The American Economic Review

最新文章

• PROFESSIONAL ETIQUETTE FOR THE MATURE ECONOMIST AI翻译
  作者：HAMERMESH, DS
  作者单位：Michigan State University; National Bureau of Economic Research
• ANALYZING EMPLOYMENT DISCRIMINATION - FROM THE SEMINAR ROOM TO THE COURTROOM AI翻译
  作者：KILLINGSWORTH, MR
  作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
• SHOULD GOVERNMENTS LEARN TO LIVE WITH INFLATION - COMMENT AI翻译
  作者：AGELL, J; YSANDER, BC
  作者单位：Uppsala University; Royal Swedish Academy of Sciences
• THE RELATIVE PRICING OF HIGH-YIELD DEBT - THE CASE OF RJR-NABISCO HOLDINGS CAPITAL CORPORATION AI翻译
  作者：DAMMON, RM; DUNN, KB; SPATT, CS
  摘要：We derive and investigate empirically arbitrage pricing restrictions among three bonds of RJR Nabisco Holdings Capital Corporation. The three RJR bonds are virtually identical in all respects, except for the form in which interest is paid. We document large and persistent errors in the market pricing of the three bonds over a two-year period. The cash-paying bond was consistently more expensive than either the pay-in-kind or deferred-coupon bonds. The magnitude of the pricing errors is too lar...
• TRIGGER POINTS AND BUDGET CUTS - EXPLAINING THE EFFECTS OF FISCAL AUSTERITY AI翻译
  作者：BERTOLA, G; DRAZEN, A
  作者单位：University System of Maryland; University of Maryland College Park
  摘要：We propose and solve an optimizing model which explains counterintuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process which the public believes may fall sharply when it reaches specific ''trigger'' points, then optimizing consumption behavior and simple budget-constraint arithmetic imply a nonlinear relationship between private consumption and government spending. This theoretical relation is consistent with the experie...
• STOCK-PRICES AND WALL-STREET WEATHER AI翻译
  作者：SAUNDERS, EM
• THE MACROECONOMICS OF STRANGELOVE,DR AI翻译
  作者：JOHN, AA; PECCHENINO, RA; SCHREFT, SL
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
  摘要：This paper examines the weapons-accumulation decisions of two adversarial countries in the context of a deterrence / conflict initiation game embedded in an overlapping-generations model. The demographic structure permits analysis of both within- and between-country intergenerational externalities caused by past weapons-accumulation decisions, as well as of intragenerational externalities from the adversary's current weapons accumulation. Zero accumulation is a possible equilibrium with both n...
• SHOULD GOVERNMENTS LEARN TO LIVE WITH INFLATION - REPLY AI翻译
  作者：FISCHER, S; SUMMERS, L
  作者单位：The World Bank; Harvard University
• INTERTEMPORAL ASSET PRICING WITHOUT CONSUMPTION DATA AI翻译
  作者：CAMPBELL, JY
  摘要：This paper proposes a new way to generalize the insights of static asset pricing theory to a multiperiod setting. The paper uses a loglinear approximation to the budget constraint to substitute out consumption from a standard intertemporal asset pricing model. In a homoscedastic lognormal setting, the consumption-wealth ratio is shown to depend on the elasticity of intertemporal substitution in consumption, while asset risk premia are determined by the coefficient of relative risk aversion. Ri...
• LEAPFROGGING IN INTERNATIONAL COMPETITION - A THEORY OF CYCLES IN NATIONAL TECHNOLOGICAL LEADERSHIP AI翻译
  作者：BREZIS, ES; KRUGMAN, PR; TSIDDON, D
  作者单位：Massachusetts Institute of Technology (MIT); Hebrew University of Jerusalem
  摘要：Endogenous-growth theory suggests that technological change tends to reinforce the position of the leading nations. Yet sometimes this leadership role shifts. We suggest a mechanism that explains this pattern of ''leapfrogging'' as a response to occasional major changes in technology. When such a change occurs, the new technology does not initially seem to be an improvement for leading nations, given their extensive experience with older technologies. Lagging nations have less experience, the ...