Economic Journal

最新文章

• Cross-country variation in the liquidity effect: The role of financial markets AI翻译
  作者：Lastrapes, WD; McMillin, WD
  作者单位：University System of Georgia; University of Georgia; Louisiana State University System; Louisiana State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
  摘要：This paper examines cross-country variation in the liquidity effect - the negative response of interest rates to money supply shocks - focusing on the role of financial factors in explaining this variation. We estimate the liquidity effect for each of 21 countries using VAR models in which money supply shocks are restricted to be neutral in the long-run, then regress the estimated liquidity effect on financial market variables across countries. We find that financial factors play an important ...
• The revival of Laissez-Faire in American macroeconomic theory: A case study of the pioneers. AI翻译
  作者：Backhouse, RE
  作者单位：University of Birmingham
• The self-perpetuation of biased beliefs AI翻译
  作者：Suen, W
  作者单位：University of Hong Kong
  摘要：To overcome strong prior beliefs, strong evidence to the contrary is needed. If a person is predisposed to choosing a certain action, the advice from an advisor who sets a low threshold for recommending the alternative action is not Of much rise. The preference for like-minded advisors who supply coarse information implies that the advice a person receives is likely to reinforce his existing priors. This effect can lead to polarisation of opinion and the emergence of self-serving beliefs. The ...
• Selected essays on economic policy. AI翻译
  作者：Dow, S
  作者单位：University of Stirling
• Child poverty in Britain and the United States AI翻译
  作者：Dickens, R; Ellwood, DT
  作者单位：University of London; University of London; London School Economics & Political Science; Harvard University
  摘要：Child poverty rose sharply in Britain and the US in the period preceding the Blair and Clinton governments, so that over a third of children were in poverty in both countries. Demographic change, falls in work and increasing wage inequality all contributed to this rise in Britain, with benefit changes having an offsetting effect. In the US, demographic and wages changes were the drivers. Both administrations acted with a range of welfare reforms aimed at increasing work incentives and, in Brit...
• Overcoming the zero bound on nominal interest rates with negative interest on currency: Gesell's solution AI翻译
  作者：Buiter, WH; Panigirtzoglou, N
  作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK
  摘要：The paper considers two small analytical models, one Old-Keynesian, the other New-Keynesian, possessing equilibria where nominal interest rates at all maturities can be stuck at their zero lower bound. When the authorities remove the zero nominal interest rate floor by adopting an augmented monetary rule that systematically keeps the nominal interest rate on base money at. or below the nominal interest rate on non-monetary instruments, the lower bound equilibria are eliminated, thus allowing a...
• Sovereign risk, credibility and the gold standard: 1870-1913 versus 1925-31 AI翻译
  作者：Obstfeld, M; Taylor, AM
  摘要：What determines sovereign risk? We study the London bond market from the 1870s to the 1930s. Our findings support conventional wisdom concerning the low credibility of the interwar gold standard. Before 1914 gold standard adherence effectively signalled credibility and shaved up to 30 basis points from country borrowing spreads. In the 1920s, however, simply resuming prewar gold parities was insufficient to secure benefits. Countries that devalued before resumption were treated more favourably...
• Information aggregation with random ordering:: Cascades and overconfidence AI翻译
  作者：Nöth, M; Weber, M
  作者单位：University of Mannheim
  摘要：In economic models, it is usually assumed that agents aggregate their private information with all available public information correctly and completely. In this experiment, we identify subjects' updating procedures and analyse the consequences for the aggregation process. Decisions can be based on private information with known quality and on the observed decisions of other participants. In this setting with random ordering, information cascades are observable and agents' overconfidence has a...
• Foreign currency for long-term investors AI翻译
  作者：Campbell, JY; Viceira, LM; White, JS
  作者单位：Harvard University
  摘要：Conventional wisdom holds that conservative investors should avoid exposure to foreign currency risk. Even if they hold foreign equities, they should hedge the currency exposure of these positions and hold only domestic Treasury bills. This paper argues that the conventional wisdom may be wrong for long-term investors. Domestic bills are risky for long-term investors, because real interest rates vary over time and bills must be rolled over at uncertain future interest rates. This risk can be h...
• The return to independent invention:: Evidence of unrealistic optimism, risk seeking or skewness loving? AI翻译
  作者：Åstebro, T
  作者单位：University of Waterloo
  摘要：Examining a sample of 1,091 inventions I investigate the magnitude and distribution of the pretax internal rate of return (IRR) to inventive activity. The average IRR on a portfolio investment in these inventions is 11.4%. This is higher than the risk-free rate but lower than the long-run return on high-risk securities and the long-run return on early-stage venture capital funds. The portfolio IRR is significantly higher, for some ex ante identifiable classes of inventions. The distribution of...