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作者：Auray, Stephane; Gomme, Paul; Guo, Shen
作者单位：Concordia University - Canada; Central University of Finance & Economics
摘要：Capturing the boom phase of Pigou cycles and resolving the comovement problem require positive sectoral comovement. This article addresses these observations using a two-sector New Keynesian model. Price rigidities dampen movements in the relative price of durables following a monetary policy shock. Durables and non-durables are estimated to be complements in utility, allowing for a resolution of the comovement problem for modest degrees of price rigidity. Nominal rigidities also make firms fo...
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作者：Brochu, Pierre; Green, David A.
作者单位：University of Ottawa; University of British Columbia
摘要：We investigate differences in labour market transition rates between high and low minimum wage regimes using Canadian data spanning 1979-2008. We find that higher minimum wages result in lower hiring rates but also lower job separation rates. Importantly, the reduced separation rates are due mainly to reductions in layoffs, occur in the first six months of a job and are present for unskilled workers of all ages. Thus, jobs in higher minimum wage regimes are more stable but harder to get. For o...
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作者：Cobb-Clark, Deborah A.; Schurer, Stefanie
作者单位：University of Melbourne; Victoria University Wellington
摘要：Empirical studies of non-cognitive skills often rely on the assumption that these skills are stable over time. We analyse the change in a specific non-cognitive skill, that is locus of control, to assess the validity of this assumption directly. We find that short- and medium-run changes in locus of control are modest on average, are concentrated among the young or very old, are unlikely to be economically meaningful and are not related to demographic, labour market and health events. Still, t...
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作者：Browning, Martin; Gortz, Mette; Leth-Petersen, Soren
作者单位：University of Copenhagen; University of Oxford; University of Copenhagen
摘要：There is strong evidence that house prices and consumption are synchronised. There is, however, disagreement over the causes of this link. This study examines if there is a wealth effect of house prices on consumption. Using a household-level panel data set with information about house ownership, income, wealth and demographics for a large sample of the Danish population in the period 198796, we model the dependence of the growth rate of total household expenditure with unanticipated innovatio...
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作者：Vollaard, Ben
作者单位：Tilburg University
摘要：Making the length of a prison sentence conditional upon an individual's offence history is shown to be a powerful way of preventing crime. Under a law adopted in the Netherlands in 2001, prolific offenders could be sentenced to a prison term that was approximately 10 times longer than usual. We exploit quasi-experimental variation in application of the law across 31 cities to identify the effect on crime. We find the sentence enhancements to have reduced the rate of theft by 25%. The size of t...
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作者：Armantier, Olivier; Boly, Amadou
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We investigate the external validity of corruption experiments by conducting the same experiment in three different environments: a laboratory in a developed country, a laboratory in a developing country and the field in a developing country. In the experiment, a candidate proposes a bribe to a grader to obtain a better grade. We find the direction and magnitude of several treatment effects to be statistically indistinguishable across the three environments. In particular, increasing the grade...
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作者：Doleac, Jennifer L.; Stein, Luke C. D.
作者单位：University of Virginia; Arizona State University; Arizona State University-Tempe
摘要：We examine the effect of race on market outcomes by selling iPods through local online classified advertisements throughout the US. Each advertisement features a photograph including a dark or light-skinned hand, or one with a wrist tattoo. Black sellers receive fewer and lower offers than white sellers, and the correspondence with black sellers indicates lower levels of trust. Black sellers' outcomes are particularly poor in thin markets (suggesting that discrimination may not survive' compet...
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作者：Shea, Paul
摘要：This article introduces firm-specific learning by doing into a real business cycle (RBC) model. This assumption results in indeterminacy of the wage over a large portion of the parameter space: when firms use sufficiently high discount factors and when newly employed labour is relatively unproductive. When firms and households use the same discount factor, the effects of indeterminacy are limited to adding volatility to the wage rate. If these discount factors differ, however, then indetermina...
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作者：Katsoulacos, Yannis; Ulph, David
作者单位：Athens University of Economics & Business; University of St Andrews
摘要：This article makes two contributions to the literature linking penalties charged by competition authorities to observed cartel price overcharges. (i) It extends the theory of optimal penalties by introducing new considerations regarding the timing of penalty decisions. Drawing on a new European data set to calculate these additional factors, the optimal penalty is shown to be approximately 75% of that implied by the conventional formula. (ii) It shows that because penalties are typically impos...
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作者：Cherchye, Laurens; Demuynck, Thomas; De Rock, Bram
作者单位：KU Leuven; Universite Libre de Bruxelles
摘要：We present revealed preference characterisations of Nash-bargained consumption decisions in a two-player game. Our main analysis focuses on the symmetric Nash-bargaining solution with observed threat point bundles. However, we also present the testable implications of the generalised Nash-bargaining solution and the settings in which threat point bundles are not observed. We illustrate the practical usefulness of these conditions by means of an application to experimental data, which provides ...
