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作者：Vissing-Jorgensen, A
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The paper presents empirical evidence based on the U. S. Consumer Expenditure Survey that accounting for limited asset market participation is important for estimating the elasticity of intertemporal substitution. Differences in estimates of the EIS between asset holders and non-asset holders are large and statistically significant. This is the case whether estimating the EIS on the basis of the Euler equation for stock index returns or the Euler equation for Treasury bills, in each case disti...
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作者：Baqir, R
作者单位：International Monetary Fund
摘要：Theories of government spending driven by a common-pool problem in the fiscal revenues pool predict that greater districting of a political jurisdiction raises the scale of government. This paper presents evidence on this and related predictions from a cross section of city governments in the United States. The main finding is that, when other plausible determinants of government spending are controlled for, greater districting leads to a considerably greater scale of government activity. The ...
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作者：Benhabib, J; Schmitt-Grohé, S; Uribe, M
作者单位：New York University; Rutgers University System; Rutgers University New Brunswick; University of Pennsylvania
摘要：Once the zero bound on nominal interest rates is taken into account, Taylor-type interest rate feedback rules give rise to unintended self-fulfilling decelerating inflation paths and aggregate fluctuations driven by arbitrary revisions in expectations. These undesirable equilibria exhibit the essential features of liquidity traps since monetary policy is ineffective in bringing about the government's goals regarding the stability of output and prices. This paper proposes several fiscal and mon...
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作者：Peters, M; Siow, A
作者单位：University of Toronto
摘要：This paper studies premarital parental investments in children's wealth, where spousal wealth is a public good in marriage. By investing in their children's wealth, parents increase the wealth of their children and the quality of the spouses that their children can marry. In large marriage markets, the hedonic return to investment internalizes all the external benefits of premarital investment in wealth so that the competitive equilibrium is efficient. Marriage market competition also increase...
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作者：Greenstone, M
作者单位：University of Chicago; National Bureau of Economic Research
摘要：This paper estimates the impacts of the Clean Air Act's division of counties into pollutant-specific nonattainment and attainment categories on measures of industrial activity obtained from 1.75 million plant observations from the Census of Manufactures. Emitters of the controlled pollutants in nonattainment counties were subject to greater regulatory oversight than emitters in attainment counties. The preferred statistical model for plant-level growth includes plant fixed effects, industry by...
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作者：DeCicca, P; Kenkel, D; Mathios, A
作者单位：University of Michigan System; University of Michigan; Cornell University
摘要：This paper reexamines whether higher cigarette taxes will substantially reduce youth smoking. We study the impact of taxes during exactly the period in adolescence in which most smokers start their habits. We find weak or nonexistent tax effects in models of the onset of smoking between eighth and twelfth grades, models of the onset of heavy smoking between eighth and twelfth grades, and discrete-time hazard models that include state fixed effects. We also provide a new perspective on the rela...
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作者：Burnside, C; Eichenbaum, M; Rebelo, S
作者单位：The World Bank; Northwestern University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper argues that a principal cause of the 1997 Asian currency crisis was large prospective deficits associated with implicit bailout guarantees to failing banking systems. The expectation that these future deficits would be at least partially financed by seigniorage revenues or an inflation tax on outstanding nominal debt led to a collapse of the fixed exchange rate regimes in Asia. We articulate this view using a simple model whose key feature is that a speculative attack is inevitable ...
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作者：Fong, YF; Zhang, JS
作者单位：Boston University; Chinese University of Hong Kong
摘要：This paper is based on the idea that for each partner in a marriage, there are two distinct types of leisure. One type is each person's independent (or private) leisure, and the other type is spousal leisure, whose importance has long been emphasized in the literature of psychology. While each type of leisure is unobservable (only total leisure is observed), it is shown that the recent collective models of the intrahousehold allocation initiated by Chiappori can be extended to identify each ty...
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作者：Robson, A
作者单位：Western University (University of Western Ontario); Boston University
摘要：Consider the possible biological origin of the expected utility criterion. On the one hand, if individuals possess a utility function stemming from the rate of production of expected offspring, they can rapidly adapt to arbitrary unknown distributions in a bandit problem. Embedding such a utility function in a simple rule of thumb involving no beliefs about probabilities leads to evolutionary optimality. On the other hand, if any rule whatever yields evolutionary optimality for all distributio...
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作者：Saint-Paul, G
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Pompeu Fabra University; Centre for Economic Policy Research - UK
摘要：I study the earnings structure and the equilibrium assignment of workers when workers exert intrafirm spillovers on each other. I allow for arbitrary spillovers provided that output depends on some aggregate index of workers' skill. Despite the possibility of increasing returns to skills, equilibrium typically exists. I show that equilibrium will typically be segregated and that the skill space can be partitioned into a set of segments and any firm hires from only one segment. Next, I apply th...
