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作者：Lalive, Rafael; van Ours, Jan C.; Zweimueller, Josef
作者单位：University of Zurich; Tilburg University; IZA Institute Labor Economics
摘要：This article evaluates the effects of Swiss active labour market programmes on the job chances of unemployed workers. The main innovation is a comparison of two important dynamic evaluation estimators: the 'matching' estimator and the 'timing-of-events' estimator. We find that both estimators generate different treatment effects. According to the matching estimator temporary subsidised jobs shorten unemployment duration whereas training programmes and employment programmes do not. In contrast,...
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作者：Epifani, Paolo; Gancia, Gino
摘要：This article suggests that international trade, even between identical countries, can raise the relative demand for skilled labour. It shows that a simple generalisation of Krugman's (1979) model of trade in differentiated products has implications for the skill premium, through economies of scale rather than Hecksher-Ohlin effects, that are consistent with a number of stylised facts. It provides new evidence in support of these results by showing that increases in market size lead to higher r...
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作者：Fratzscher, Marcel
摘要：The article assesses whether exchange rate communication - or oral intervention - has been an effective policy tool for monetary authorities to influence exchange rates. It employs an event-study methodology that identifies intervention clusters or events. For the euro-dollar and the dollar-yen exchange rates, the article finds that both oral intervention events and actual intervention events have been highly successful over the short to medium-run. The article shows that the success of interv...
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作者：Hoerdahl, Peter; Tristani, Oreste; Vestin, David
作者单位：Bank for International Settlements (BIS)
摘要：We show that microfounded DSGE models with nominal rigidities can be successful in replicating features of bond yield data, including sizeable term premia and volatile long-term yields, which have previously been considered puzzling in general equilibrium frameworks. At the same time, sample moments of consumption growth and inflation can be fit relatively well. The improved model performance does not arise directly from the presence of nominal rigidities. However, this feature introduces (sho...
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作者：Manning, Alan; Petrongolo, Barbara
作者单位：University of London; London School Economics & Political Science
摘要：Women in Britain who work part-time have, on average, hourly earnings about 25% less than that of women working full-time. This gap has widened greatly over the past 30 years. This article tries to explain this part-time pay penalty. It shows that a sizeable part of the penalty can be explained by the differing characteristics of FT and PT women. Inclusion of standard demographics halves the estimate of the pay penalty. But inclusion of occupation makes the pay penalty very small, suggesting t...
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作者：Schwienbacher, Armin
作者单位：Universite Catholique Louvain; University of Amsterdam
摘要：This article analyses how start-ups financed by venture capital choose their innovation strategy based on the investor's exit preferences and thereby form different outcomes in the product market. It considers innovation choices and venture capital exits (IPO vs trade sale) in a setting in which entrepreneurs derive private benefits from staying independent, which is better guaranteed under an IPO. The entrepreneur has incentives to distort the innovation strategy in order to induce the ventur...
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作者：Klonner, Stefan
作者单位：Cornell University
摘要：This article studies how altruism improves allocations in a private information environment where strategic behaviour reduces economic welfare. A theoretical analysis establishes that, in an environment characterised by uncertainty and private information, outcomes of auctions in Rotating Savings and Credit Associations (Roscas) are more efficient when bidders' preferences are altruistic rather than selfish. A semi-parametric structural estimation technique for Rosca auctions is presented. A p...
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作者：Sefton, James; van de Ven, Justin; Weale, Martin
作者单位：Imperial College London
摘要：Means testing plays an important role in the UK state pension system. We use a dynamic programming model to consider the effects of a recent policy reform that reduced the marginal tax rates on private income of means tested retirement benefits from 100% to 40%. Our analysis suggests that the policy reform will encourage the poorest third of all households to both save more and delay retirement, and have the opposite effects on richer households. The policy reform provides a reasonable comprom...
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作者：Etro, Federico
作者单位：University of Milano-Bicocca
摘要：I characterise endogenous market structures where leaders have a first-mover advantage and entry is endogenous. Leaders are always more aggressive than the followers, independently from strategic substitutability or complementarity. Under quantity competition, leaders produce more than any follower and I determine the conditions for entry-deterrence (high substitutability and non-increasing marginal costs). Under price competition, leaders set lower prices than the followers (the opposite than...
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作者：Rathelot, Roland; Sillard, Patrick
作者单位：Institut Polytechnique de Paris; ENSAE Paris
摘要：Determinants of businesses locations are known to be multiple. Locations of partners and competitors are crucial, as well as the territory's local characteristics. To consider the importance of local taxes we build a Poisson model to explain the number of business creations observed in a given municipality. First results suggest that there are unobserved factors driving firm creation that are positively correlated with the level of local taxes. To deal with this potential source of endogeneity...
