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作者：Castelnuovo, Efrem; Surico, Paolo
作者单位：University of Padua; Bank of Finland; University of London; London Business School
摘要：This article re-examines the VAR evidence on the price puzzle and proposes a new theoretical interpretation. Using actual data and two identification strategies based on zero restrictions and model-consistent sign restrictions, we find that the positive response of prices to a monetary policy shock is historically limited to the sub-samples that are typically associated with a weak interest rate response to inflation. Using pseudo data generated by a sticky price model of the US economy, we th...
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作者：Poschke, Markus
作者单位：McGill University
摘要：Euro area economies have lower total factor and labour productivity than the US. I argue that differences in entry cost contribute to this by affecting firms' technology choice. Introducing technology choice into a standard heterogeneous-firm model, small differences in administrative entry cost can explain around one third of TFP differences. The productivity difference arises because entry costs reduce competition and the incentive to adopt more advanced technologies. Firm heterogeneity, tec...
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作者：Jackson, C. Kirabo
作者单位：Cornell University
摘要：In Trinidad and Tobago students are assigned to secondary schools after the fifth grade, based on achievement tests, leading to large differences in the school environments to which students of differing initial levels of achievement are exposed. I use instrumental variables based on the discontinuities created by the assignment mechanism and exploit rich data which include students' test scores at entry and secondary school preferences to address self-selection bias. I find that attending a b...
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作者：Ticchi, Davide; Vindigni, Andrea
作者单位：University of Urbino; Princeton University
摘要：We present a theory of the choice of alternative democratic constitutions, a majoritarian or a consensual one, in an unequal society. We show that a consensual system turns out to be preferred by society when ex ante income inequality is relatively low, while a majoritarian system is chosen when income inequality is relatively high. We also find that consensual democracies should be expected to be ruled more often by centre-left coalitions while the right should have an advantage in majoritari...
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作者：Fisher, Jonas D. M.; Peters, Ryan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article explores a new approach to identifying government spending shocks which avoids many of the shortcomings of existing approaches. The new approach is to identify government spending shocks with statistical innovations to the accumulated excess returns of large US military contractors. This strategy is used to estimate the dynamic responses of output, hours, consumption and real wages to a government spending shock. We find that positive government spending shocks are associated with...
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作者：Krishnan, Pramila; Sciubba, Emanuela
作者单位：University of Cambridge; University of London; Birkbeck University London
摘要：In this article we test the implications of a model of network formation on data from rural Ethiopia. In contrast to the current literature, we demonstrate the critical role of both number of links and architecture in determining the impact of social networks on outcomes. Social capital matters, but its impact differs by the architecture of the network to which one belongs.
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作者：Pecorino, Paul
作者单位：University of Alabama System; University of Alabama Tuscaloosa
摘要：In the standard model, provision of a pure public good is increasing in group size if it is a normal good. I develop a model of public good provision in which private goods are supplied in a monopolistically competitive market. In this model, group size corresponds to population. I find that increases in population lead to reduced public good provision. The reason is quite simple: as population increases, the number of private goods available for consumption also increases. This raises the mar...
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作者：Salanie, Francois; Treich, Nicolas
作者单位：INRAE; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：How does risk perception affect risk regulation? Happyville is a society in which citizens wrongly believe that the drinking water supply is contaminated. We discuss conditions under which a benevolent Director of Environment Protection would invest in a water cleanup technology. This holds if the Director is populist, namely if he maximises social welfare based on citizens' pessimistic beliefs. More surprisingly, investment in the water cleanup technology may occur if the Director is paternal...
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作者：Brunello, Giorgio; Fort, Margherita; Weber, Guglielmo
作者单位：University of Padua; University of Bologna; University of Padua
摘要：Using data from 12 European countries and the variation across countries and over time in the changes of minimum school leaving age, we study the effects of the quantity of education on the distribution of earnings. We find that compulsory school reforms significantly affect educational attainment, especially among individuals belonging to the lowest quantiles of the distribution of ability. There is also evidence that additional education reduces conditional wage inequality, and that educatio...
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作者：Kassenboehmer, Sonja C.; Haisken-DeNew, John P.
作者单位：McMaster University; Ruhr University Bochum
摘要：This article examines the impact of unemployment for men and women on life satisfaction for Germany 1991-2006 using the German Socio-Economic Panel. We find that for women in east and west Germany, company closures in the year of entry into unemployment produce strongly negative effects on life satisfaction over and above an overall effect of unemployment, providing prima facie evidence of reduced outside work options, large investments in firm-specific human capital or a family constraint. Th...
