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作者：Evans, MDD
摘要：I present a model for the term structures of nominal and real interest rates in the UK that incorporates Markov-switching and allows for non-neutralities, nonlinear dynamics, and flexibility in the dynamics of the risk premia. The model is used to assess how accurately the term structure reflects changing expectations of future yields and inflation. I find that variations in inflation expected over the next two to three years are very accurately reflected by current yields. Over longer horizon...
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作者：Dercon, S; Krishnan, P
作者单位：University of Oxford; University of Cambridge
摘要：We use public transfers in the form of food aid to test for the presence of risk sharing arrangements at the village level in rural Ethiopia. We reject perfect risk-sharing, but find evidence of partial fisk-sharing via transfers. There is also evidence consistent with crowding out of informal insurance linked to food aid programmes.
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作者：Michelacci, C
摘要：This paper proposes a model of endogenous growth where innovating requires both researchers, who produce inventions, and entrepreneurs who implement them. As research and entrepreneurship compete in the allocation of aggregate resources, the relation between growth and research effort is hump-shaped. When entrepreneurs appropriate too little rents from innovation, too few resources are allocated to entrepreneurship and returns to R&D are low because of this lack of entrepreneurial skills. When...
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作者：Aw, BY; Chung, S; Roberts, MJ
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We use micro panel data for producers in seven two-digit manufacturing industries in South Korea and Taiwan and identify a number of systematic differences in industry structure between the countries. Our empirical findings indicate Taiwanese industries are characterised by less concentrated market structure, more producer turnover, smaller within-industry productivity dispersion across producers, a smaller percentage of plants operating at low productivity levels, and smaller productivity dif...
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作者：Singh, A
作者单位：University of Cambridge
摘要：The paper introduces the three articles in this Feature, concerned respectively with competition, corporate governance and selection in emerging markets. Apart from being important in their own right, it is shown how these topics have recently acquired urgent domestic and international policy significance. This overview also provides the intellectual background to the issues raised in the papers and examines their interrelationships in analytical, empirical and methodological terms. It outline...
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作者：Teulings, CN
作者单位：Erasmus University Rotterdam; Tinbergen Institute; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Recent research has shown the reduction in the minimum wage to be the main cause of the rise in wage dispersion in the lower half of the wage distribution in the US during the 1980s. However, the return to human capital does not seem to have been much affected. Using new methodology this paper confirms previous conclusions regarding the wage distribution but shows that the return to human capital has also increased strongly. A 10% reduction of the minimum wage causes the wage of someone earnin...
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作者：Disney, R; Haskel, J; Heden, Y
作者单位：University of Nottingham; University of London; Queen Mary University London; London School Economics & Political Science
摘要：We analyse productivity growth in UK manufacturing 1980-92 using the newly available ARD panel of establishments drawn from the Census of Production. We examine the contribution to productivity growth of 'internal' restructuring (such as new technology and organisational change among survivors) and 'external' restructuring (exit, entry and market share change). We find that (a) 'external restructuring' accounts for 50% of establishment labour productivity growth and 80-90% of establishment TFP...
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作者：Disney, R
作者单位：University of Nottingham
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作者：Asheim, GB; Dufwenberg, M
摘要：We justify the application to extensive games of a model of deductive reasoning based on three key features: 'caution', 'full belief of opponent rationality', and 'no extraneous restrictions on beliefs'. We apply the model to several examples, and show that it yields novel economic insights. The approach supports forward induction, without necessarily promoting backward induction.
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作者：Güth, W; Ivanova-Stenzel, R; Königstein, M; Strobel, M
摘要：We examine learning behaviour in auction and fair division experiments with independent private values under two different price rules, first and second price. Participants play all four games repeatedly and submit complete bid functions rather than single bids. This allows us to study how institutional changes are anticipated and whether learning is influenced by the structural differences between games. We find that learning does not drive bidding towards the benchmark solution, Bid function...
