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作者：Kirsanova, Tatiana; Leith, Campbell; Wren-Lewis, Simon
作者单位：University of Exeter; University of Glasgow; University of Oxford
摘要：In the last few years papers have begun to analyse optimal monetary and fiscal policy in models incorporating nominal rigidities where social welfare is derived from the utility of agents. This article examines whether this analysis provides support for the consensus assignment, where monetary policy controls demand and inflation and fiscal policy controls government debt. We argue that the basic structure of New Keynesian models implies that monetary policy dominates fiscal policy as a means ...
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作者：Janeba, Eckhard; Schjelderup, Guttorm
作者单位：University of Mannheim; Leibniz Association; Ifo Institut; Norwegian School of Economics (NHH)
摘要：The views on the welfare effects of tax competition differ widely. Some see the fiscal externalities as the cause for underprovision of public goods, while others see tax competition as the means of reducing government inefficiencies. Using a comparative politics approach we show that tax competition among presidential-congressional democracies is typically welfare improving, while harmful among parliamentary democracies if under the latter public goods are sufficiently valued. The results hol...
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作者：Manzini, Paola; Sadrieh, Abdolkarim; Vriend, Nicolaas J.
作者单位：University of London; Otto von Guericke University
摘要：In an experimental study we examine a variant of the 'minimum effort game', a coordination game with Pareto ranked equilibria and risk considerations pointing to the least efficient equilibrium. We focus on the question whether simple cues such as smiles, winks and handshakes could be recognised and employed by the players as a tell-tale sign of each other's trustworthiness, thus enabling them to coordinate on the more risky but more rewarding Pareto efficient equilibrium. Our experimental res...
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作者：Chaudhuri, Ananish; Schotter, Andrew; Sopher, Barry
作者单位：University of Auckland; New York University; Rutgers University System; Rutgers University New Brunswick
摘要：We use experiments to investigate the use of advice as a coordinating device in the 'Minimum Effort Game' which is a coordination game with weak strategic complementarities and Pareto-ranked equilibria. The game is played by non-overlapping generations of players who, after they are done, pass on advice to their successors who take their place in the game. We conjectured that this inter-generational design might enable subjects to converge to the payoff-dominant outcome. We find that coordinat...
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作者：Myatt, David P.; Wallace, Chris
作者单位：University of Oxford; University of Oxford; University of Oxford
摘要：Collective-action problems arise when private actions generate common consequences; for example, the private provision of a public good. This article asks: what shapes of public-good production function work well when play evolves over time, and hence moves between equilibria? Welfare-maximising public-good production functions yield nothing when combined efforts fall below some threshold but otherwise maximally exploit the production-possibility frontier. They generate multiple equilibria: co...
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作者：Eaton, B. Curtis; Eswaran, Mukesh
作者单位：University of Calgary; University of British Columbia
摘要：The happiness literature has established that, in the developed countries, increasing affluence has not increased well-being in recent decades. We seek an explanation for this in terms of conspicuous consumption, a phenomenon originally identified by Veblen. We develop some simple general equilibrium models that incorporate a Veblen good, among others. In all of our models, as productivity increases, the Veblen good eventually dominates the economy in the sense that, by reducing leisure, more ...
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作者：Francesconi, Marco; Rainer, Helmut; van der Klaauw, Wilbert
作者单位：University of Essex; University of St Andrews; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This article develops a simple model of household decisions that explicitly accounts for the role played by the Working Families' Tax Credit (WFTC) to examine its effects on couples in Britain. The main implications of the model are tested using panel data from the British Household Panel Survey collected between 1991 and 2002. Overall, the financial incentives of the reform had small and statistically insignificant effects on a wide range of married mothers' decisions. Women's responses, howe...
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作者：Wittman, Donald
摘要：This article shows how uninformed but rational voters can respond intelligently to political advertising. The article models a situation where a candidate must rely on a pressure group for financing political advertising and making endorsements. The pressure group uses its power over the purse to influence the position chosen by the candidate. Nevertheless, when uninformed voters use a strategic rule of thumb, pressure-group contributions always move the outcome of the election closer to the m...
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作者：Zhao, Jinhua; Kling, Catherine L.
作者单位：Michigan State University; Iowa State University
摘要：We extend Graham's (1981) welfare analysis under uncertainty to a dynamic environment where the agent can delay and obtain information. The dynamic willingness to pay locus unifies the concepts of option price, dynamic WTP, commitment costs and quasi-option value. Option price (dynamic WTP) corresponds to the ex ante WTP when the agent ignores (recognises) the learning opportunity. The commitment cost, or the difference between option price and dynamic WTP, equals the annualised and monetised ...
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作者：Dohmen, Thomas; Falk, Armin; Huffman, David; Sunde, Uwe
作者单位：Maastricht University; University of Bonn; IZA Institute Labor Economics; Swarthmore College; University of St Gallen
摘要：This article complements the experimental literature that has shown the importance of reciprocity for behaviour in stylised labour markets or other decision settings. We use individual measures of reciprocal inclinations in a large, representative survey and relate reciprocity to real world labour market behaviour and life outcomes. We find that reciprocity matters and that the way in which it matters is very much in line with the experimental evidence. In particular, positive reciprocity is a...
