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作者：van Rooij, Maarten C. J.; Lusardi, Annamaria; Alessie, Rob J. M.
作者单位：European Central Bank; De Nederlandsche Bank NV; University of Groningen; George Washington University
摘要：Relying on comprehensive measures of financial knowledge, we provide evidence of a strong positive association between financial literacy and net worth, even after controlling for many determinants of wealth. We discuss two channels through which financial literacy might facilitate wealth accumulation. First, financial knowledge increases the likelihood of investing in the stock market, allowing individuals to benefit from the equity premium. Second, financial literacy is positively related to...
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作者：Bentolila, Samuel; Cahuc, Pierre; Dolado, Juan J.; Le Barbanchon, Thomas
作者单位：Universidad Carlos III de Madrid; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：France and Spain have similar labour market institutions and their unemployment rates were both around 8% just before the Great Recession but subsequently that rate has increased to 10% in France and to 23% in Spain. In this article, we assess the part of this differential that is due to the larger gap between the firing costs of permanent and temporary contracts, and the laxer rules on the use of the latter in Spain. A calibrated search and matching model indicates that Spain could have avoid...
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作者：Hensvik, Lena
摘要：This article examines how the entry of private independent high schools in Sweden affects the mobility and wages of teachers in a market with individual wage bargaining. Using matched employeremployee panel data covering all high school teachers over 16 years, I show that the entry of private schools is associated with higher teacher salaries, also for teachers in public schools. The wage returns from competition are highest for teachers entering the profession and for teachers in maths and sc...
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作者：Lavy, Victor; Paserman, M. Daniele; Schlosser, Analia
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Boston University; University of Warwick; Centre for Economic Policy Research - UK; Tel Aviv University
摘要：We estimate the extent of ability peer effects and explore the mechanisms through which they operate. Using within-school variation in the proportion of low-ability students in Israeli schools, we find that the proportion of low-ability peers has a negative effect on the performance of regular students. An exploration of the underlying mechanisms show that, relative to regular students, low-ability students report higher levels of satisfaction with their teachers. However, a higher proportion ...
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作者：Giannone, Domenico; Lenza, Michele; Pill, Huw; Reichlin, Lucrezia
作者单位：Universite Libre de Bruxelles; University of London; London Business School
摘要：We analyse the impact on the euro area economy of the ECBs non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial Institutions (MFI) balance sheet, which allow us to construct a measure of the policy shock represented by the ECBs increasing role as a financial intermediary. We find small but significant effects on both loans ...
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作者：Moav, Omer; Neeman, Zvika
作者单位：Hebrew University of Jerusalem; University of London; Royal Holloway University London; Tel Aviv University
摘要：Poor families around the world spend a large fraction of their income consuming goods that do not appear to alleviate poverty, while saving at low rates. We suggest that individuals care about economic status and interpret this behaviour as conspicuous consumption intended to provide a signal about unobserved income. We show that if human capital is observable and correlated with income, then a signalling equilibrium in which poor individuals tend to spend a large fraction of their income on c...
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作者：French, Eric; Manning, Alan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; London School Economics & Political Science
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作者：Crino, Rosario; Epifani, Paolo
作者单位：University of Brescia
摘要：We find a robust negative correlation between Italian firms productivity and their export share to low-income destinations. To account for this surprising fact, we marry Verhoogen (2008) with Eaton (2011), by introducing firm heterogeneity in product quality and country heterogeneity in quality consumption in a framework featuring firm and market-specific shocks in entry costs and demand, and estimate the model's parameters structurally by the simulated method of moments. The estimated prefere...
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作者：Fiori, Giuseppe; Nicoletti, Giuseppe; Scarpetta, Stefano; Schiantarelli, Fabio
作者单位：Boston College
摘要：This article investigates the effect of product market liberalisation on employment allowing for interactions between policies and institutions in product and labour markets. Using panel data for OECD countries over the period 19802002, we present evidence that product market deregulation is more effective at the margin when labour market regulation is high. The data also suggest that product market liberalisation may promote employment-enhancing labour market reforms.
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作者：De Grip, Andries; Lindeboom, Maarten; Montizaan, Raymond
作者单位：Maastricht University; Tinbergen Institute; Vrije Universiteit Amsterdam; Maastricht University
摘要：This article assesses the impact of a dramatic reform of the Dutch pension system on the mental health of workers nearing retirement age. The reform means that public sector workers born on 1 January 1950 or later face a substantial reduction in their pension rights while, for workers born before 1950 nothing changes. We employ a unique-matched survey and administrative dataset comprising male public sector workers born in 1949 and 1950 and find a strong deterioration in mental health for work...
