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作者：Harrison, Glenn W.; Humphrey, Steven J.; Verschoor, Arjan
作者单位：University System of Georgia; Georgia State University; University Osnabruck; University of East Anglia
摘要：We review experimental evidence collected from risky choice experiments using poor subjects in Ethiopia, India and Uganda. Using these data we estimate that just over 50% of our sample behaves in accordance with expected utility theory and that the rest subjectively weight probability according to prospect theory. Our results show that inferences about risk aversion are robust to whichever model we adopt when we estimate each model separately. However, when we allow both models to explain port...
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作者：Lansing, Kevin J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：This article derives a general class of intrinsic rational bubble solutions in a Lucas-type asset pricing model. I show that the rational bubble component of the price-dividend ratio can evolve as a geometric random walk without drift, such that the mean of the bubble growth rate is zero. Driftless bubbles are part of a continuum of equilibrium solutions that satisfy a period-by-period no-arbitrage condition. I also derive a near-rational solution in which the agent's forecast rule is under-pa...
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作者：Mendoza, Ronald U.
作者单位：Asian Institute of Management
摘要：This article develops a model of trade-induced learning whereby both domestic and cross-border learning externalities could drive long-run growth. This framework is used to synthesise the emerging empirical evidence, revealing how trade-induced learning could underpin the mechanics behind trade and growth in at least three important ways: first, trading matters, as firms might be able to increase their productivity due to export and import linkages with buyers and suppliers; second, whom you t...
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作者：Ziebarth, Nicolas R.
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Technical University of Berlin
摘要：This study is the first to estimate price elasticities of demand for convalescent care programmes. In 1997, the German legislature more than doubled the daily co-payments for the publicly insured from euro6 to euro13. The measure caused the overall demand for convalescent care treatments to fall by 20 to 25%. I estimate the price elasticity for medical rehabilitation programmes aimed at preventing work disability to be about -0.3, whereas the elasticity for medical rehabilitation programmes fo...
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作者：Damjanovic, Tatiana; Nolan, Charles
作者单位：University of St Andrews
摘要：Sticky-price models often suggest that relative price distortion is a major cost of inflation. We provide an intuition for this: Even at low rates, inflation strongly affects price dispersion which in turn has an impact on the economy qualitatively similar to, and of the order of magnitude of, a negative shift in productivity. The utility cost of price dispersion is quantified and its impact on optimal monetary policy discussed. Price dispersion is incorporated into a linearised model. Strikin...
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作者：Bettinger, Eric; Kremer, Michael; Saavedra, Juan E.
作者单位：Stanford University; Harvard University; National Bureau of Economic Research
摘要：It is unclear if vouchers increase educational productivity or are purely redistributive, benefiting recipients by giving them access to more desirable peers at others' expense. To examine this, we study an educational voucher programme in Colombia which allocated vouchers by lottery. Among voucher applicants to vocational schools, lottery winners were less likely to attend academic secondary schools and thus had peers with less desirable observable characteristics. Despite this, lottery winne...
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作者：Monacelli, Tommaso; Perotti, Roberto
摘要：We estimate the effects of government spending shocks on the CPI real exchange rate, the trade balance and their co-movements with GDP and private consumption. We decompose the variations of the CPI real exchange rate into variations of the traded goods real exchange rate and the relative price of traded to non-traded goods. We reach three main conclusions: a rise in government spending induces a depreciation of the CPI real exchange rate and a trade balance deficit; private consumption rises ...
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作者：van den Berg, Gerard J.; Deeg, Dorly J. H.; Lindeboom, Maarten; Portrait, France
作者单位：University of Mannheim; IZA Institute Labor Economics; Vrije Universiteit Amsterdam; Vrije Universiteit Amsterdam
摘要：Serious life events, such as the loss of a relative or the onset of a chronic condition may influence cognitive functioning. We examine whether the cognitive impact of such events is stronger if conditions very early in life were adverse, using Dutch longitudinal data of older persons. We exploit exogenous variation in early-life conditions as generated by the business cycle.
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作者：Oechslin, Manuel
作者单位：Tilburg University
摘要：The lack of sustained growth in poor countries has often been attributed to 'fiscal weakness'. Empirical evidence suggests that governments often fail to provide crucial public goods. I argue that this failure may be the result of a political instability effect: more resources fuel power struggles among competing elites - and decrease the incumbent regime's time horizon in office. But with a shorter time horizon, it is less attractive to finance growth-promoting institutions whose returns only...
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作者：Devereux, Paul J.; Hart, Robert A.
作者单位：University College Dublin; University of Stirling
摘要：Do students benefit from compulsory schooling? In an important article, Oreopoulos (2006) studied the 1947 British compulsory schooling law change and found large returns to schooling of about 15% using the General Household Survey (GHS). Re-analysing this dataset, we find much smaller returns of about 3% on average with no evidence of any positive return for women and a return for men of 4-7%. Additionally, we utilise the New Earnings Survey Panel Data-set (NESPD) that has earnings informatio...
