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作者：Ramsey, F. P.
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作者：Parakhonyak, Alexei; Sobolev, Anton
作者单位：HSE University (National Research University Higher School of Economics); University of Vienna
摘要：We analyse a model of oligopolistic competition in which consumers search without priors. Consumers do not have prior beliefs about the distribution of prices charged by firms and thus try to use a robust search procedure. We show that the optimal stopping rule is stochastic and that for any distribution of search costs there is a unique market equilibrium which is characterised by price dispersion. Although listed prices approach the monopoly price as the number of firms increases, the effect...
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作者：Mossay, Pascal; Tabuchi, Takatoshi
作者单位：University of Reading; University of London; University College London; University of Tokyo
摘要：We study market liberalisation under imperfect competition in the presence of price effects. For this purpose, we build a three-country model of international trade under monopolistic competition. The neighbouring effect translates how the size effect propagates across countries. When a country increases in size, its relative wage increases, as well as that in a small and nearby country, whereas that in a large and distant country falls. We also show that a preferential trade agreement increas...
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作者：Kartal, Melis
作者单位：University of Vienna
摘要：I investigate the welfare properties of a broad class of electoral systems with endogenous turnout. I find that the welfare ranking of electoral systems depends on the composition of the electorate. If citizens have identical voting costs, then all electoral systems that satisfy certain regularity properties generate the same level of welfare. If voting costs are heterogeneous, and the two parties are (almost) equally popular, then majority rule (MR) generates the highest welfare among these s...
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作者：Blume, Lawrence E.; Sargent, Thomas J.
作者单位：Cornell University; The Santa Fe Institute; New York University
摘要：Harrod's 1939 Essay in Dynamic Theory' is celebrated as one of the foundational papers in the modern theory of economic growth. Linked eternally to Evsey Domar, he appears in the undergraduate and graduate macroeconomics curricula, and his fundamental equation' appears as the central result of the AK model in modern textbooks. Reading his Essay today, however, the reasons for his centrality are less clear. Looking forward from 1939, we see that the main stream of economic growth theory is buil...
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作者：Chiappori, Pierre-Andre; Lewbel, Arthur
作者单位：Columbia University
摘要：Becker's (1965) paper, A Theory of the Allocation of Time' revolutionised the modelling of household behaviour, by unifying Marshallian demand functions for goods with labour supply and related time use decisions within the household. In this article, we first summarise Becker's time allocation model and associated key contributions, then we show how his original framework extends to modern collective household models. Becker, G.S. (1965). A theory of the allocation of time', Economic Journal,...
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作者：Teranishi, Yuki
作者单位：Keio University
摘要：I investigate a new source of economic stickiness: namely, staggered loan interest rate contracts under monopolistic competition. This study introduces this mechanism into a standard new Keynesian model. Simulations show that a response to a financial shock is greatly amplified by the staggered loan contracts, although a response to a productivity, cost-push or monetary policy shock is not much affected. I derive an approximated loss function and analyse optimal monetary policy. Unlike other m...
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作者：Basu, Arnab K.; Chau, Nancy H.; Kanbur, Ravi
作者单位：Cornell University; Cornell University
摘要：We develop a search-theoretic model of contractual dualism in formal and informal labour markets. The model (i) provides the micro-underpinnings for endogenous determination of employer market power in the formal and informal sectors, (ii) offers a unified and coherent set-up whereby a host of salient features of developing country labour markets can be explained together and (iii) places for the first time the Stiglerian prescription of the optimal (unemployment minimising) minimum wage in th...
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作者：Genakos, Christos; Valletti, Tommaso
作者单位：Athens University of Economics & Business; Centre for Economic Policy Research - UK; Imperial College London; University of Rome Tor Vergata
摘要：We re-consider the impact that regulation of call termination on mobile phones has had on mobile customers' bills. Using a large panel covering 27 countries, we find that the waterbed' phenomenon, initially observed until early 2006, becomes insignificant on average over the 10-year period, 2002-11. We argue that this is related to the changing nature of the industry, whereby mobile-to-mobile traffic now plays a much bigger role compared to fixed-to-mobile calls in earlier periods. Over the sa...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This study revisits the important ideas proposed by Atkinson and Stiglitz's seminal 1969 paper on technological change. After linking these ideas to the induced innovation literature of the 1960s and the more recent directed technological change literature, it explains how these three complementary but different approaches are useful in the study of a range of current research areas - though they may also yield different answers to important questions. It concludes by highlighting several impo...
