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作者：Clark, A; Etilé, F; Postel-Vinay, F; Senik, C; Van der Straeten, K
作者单位：Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); INRAE; Institut Polytechnique de Paris; ENSAE Paris; INRAE; Universite Paris Cite; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：This paper models the relationship between income and reported well-being using latent class techniques applied to panel data from twelve European countries. Introducing both intercept and slope heterogeneity into this relationship, we strongly reject the hypothesis that individuals transform income into well-being in the same way. We show that both individual characteristics and country of residence are strong predictors of the four classes we identify. We expect that differences in the margi...
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作者：Giulietti, M; Price, CW; Waterson, M
作者单位：University of East Anglia; University of Warwick
摘要：Consumer choice is increasingly recognised as a crucial factor in competition policy. To illustrate the implications of such choice we present an investment model of the switching choice in the UK residential natural gas market and examine responses to a specially commissioned survey of nearly seven hundred consumers, identifying search and switching costs. Through an assessment of the savings which consumers say they require to switch supplier, together with an evaluation of consumer switchin...
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作者：Buiter, WH
作者单位：University of Amsterdam; European Bank of Reconstructon & Development; European Bank of Reconstructon & Development; University of Amsterdam
摘要：Monetary theory and policy are part of intertemporal public finance. The two ghosts are the liquidity trap and the real balance effect. The eccentricities are negative nominal interest rates and the helicopter drop of money. The fallacy is the Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government's intertemporal budget constraint and the general price level. The mirage is the prediction that financial deregulation and technical change in the payme...
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作者：Kocher, MG; Sutter, M
作者单位：University of Innsbruck; Max Planck Society
摘要：Economics has devoted little attention to whether the type of decision maker matters for economic decisions. However, many important decisions like those on monetary policy or a company's business strategy are made by (small) groups rather than an individual. We compare behaviour of individuals and small groups in an experimental beauty-contest game. Our findings suggest that groups are not smarter decision makers per se but that they learn faster than individuals. When individuals compete aga...
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作者：Ray, I; Ganguly, C
作者单位：University of Birmingham
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作者：Bowles, S; Park, Y
作者单位：University of Siena; Connecticut College
摘要：We investigate the manner in which a desire to emulate the rich influences individuals' allocation of time between labour and leisure, greater inequality inducing longer work hours as a result. Data on work hours in ten countries over the period 1963-98 show that greater inequality is indeed associated longer work hours. These 'Veblen effects' are large and the estimates are robust using country fixed effects and other specifications. Because consumption inequality is a public bad, a social we...
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作者：Pezzini, S
作者单位：University of London; London School Economics & Political Science; University of Namur
摘要：This paper explores whether the welfare of women increased following the extension of women's rights between 1960s and 1990s. Using individual level data on life satisfaction and focusing on changes in birth control rights in twelve European countries, it shows that the extension of both abortion rights and the pill is strongly linked to an increase in life satisfaction of women of childbearing age. Birth control rights also increased women's investment in education, probability of working and...
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作者：Card, D
作者单位：University of California System; University of California Berkeley
摘要：This article reviews the recent evidence on US immigration, focusing on two key questions: (1) Does immigration reduce the labour market opportunities of less skilled natives? (2) Have immigrants who arrived after the 1965 Immigration Reform Act been successfully assimilated? Overall, evidence that immigrants have harmed the opportunities of less educated natives is scant. On the question of assimilation, the success of the US-born children of immigrants is a key yardstick. By this metric, pos...
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作者：Dellas, H; Tavlas, G
作者单位：University of Bern
摘要：We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. We find that countries with a high degree of nominal wage rigidity benefit from monetary union, especially when they join other, similarly rigid countries. Countries with relatively more flexible wages tend to be worse off in unions with countries that have more rigid wages. We examine France, Germany and the UK and find that the welfare implications of monetary arrangements ...
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作者：Mitchell, J; Smith, RJ; Weale, MR; Wright, S; Salazar, EL
摘要：A range of monthly series are currently available giving indications of short-term movements in output in the UK. The main aim of this paper is to suggest a formal and coherent procedure for grossing these monthly data up to represent the whole of GDP. Although the resultant estimates of GDP would be worse than those obtained by direct measurement, they should be more satisfactory than simply making an informal inference from whatever monthly data are available. Our examination of the efficacy...
