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作者：Aksoy, Yunus; Basso, Henrique S.
作者单位：University of London; Banco de Espana
摘要：We propose a model with segmented markets that delivers endogenous variations in term spreads driven by banks' portfolio decisions while facing maturity risk. Future profitability influences the term premium that banks require to carry this risk. When expected profitability is relatively high (low) spreads are low (high). Spread fluctuations feed back into the macroeconomy through investment decisions. Econometric evidence corroborates this link between expected financial profitability and yie...
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作者：Jung, Philip; Kuhn, Moritz
作者单位：University of Bonn; IZA Institute Labor Economics
摘要：We compare labour market flows in the US and Germany between 1980 and 2004. In Germany, average worker flows in and out of unemployment are substantially lower; outflows are equally volatile in both countries; inflows are about twice as volatile in Germany and contribute more to the unemployment rate volatility. We explore four candidates for these differences: unemployment benefits; union bargaining power; employment protection and the efficiency of matching unemployed workers to open positio...
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作者：Loeper, Antoine; Steiner, Jakub; Stewart, Colin
作者单位：Universidad Carlos III de Madrid; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Toronto
摘要：We present a two-stage coordination game in which early choices of experts with special interests are observed by followers who move in the second stage. We show that the equilibrium outcome is biased towards the experts' interests even though followers know the distribution of expert interests. Expert influence is fully decentralised in the sense that each individual expert has a negligible impact. The bias in favour of experts results from a social learning effect that is multiplied through ...
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作者：Preston, Ian
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University College London
摘要：The impact of immigration on the public finances is an important influence on public opinion. This study aims to provide a thorough conceptual survey, pointing out the complexities of a full understanding and the relevance of indirect effects and covering both static perspectives and longer run dynamic issues. It considers simple accounting approaches which are relatively neglectful of behavioural responses but also tries to bring out the complexities in the nature of the relationship between ...
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作者：Hauk, Esther; Immordino, Giovanni
作者单位：University of Salerno; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：We develop a model of cultural transmission where television plays a role in socialisation. We study the coverage of different cultural traits by a profit-maximising TV industry and the resulting cultural dynamics. A monopolist covers both traits, but grants more coverage to the most profitable group. In a competitive TV industry each channel specialises on one trait. This might lead to cultural extinction, but only for sufficiently large majorities. Cultural extinction is more likely in a com...
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作者：Fernandez, Raquel; Wong, Joyce Cheng
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; International Monetary Fund
摘要：This article develops a quantitative life-cycle model to study the increase in married women's labour force participation (LFP). We calibrate the model to match key life-cycle statistics for the 1935 cohort and use it to assess the changed environment faced by the 1955 cohort. We find that a higher divorce probability and changes in wage structure are each able to explain a large proportion of the LFP increase. Higher divorce risk increases LFP not because the latter contributes to higher mari...
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作者：Mulalic, Ismir; Van Ommeren, Jos N.; Pilegaard, Ninette
作者单位：Technical University of Denmark; Vrije Universiteit Amsterdam
摘要：We examine individual-level compensating differentials for commuting distance in a quasi-natural experiment setting by examining how wages respond to changes in commuting distance induced by firm relocations. This set-up enables us to test for the relevance of job search frictions within labour market models. Due to the quasi-experimental set-up, we are able to avoid a range of endogeneity issues. We demonstrate that a 1 km increase in commuting distance induces an almost negligible wage incre...
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作者：Herweg, Fabian; Mueller, Daniel
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Bonn
摘要：We consider a monopolistic supplier's optimal choice of wholesale tariffs when downstream firms are privately informedabout their retail costs. Under discriminatory pricing, downstream firms that differ in their ex ante distribution of retail costs are offered different tariffs. Under uniform pricing, the same wholesale tariff is offered to all downstream firms. In contrast to the extant literature on price discrimination with non-linear wholesale tariffs, we find that banning discriminatory w...
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作者：Loomes, Graham; Pogrebna, Ganna
作者单位：University of Warwick
摘要：There is widespread interest in measuring risk attitudes and incorporating such measures into broader econometric analyses. We consider three elicitation procedures currently in use. We find considerable variability within - and even more, between - the results they produce. We suggest that this reflects the way that different instruments interact with imprecise underlying preferences. The short-run implication is that such procedures need to be used with caution and are likely to be highly co...
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作者：Dewan, Torun; Humphreys, Macartan; Rubenson, Daniel
作者单位：University of London; London School Economics & Political Science; Columbia University; Toronto Metropolitan University; Research Institute of Industrial Economics (IFN)
摘要：Political campaigns employ complex strategies to persuade voters to support them. We analyse the contributions of elements of these strategies using data from a field experiment that randomly assigned canvassers to districts, as well as messaging and endorsement conditions. We find evidence for a strong overall campaign effect and show effects for both message-based and endorsement-based campaigns. However, we find little evidence that canvassers varied according to their persuasive ability or...
