encouraging gambling. Pareto-efficient outcomes can be achieved by adding deposit-rate controls as a regulatory instrument, since they fa...
• Saving and growth with habit formation AI翻译
  作者：Carroll, CD; Overland, J; Weil, DN
  作者单位：Johns Hopkins University; National Bureau of Economic Research; Brown University
  摘要：Saving and growth are strongly positively correlated across countries. Recent empirical evidence suggests that this correlation holds largely because high growth leads to high saving, not the other way around. This evidence is difficult to reconcile with standard growth models, since forward-looking consumers with standard utility should save less in a fast-growing economy because they know they will be richer in the future than they are today. We show that if utility depends partly on how con...
• Rules and authorities in international monetary arrangements: The role of the central bank AI翻译
  作者：Aliber, RZ
  作者单位：University of Chicago
• The choice between market failures and corruption AI翻译
  作者：Acemoglu, D; Verdier, T
  作者单位：Massachusetts Institute of Technology (MIT); Universite PSL; Ecole Normale Superieure (ENS)
  摘要：Because government intervention transfers resources from one party to another, it creates room for corruption. As corruption often undermines the purpose of the intervention, governments Mill try to prevent it. They may create rents for bureaucrats, induce a misallocation of resources, and increase the size of the bureaucracy. Since preventing all corruption is excessively costly, second-best intervention may involve a certain fraction of bureaucrats accepting bribes. When corruption is harder...
• Child health and household resources in South Africa: Evidence from the Old Age Pension program AI翻译
  作者：Duflo, E
  作者单位：Massachusetts Institute of Technology (MIT)
• Women on welfare: A macroeconomic analysis AI翻译
  作者：Greenwood, J; Guner, N; Knowles, JA
  作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Pennsylvania
• Limiting buyer discretion: Effects on performance and price in long-term contracts AI翻译
  作者：Cameron, LJ
• Unequal societies: Income distribution and the social contract AI翻译
  作者：Bénabou, R
  作者单位：Princeton University; National Bureau of Economic Research; Princeton University
  摘要：This paper develops a theory of inequality and the social contract aiming to explain how countries with similar economic and political fundamentals can sustain such different systems of social insurance, fiscal redistribution, mid education finance as those. of the United States and Western Europe. With imperfect credit and insurance markets some redistributive policies can improve ex ante welfare, and this implies that their political support tends to decrease with inequality. Conversely, wit...
• A reconsideration of the twentieth century (vol 90, pg 327, 2000) AI翻译
  作者：Mundell, RA
  作者单位：Columbia University
• The principles of macroeconomics at the millennium AI翻译
  作者：Parkin, M
  作者单位：Western University (University of Western Ontario)