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作者：Schoellman, Todd
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper measures the role of quality-adjusted years of schooling in accounting for cross-country output per worker differences. While data on years of schooling are readily available, data on education quality are not. I use the returns to schooling of foreign-educated immigrants in the U.S. to measure the education quality of their birth country. Immigrants from developed countries earn higher returns than do immigrants from developing countries. I show how to incorporate this measure of e...
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作者：He, Zhigu; Krishnamurthy, Arvind
作者单位：University of Chicago; Northwestern University; National Bureau of Economic Research
摘要：We develop a model in which the capital of the intermediary sector plays a critical role in determining asset prices. The model is cast within a dynamic general equilibrium economy, and the role for intermediation is derived endogenously based on optimal contracting considerations. Low intermediary capital reduces the risk-bearing capacity of the marginal investor. We show how this force helps to explain patterns during financial crises. The model replicates the observed rise during crises in ...
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作者：Attanasio, Orazio P.; Meghir, Costas; Santiago, Ana
作者单位：University of London; University College London; National Bureau of Economic Research; Yale University
摘要：In this paper, we use an economic model to analyse data from a major randomized social experiment, namely PROGRESA in Mexico, and to evaluate its impact on school participation. We show the usefulness of using experimental data to estimate a structural economic model as well as the importance of a structural model in interpreting experimental results. The availability of the experiment also allows us to estimate the program's general equilibrium effects, which we then incorporate into our simu...
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作者：Gayle, George-Levi; Golan, Limor
作者单位：Carnegie Mellon University
摘要：This paper addresses two questions: What accounts for the gender gap in labour-market outcomes? What are the driving forces behind the changes in the gender labour-market outcomes over the period 1968-1997? It formulates a dynamic general equilibrium model of labour supply, occupational sorting, and human-capital accumulation in which gender discrimination and an earnings gap arise endogenously. It uses this model to quantify the driving forces behind the decline in the gender earnings gap and...
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作者：Von Thadden, Ernst-Ludwig; Zhao, Xiaojian
作者单位：University of Mannheim; Hong Kong University of Science & Technology
摘要：The paper introduces the problem of unawareness into principal-agent theory and discusses optimal incentive contracts when the agent may be unaware of her action space. Depending on the agent's default behaviour, it can be optimal for the principal to propose an incomplete contract (that keeps the agent unaware) or a complete contract. The key trade-off is that of enlarging the agent's choice set versus adding costly incentive constraints. If agents differ in their unawareness, optimal contrac...
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作者：Brown, Meta; Scholz, John Karl; Seshadri, Ananth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Wisconsin System; University of Wisconsin Madison
摘要：We discuss a simple model in which parents and children make investments in the children's education and investments for other purposes and parents can transfer cash to their children. We show that for an identifiable set of parent-child pairs, parents will rationally underinvest in their child's education. For these parent-child pairs, additional financial aid will increase educational attainment. The model highlights an important feature of higher education finance, the expected family contr...
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作者：Cespa, Giovanni; Vives, Xavier
作者单位：City St Georges, University of London
摘要：We investigate the dynamics of prices, information, and expectations in a competitive, noisy, dynamic asset pricing equilibrium model with long-term investors. We argue that the fact that prices can score worse or better than consensus opinion in predicting the fundamentals is a product of endogenous short-term speculation. For a given positive level of residual pay-off uncertainty, if liquidity trades display low persistence, rational investors act like market makers and accommodate the order...
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作者：Farhi, Emmanuel; Tirole, Jean
作者单位：Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; National Bureau of Economic Research
摘要：This paper analyses the possibility and the consequences of rational bubbles in a dynamic economy where financially constrained firms demand and supply liquidity. Bubbles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of corporate income; they crowd investment in (out) when liquidity is abundant (scarce). We analyse extensions with firm heterogeneity and stochastic bubbles.
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作者：Blake, Andrew P.; Kirsanova, Tatiana
作者单位：University of Glasgow
摘要：We study stationary discretionary equilibria in dynamic linear-quadratic rational expectations models. Past papers have assumed that this is uniquely determined; we show that such models can have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria using a number of examples of increasing complexity and discuss their potential to explain interesting economic phenomena. We investigate the general properties of discretionary equilibria and dis...
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作者：Crozet, Matthieu; Head, Keith; Mayer, Thierry
作者单位：Paris School of Economics; University of British Columbia
摘要：Empirical investigation of the quality interpretation of the Melitz (2003) model of firm heterogeneity and trade has been limited by the lack of direct data on quality. This paper matches firm-level export data with expert assessments of the quality of champagne producers to estimate the key parameters of that model. Quality monotonically increases firm-level prices, the probability of market entry, and export values. The estimated model-which calibrates the relative importance of firm-level q...
