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作者：Aidt, TS
作者单位：University of Cambridge; University of Cambridge
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作者：Guttman, JM
作者单位：Bar Ilan University
摘要：This paper models self-enforcing agreements and the evolution of preferences for reciprocity when all agents are rational, Bayesian optimisers. In this 'indirect' evolutionary model, player types are defined not by their strategies, but by their preferences. The paper studies the evolution of a community consisting of 'opportunists', who maximise material payoffs, and 'reciprocators', who prefer joint co-operation to exploiting their opponents. Players are randomly matched to play a finitely r...
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作者：Davis, EP
作者单位：Brunel University
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作者：Lumsdaine, RL; Prasad, ES
作者单位：Deutsche Bank; National Bureau of Economic Research
摘要：In this paper, we develop an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on some stylised features of the data documented in the paper. The model allows for a unified treatment of cyclical and seasonal fluctuations and also accommodates the dynamic propagation of shocks across countries. We find evidence for a 'world business cycle' as well as evidence f...
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作者：Rauch, JE; Casella, A
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Columbia University
摘要：Incomplete information creates matching friction that interferes with the ability of prices to allocate scarce resources across countries but can be overcome by international information-sharing networks. When the difference between country factor-endowment ratios is large relative to network ties, efficient arbitrage breaks down, the price (wage) of each country's immobile resource becomes partially insulated from changes in foreign supply, and trade liberalisation causes less resource price ...
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作者：Disney, R
作者单位：University of Nottingham
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作者：Davis, EP
作者单位：Brunel University
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作者：Garratt, A; Lee, K; Pesaran, MH; Shin, Y
作者单位：University of Leicester; University of Cambridge; University of Edinburgh
摘要：A new modelling strategy that provides a practical approach to incorporating long-run structural relationships, suggested by economic theory, in an otherwise unrestricted VAR model is applied to construct a small quarterly macroeconometric model of the UK, estimated over 1965q1-1999q4 in nine variables: domestic and foreign outputs, prices and interest rates, oil prices, the nominal effective exchange rate, and real money balances. The aim is to develop a model with a transparent and theoretic...
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作者：Benigno, G; Thoenissen, C
作者单位：University of London; London School Economics & Political Science; Bank of England
摘要：We develop a two-country, optimising, sticky prices and sticky wages model of real exchange rate determination in the new open macrocconomics tradition to analyse the interaction between supply-side behaviour, market structure and the real exchange rate. For a UK-euro area calibration, supply-side improvements to total factor productivity (TFP) or the degree of monopolistic competition in the goods and labour markets result in a depreciation of the real exchange rate. When TFP increases in the...
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作者：Francois, P
作者单位：University of Bristol; University of British Columbia
摘要：Not-for-profit firms are greatly over-represented in the childcare, medical care, education and care for the aged sectors where service providing workers, as well as purchasers, seem to care about the level or quality of service being provided. Since all individuals who care about service levels receive non-excludable benefits, these services have a public good element. Such care can be used to motivate employees to perform tasks beyond their strict job description. But such care only motivate...
