-
作者：Algan, Yann
-
作者：Bean, Charles
作者单位：Bank of England
摘要：In his Nobel Prize lecture, Meade advocated allocating demand management policies to pursuing price stability, reformed wage-fixing institutions to achieving full employment and foreign exchange policies to maintaining balance-of-payments equilibrium. But with respect to the first, he advocated a target for nominal income rather than the price level. I evaluate Meade's programme with the benefit of hindsight and in the light of experience with inflation targets. I also discuss some of the issu...
-
作者：Cosh, Andy; Cumming, Douglas; Hughes, Alan
作者单位：University of Cambridge; York University - Canada
摘要：This article investigates factors that affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms, trade customers and suppliers, partners and working shareholders, private individuals and other sources), taking into account the non-randomness in a firm's decision to seek outside finance. The data support the traditional pecking order theory. Further, the data indicate that firms seeking capital ar...
-
作者：Cuberes, David; Jerzmanowski, Michal
作者单位：Clemson University
摘要：There is much evidence that less democratic countries experience more high-frequency growth volatility. In this article we report a similar finding about volatility in the medium term: we find evidence that reversals of trend-growth are sharper and more frequent in non-democracies. Motivated by this evidence, we construct a model in which non-democracies have high barriers to entry for new firms. This leads to less sectoral diversification and so, in an uncertain environment, to larger growth ...
-
作者：Maluccio, John A.; Hoddinott, John; Behrman, Jere R.; Martorell, Reynaldo; Quisumbing, Agnes R.; Stein, Aryeh D.
作者单位：Middlebury College; University of Pennsylvania; Emory University
摘要：Using a longitudinal survey from rural Guatemala, we examine the effect of an early childhood nutritional intervention on adult educational outcomes. An intent-to-treat model yields substantial effects of an experimental intervention that provided highly nutritious food supplements to children, a quarter century after it ended: increases of 1.2 grades completed for women and one quarter SD on standardised reading comprehension and non-verbal cognitive ability tests for both women and men. Two-...
-
作者：Chan, William; Courty, Pascal; Hao, Li
作者单位：University of Hong Kong; European University Institute; University of Toronto
摘要：In a dynamic model of sports competition, if spectators care only about contestants' efforts, incentive schemes depending linearly on the final score difference dominate rank order schemes based only on who wins. If spectators also care about suspense, defined as valuing more contestants' efforts when the game is closer, rank order schemes can dominate linear score difference schemes, and this will be the case when the demand for suspense is sufficiently high. Under additional assumptions, we ...
-
作者：O'Mahony, Mary; Timmer, Marcel P.
作者单位：University of Birmingham; University of Groningen
摘要：This article describes the contents and the construction of the EU KLEMS Growth and Productivity Accounts. This database contains industry-level measures of output, inputs and productivity for 25 European countries, Japan and the US for the period from 1970 onwards. The article considers the methodology employed in constructing the database and shows how it can be useful in comparing productivity trends. Although growth accounts are the organising principle, it is argued that the database is u...
-
作者：Charness, Gary; Genicot, Garance
作者单位：University of California System; University of California Santa Barbara; Georgetown University
摘要：Our laboratory study of risk sharing without commitment captures the main features of a simple model of voluntary insurance. Participants are paired in matches with stochastic endings. Each period they receive fixed endowments and one of the pair (randomly-drawn) also receives an additional amount; they can then make voluntary transfers to each other. While smoothing consumption is attractive, only self-enforcing risk sharing is possible. We find evidence supporting the theory: transfers provi...
-
作者：Kotchen, Matthew J.
作者单位：University of California System; University of California Santa Barbara; National Bureau of Economic Research
摘要：This article examines voluntary provision of a public good that is motivated, in part, to compensate for activities that diminish the public good. Markets for environmental offsets, such as those that promote carbon neutrality, provide an increasingly salient example. An important result is that mean donations do not converge to zero as the economy grows large. The equilibrium is solved to show how direct donations and net contributions depend on wealth and heterogeneous preferences. Comparati...
-
作者：Corden, W. Max
作者单位：University of Melbourne
摘要：This article is stimulated by current criticisms of Chinese exchange rate policy. The concern is really about China's current account surplus. The article discusses the factors that determine the surplus, and the reasons why the surplus increased sharply from 2005. The international implications of China's surplus and growth are discussed, and how it has affected the world real interest rate, and through that the US current account deficit. The surplus has had various international relative pr...
