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作者：Basten, Christoph; Fagereng, Andreas; Telle, Kjetil
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Statistics Norway
摘要：We identify the causal effect of lump-sum severance payments on non-employment duration in Norway by exploiting a discontinuity in eligibility at the age of 50. We find that a payment worth 1.2months' earnings at the median lowers the fraction re-employed after a year by about 8 percentage points. This is what we would expect if liquidity constraints force unemployed workers to accept a job offer earlier than would be optimal. As further support for the liquidity interpretation, we use data on...
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作者：Bryson, Alex; Forth, John; Zhou, Minghai
作者单位：University of London; London School Economics & Political Science; University of Nottingham Ningbo China
摘要：Using linked employer-employee data for all China's public listed firms over the period 2001-10, we find top executive compensation exhibits many of the traits familiar in the Western literature, although sometimes in a more muted way, and with some clear exceptions. We also find a role for managerial power in executive pay setting which may reflect the recency of the stock market and regulations underpinning corporate governance. Nevertheless, there appear to be some elements of executive com...
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作者：Docquier, Frederic; Ozden, Caglar; Peri, Giovanni
作者单位：Universite Catholique Louvain; The World Bank; University of California System; University of California Davis
摘要：In this study, we quantify the labour market effects of migration flows in OECD countries during the 1990s based on a new global database on the bilateral stock of migrants, by education level. We simulate various outcomes using an aggregate model of labour markets, parameterised by a range of estimates from the literature. We find that immigration had a positive effect on the wages of less educated natives and it increased or left unchanged the average native wages. Emigration, instead, had a...
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作者：McLaren, Nick; Banerjee, Ryan N.; Latto, David
作者单位：Bank of England; Bank for International Settlements (BIS)
摘要：This article uses a novel way of identifying part of the impact of quantitative easing (QE) on gilt yields, using natural experiments associated with Bank of England announcements about changes in the maturity distribution of future gilt purchases. We find that changes in expected QE purchases had a significant effect on gilt yields following each announcement in March 2009, August 2009 and February 2012. The local supply effects we identify appear to be important: they may account for around ...
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作者：Morton, Rebecca
作者单位：New York University
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作者：Kuhn, Peter; Mansour, Hani
作者单位：University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of Colorado System; University of Colorado Denver
摘要：Using National Longitudinal Survey of Youth (NLSY97) data for 2005-8, we find that unemployed persons who look for work online are re-employed about 25% faster than comparable workers who do not search online. This finding contrasts with previous results for 1998-2001, and is robust to controls for cognitive test scores and detailed indicators of Internet access. Internet job search (IJS) appears to be most effective in reducing unemployment durations when used to contact friends and relatives...
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作者：Ellison, Martin; Keller, Godfrey; Roberts, Kevin; Stevens, Margaret
作者单位：University of Oxford
摘要：Without strong empirical support, labour market matching models typically assume constant returns to scale in matching. We construct a tractable equilibrium random matching model with a general matching technology, introducing market size effects: the job-finding rate varies with unemployment. Stable steady-states may occur in regions of increasing or decreasing returns, and multiple equilibria are welfare-ranked by market size. While the standard model relies on high-frequency shocks to the s...
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作者：Forni, Mario; Gambetti, Luca; Sala, Luca
作者单位：Universita di Modena e Reggio Emilia; Centre for Economic Policy Research - UK; Autonomous University of Barcelona; Barcelona School of Economics; Bocconi University
摘要：A structural factor-augmented VAR model is used to evaluate the role of 'news shocks' in generating the business cycle. We find that existing small-scale VAR models are affected by 'non-fundamentalness' and therefore fail to recover the correct shock and impulse response functions; news shocks have a smaller role in explaining the business cycle than previously found in the literature; their effects are essentially in line with what predicted by standard theories and a substantial fraction of ...
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作者：Parakhonyak, Alexei
作者单位：HSE University (National Research University Higher School of Economics)
摘要：In this article, I examine a model of oligopolistic competition in which consumers search for prices but have no knowledge of the underlying price distribution. The consumers' behaviour satisfies four consistency requirements and, as a result, their beliefs about the underlying distribution maximise Shannon entropy. I derive the optimal stopping rule and equilibrium price distribution of the model. Unlike in Stahl (), the expected price is decreasing in the number of firms. Moreover, consumers...
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作者：Kittel, Bernhard; Luhan, Wolfgang; Morton, Rebecca
作者单位：University of Vienna; Ruhr University Bochum; New York University
摘要：We investigate communication and costly voting in multi-party election experiments. Turnout is consistently lower across electorate communication as compared with restricted communication within parties. Voters are more likely to choose the strategic voting option at the outset in restricted communication but more likely to start deliberation by stating their first preference when unrestricted. Distributions of earnings are more inequitable when communication is restricted and the candidate pr...
