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作者：Laroque, Guy
作者单位：University of London; University College London
摘要：In a stationary life-cycle model with extensive labour supply, two forms of taxation are studied: non-linear income taxation and linear wealth taxation. In the life-cycle model, the social weights of the dynasties depend on their permanent incomes, not on the observed taxable current income. A tax on wealth then can complement income tax as a redistributive tool. The derivative of social welfare with respect to the wealth tax rate at the no-tax point is computed. It is positive whenever perman...
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作者：Kilian, Lutz; Lewis, Logan T.
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR)
摘要：A common view in the literature is that systematic monetary policy responses to the inflation caused by oil price shocks have been an important source of aggregate fluctuations in the US economy. Earlier empirical evidence in support of such a link was based on inappropriate econometric models. We show that there is no credible evidence that monetary policy responses to oil price shocks caused large aggregate fluctuations in the 1970s and 1980s or more recently. Our analysis suggests that the ...
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作者：Beetsma, Roel; Giuliodori, Massimo
作者单位：University of Amsterdam; Tinbergen Institute; University of Amsterdam
摘要：In this article, we review the theoretical consequences of government purchases shocks for both closed and open economies, followed by a discussion of the empirical literature. Next, we provide our own estimates for the EU countries. We find that an increase in government purchases raises output, consumption and investment and reduces the trade balance. However, the stimulating effect is weaker and the trade balance reduction is larger for the more open EU economies, consistent with larger lea...
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作者：Harding, Torfinn; Javorcik, Beata S.
作者单位：University of Oxford; Statistics Norway; Centre for Economic Policy Research - UK
摘要：This study uses newly collected data on 124 countries to examine the effects of investment promotion on inflows of US foreign direct investment (FDI). We test whether sectors explicitly targeted by investment promotion agencies in their efforts to attract FDI receive more investment in the post-targeting period, relative to the pre-targeting period and non-targeted sectors. The results of our analysis are consistent with investment promotion leading to higher FDI flows to countries in which re...
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作者：Schivardi, Fabiano; Viviano, Eliana
作者单位：University of Cagliari
摘要：The 1998 reform of the Italian retail trade sector delegated the regulation of entry of large stores to the regional governments. We use the local variation in regulation to determine the effects of entry barriers on sectoral performance. We address the endogeneity of entry barriers through local fixed effects and using political variables as instruments. We also control for differences in trends and for area-wide shocks. We find that entry barriers are associated with substantially larger pro...
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作者：Den Haan, Wouter J.; Sterk, Vincent
作者单位：Vrije Universiteit Amsterdam; University of Amsterdam
摘要：Financial innovation is widely believed to be at least partly responsible for the recent financial crisis. At the same time, there are empirical and theoretical arguments that support the view that changes in financial markets, in particular, innovations in consumer credit and home mortgages, played a role in the 'great moderation'. This article questions empirical evidence supporting this view. Especially the behaviour of aggregate home mortgages changed less during the great moderation than ...
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作者：Rubin, Jared
作者单位：California State University System; California State University Fullerton
摘要：Why was economic development retarded in the Middle East relative to Western Europe, despite the Middle East being far ahead for centuries? A theoretical model inspired and substantiated by the history of interest restrictions suggests that this outcome emanates in part from the greater degree to which early Islamic political authorities derived legitimacy from religious authorities. This entailed a feedback mechanism in Europe in which the rise of commerce led to the relaxation of interest re...
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作者：Kirchkamp, Oliver; Reiss, J. Philipp
作者单位：Maastricht University; Friedrich Schiller University of Jena
摘要：Deviations from risk-neutral equilibrium bids in auctions can be related to inconsistent expectations with correct best replies or correct expectations but deviant best replies (e.g. because of risk aversion, regret, quantal-response mistakes). To distinguish between these two explanations, we use a novel experimental procedure and study expectations together with best replies in symmetric and asymmetric auctions. We extensively test the internal validity of this setup. We find that deviations...
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作者：Case, Anne; Paxson, Christina
作者单位：Princeton University
摘要：We use data from the Whitehall II Study to examine the joint evolution of health status and economic status over the life course. We study the links between health and socioeconomic status in childhood and health and employment status at older ages. We find early life socioeconomic status is significantly associated with health over the life course, even though selection into Whitehall mutes the effects of childhood. In addition, we find that current position in the Civil Service is not associ...
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作者：Cabrales, Antonio; Hauk, Esther
作者单位：Universidad Carlos III de Madrid
摘要：We propose a theoretical model to explain empirical regularities related to the curse of natural resources, which emphasises the behaviour and incentives of politicians. We extend the standard voting model to give voters political control beyond the elections. This gives rise to a new restriction that policies should not give rise to a revolution. Our model clarifies when resource discoveries might lead to revolutions, namely, in countries with weak institutions. It also suggests that for bad ...
