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作者：Raaum, O; Salvanes, KG; Sorensen, EO
作者单位：Norwegian School of Economics (NHH)
摘要：Using a variance decomposition framework that bounds the effect of families and neighbourhoods, we find important effects of family characteristics and residential location on adult education and earnings in Norway. Neighbourhoods are less important than families, as the correlations among siblings are significantly higher than among children growing up in the same local community. The impact of neighbourhoods is reduced by half from 1960 to 1970. We link this result to several policy changes ...
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作者：Blume, Lawrence E.
作者单位：Cornell University
摘要：This article demonstrates how learning dynamics select among equilibria in a statistical discrimination model of employment. The static market model exhibits multiple equilibria. The belief revision dynamics generate a Markov market process which, in the long run, is mostly near one and only one of the static equilibria, regardless of initial conditions. Usually policy effects appear in comparative statics, where the equilibrium set moves with different policies. But here policy is also seen t...
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作者：Geerdsen, Lars Pico
摘要：This article focuses on unemployed individuals' reaction to compulsory labour market programmes prior to participation. In Denmark, after having received UI benefits for a given period of time, continued benefits are made conditional on participation in a labour market programme. I estimate individuals' reaction to compulsory programmes using legislative changes in the duration of benefits period as identification. I find that compulsory programmes do indeed motivate individuals to find employ...
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作者：Harms, Philipp; Lutz, Matthias
作者单位：RWTH Aachen University; University of St Gallen
摘要：Does official aid pave the road for private foreign investment or does it suffocate private initiative by diverting resources towards unproductive activities? We explore this question using panel data covering a large number of developing and emerging economies during the 1990s. Controlling for countries' institutional environment, we find that, evaluated at the mean, the marginal effect of aid on private foreign investment is close to zero. Surprisingly, however, the effect is strictly positi...
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作者：Henry, SGB; Satchi, M; Vines, D
作者单位：University of Kent; University of Oxford; Australian National University
摘要：This article assesses the implications of discounting on a result derived by Bean (1998): that in a model of monetary policy where policy acts with a lag, the outcomes of monetary policy are very similar for a wide range of preferences of the monetary authority with respect to inflation and output stability. We show that when the authority discounts the future, outcomes become more sensitive to its preferences, and that it is important to take the discount rate into account when examining the ...
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作者：Guidolin, M; Timmermann, A
作者单位：University of Virginia; University of California System; University of California San Diego
摘要：This paper presents evidence of persistent 'bull' and 'bear' regimes in UK stock and bond returns and considers their economic implications from the perspective of an investor's portfolio allocation. We find that the perceived state probability has a large effect on the optimal asset allocation, particularly at short investment horizons. If ignored, the presence of such regimes gives rise to substantial welfare costs. Parameter estimation uncertainty, while clearly important, does not overturn...
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作者：Gangopadhyay, S; Ghatak, M; Lensink, R
作者单位：University of London; London School Economics & Political Science; University of Groningen; University of Nottingham
摘要：We show that the joint liability lending contracts derived in Ghatak (2000) violate an ex post incentive-compatibility constraint which says that the amount of joint liability cannot exceed the amount of individual liability. We derive and characterise optimal separating joint liability contracts incorporating this constraint.
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作者：Garibaldi, P; Violante, GL
作者单位：New York University
摘要：Firing costs have two separate dimensions: a transfer from the firm to the laid-off worker and a tax paid outside the firm-worker pair. To avoid the 'bonding critique' most of the existing literature implicitly assumes that, in the presence of wage rigidity, transfers have the same real effects as taxes. This paper shows that this presumption is in general misplaced, especially so when the degree of wage rigidity is endogenous. The predictions of our theory find empirical support in a panel da...
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作者：Frey, BS; Benz, M
作者单位：University of Zurich
摘要：Corporate governance is importantly based on agency theory and relies on extrinsic incentives to align the interests of managers, employees and shareholders. This article argues that in view of recent corporate scandals, private governance can learn from public governance: (1) Goal-oriented intrinsic motivation of agents should be supported by fixed incomes and an extensive selection process of employees; (2) Extrinsic, but non-monetary incentives (e.g. conferring orders and titles) can be use...
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作者：Aizenman, J; Kletzer, KM; Pinto, B
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; The World Bank
摘要：This paper argues that the frequent failure of the debt swaps follows from fundamental forces driven by the market's assessment of the scarcity of fiscal revenue relative to the demand for fiscal outlays. As a country approaches the range of partial default, swaps may not provide the expected breathing room and could even bring the crisis forward. Our methodology combines three independent themes: exchange rate crises as the manifestation of excessive monetary injections, the fiscal theory of ...
