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作者：Denicolo, Vincenzo; Zanchettin, Piercarlo
作者单位：University of Leicester; University of Bologna
摘要：We study a quality-ladder model of endogenous growth that produces stochastic leadership cycles. Over a cycle, industry leaders can innovate several successive times in the same sector before being replaced by a new entrant. Initially, new leaders do much of the research but they then tend to rest on their laurels and are eventually overtaken. The model generates a skewed firm size distribution and a deviation from Gibrat's law that accord with the empirical evidence. We also find conditions u...
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作者：Donado, Alejandro; Waelde, Klaus
作者单位：University of Wurzburg; Johannes Gutenberg University of Mainz; Universite Catholique Louvain
摘要：Historically, worker movements have played a crucial role in making workplaces safer. Firms traditionally oppose better health standards. According to our interpretation, workplace safety is costly for firms but increases the average health of workers and thereby the aggregate labour supply. A laissez faire approach in which firms set safety standards is suboptimal as workers are not fully informed of health risks associated with jobs. Safety standards set by better informed trade unions are o...
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作者：Christensen, Jens H. E.; Rudebusch, Glenn D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We analyse declines in government bond yields following announcements by the Federal Reserve and the Bank of England of plans to buy longer term debt. Using dynamic term structure models, we decompose US and UK yields into expectations about future short-term interest rates and term premiums. We find that declines in US yields mainly reflected lower expectations of future short-term interest rates, while declines in UK yields appeared to reflect reduced term premiums. Thus, the relative import...
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作者：Chen, Han; Curdia, Vasco; Ferrero, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Pennsylvania
摘要：We simulate the Federal Reserve second Large-Scale Asset Purchase programme in a DSGE model with bond market segmentation estimated on US data. GDP growth increases by less than a third of a percentage point and inflation barely changes relative to the absence of intervention. The key reasons behind our findings are small estimates for both the elasticity of the risk premium to the quantity of long-term debt and the degree of financial market segmentation. Without the commitment to keep the no...
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作者：Gathergood, John
作者单位：University of Nottingham
摘要：Individuals exhibiting problems repaying their debt obligations also exhibit much worse psychological health. Selection into problem debt on the basis of poor psychological health accounts for much of this difference. The causality between problem debt and psychological health may be two way. Using individual level UK panel data, local house price movements exogenous to individual households are used to establish the causality from problem mortgage debt to psychological health. In addition, th...
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作者：De Grip, Andries; Sauermann, Jan
作者单位：Maastricht University; Maastricht University Medical Centre (MUMC); IZA Institute Labor Economics
摘要：This article identifies the effects of work-related training on worker productivity by exploiting a field experiment that randomly assigns workers to treatment and control groups combined with data on worker performance before and after training. We find that participation in the training programme leads to a 10% increase in performance. Moreover, we provide experimental evidence for externalities from training: An increase of 10 percentage points in the share of treated peers improves a worke...
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作者：Daniel, Betty C.
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：Investment necessary for growth is risky and often requires external financing. We present a model in which capital market imperfections separate countries into a safe credit club of industrial countries, with low interest rates and steady credit access and a risky club of emerging markets, with high interest rates and volatile access. In an emerging market, a large negative productivity shock interacts with credit-market imperfections to trigger a severe contraction in external lending. Domes...
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作者：Hanson, Gordon H.; McIntosh, Craig
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We use census data for the US, Canada, Spain and UK to estimate bilateral migration rates to these countries from 25 Latin American and Caribbean nations over the period 1980 to 2005. Latin American migration to the US is responsive to labour supply and demand shocks as well as natural disasters. Latin American migration to Canada, Spain and the UK, in contrast, is largely insensitive to these shocks, responding only to civil and military conflict. The results are consistent with US immigratio...
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作者：Neri, Stefano; Ropele, Tiziano
作者单位：European Central Bank; Bank of Italy
摘要：An important concern for the European Central Bank (ECB), and all central banks alike, is the necessity of making decisions in real-time under conditions of great uncertainty about the underlying state of the economy. We address this concern by estimating on real-time data a New Keynesian model for the euro area under the assumption of imperfect information. In comparison to models that maintain the assumption of perfect information and are estimated on ex-post revised, we find that: (i) the e...
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作者：Beckert, Walter; Christensen, Mette; Collyer, Kate
作者单位：University of London; Birkbeck University London; University of Manchester
摘要：This article examines the choice of hospital for elective hip replacements amongst patients in England, using patient-episode level data from the Hospital Episodes Statistics records. The article is primarily methodological: we estimate a demand model that allows for heterogeneity across observed patient characteristics and demonstrate how to use this model to simulate the effect of mergers between hospitals. Our article contributes to the empirical literature on hospital choice and provides a...
