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作者：Libanio, G
作者单位：University of Notre Dame; Universidade Federal de Minas Gerais
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作者：Cobham, David
作者单位：Heriot Watt University
摘要：This article introduces the three contributions to the Feature, which address issues raised by the sterling appreciation of 1996-97 and the subsequent prolonged overvaluation. Cobham discusses the MPC's understanding of exchange rate changes and examines policy makers' responses to the proposal that policy should respond to exchange rate misalignments. Kirsanova, Leith and Wren-Lewis construct a 'new open economy macroeconomics' model with international risk sharing shocks, in which the welfar...
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作者：West, MR; Peterson, PE
作者单位：Harvard University
摘要：Targeted stigma and school voucher threats under a revised 2002 Florida accountability law have positive impacts on school performance as measured by the test score gains of their students. In contrast, stigma and public school choice threats under the US federal accountability law, No Child Left Behind, do not have similar effects in Florida. Estimation relies upon individual-level data and is based upon regression analyses that exploit discontinuities within the accountability regimes. Choic...
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作者：Simonsohn, U; Loewenstein, G
作者单位：University of Pennsylvania; Carnegie Mellon University
摘要：Based on contrast effects studies from psychology, we predicted that movers arriving from more expensive cities would rent pricier apartments than those arriving from cheaper cities. We also predicted that as people stayed in their new city they would get used to the new prices and would readjust their housing expenditures countering the initial impact of previous prices. We found support for both predictions in a sample of 928 movers from the PSID. Alternative explanations based on unobserved...
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作者：van den Berg, GJ
作者单位：Tinbergen Institute; Vrije Universiteit Amsterdam
摘要：In markets with imperfect information and heterogeneity, the information technology affects the rate at which agents meet, which affects the distribution of production technologies across firms. Multiple equilibria may arise because the reservation utility and the lowest production technology in use affect each other. The adoption of novel information technologies may then entail a revolution in the sense of a move from an inefficient to an efficient equilibrium. Inefficient production technol...
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作者：Kessler, Anke S.; Lulfesmann, Christoph
作者单位：Simon Fraser University; Centre for Economic Policy Research - UK
摘要：Human capital theory distinguishes between training in general-usage and firm-specific skills. Becker (1964) argues that employers will only invest in specific training, not general training, when labour markets are competitive. The article reconsiders Becker's theory. Using essentially his framework, we show that there exists an incentive complementarity between employer-sponsored general and specific training: the possibility to provide specific training leads the employer to invest in gener...
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作者：Boettke, Peter J.; Coyne, Christopher J.; Davis, John; Guala, Francesco; Marciano, Alain; Runde, Jochen; Schabas, Margaret
作者单位：George Mason University; Marquette University; University of Amsterdam; University of Exeter; Universite de Reims Champagne-Ardenne; University of Cambridge; University of British Columbia
摘要：Although Adam Smith's 1776 Wealth of Nations is often cited as marking the birth of economics, it was really not until after the second world war that economics became the distinctive, more or less unified, and largely separate discipline summarised in the textbooks of today. Even a mere fifty years ago, it was possible for the intelligent reader to move with relative ease between economics on the one hand and political economy, sociology and social theory, psychology and philosophy on the oth...
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作者：Bandiera, Oriana; Rasul, Imran
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of Chicago
摘要：We present evidence on how farmers' decisions to adopt a new crop relate to the adoption choices of their network of family and friends. We find the relationship to be inverse-U shaped, suggesting social effects are positive when there are few adopters in the network, and negative when there are many. We also find the adoption decisions of farmers who have better information about the new crop are less sensitive to the adoption choices of others. Finally, we find that adoption decisions are mo...
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作者：Bouckaert, Jan; Degryse, Hans
作者单位：University of Antwerp; Tilburg University; Tilburg University
摘要：In many countries, lenders voluntarily provide information about their borrowers to private credit registries. A recent World Bank survey reveals that the display of a lender's own borrower information is often not reciprocated. That is, access to these registries does not require the prior provision of proprietary data. We argue that incumbent lenders release information about a portion of their profitable borrowers for strategic reasons. The reasoning is that the pool of unreleased borrowers...
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作者：Trivedi, K; Young, G
作者单位：Bank of England
摘要：This article examines the role of defined benefit company pensions in amplifying the effect of common shocks to companies' stock market valuations. It identifies and evaluates the significance of two channels of amplification: cross-holdings of equities in pension scheme assets and leverage induced by pension liabilities. Econometric analysis of weekly stock market data for a sample of FTSE 350 UK companies confirm that these effects are statistically significant and robust to outlying observa...
