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作者：Andersson, Ola; Carlson, Jim Ingebretsen; Wengstrom, Erik
作者单位：Uppsala University; Research Institute of Industrial Economics (IFN); Lund University; Hanken School of Economics
摘要：Several behavioural models of choice assume that decision makers place more weight on attributes where options differ more, an assumption we test in a set of experiments. We find that subjects are more likely to choose an option when we add options increasing the maximal difference in the original option's strongest attribute, suggesting that the decision maker's focus is drawn to attributes with a high spread. Additional experiments corroborate this finding. Still, we document that the focusi...
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作者：Andolfatto, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper investigates how a central bank digital currency can be expected to impact a monopolistic banking sector. The paper's framework of analysis combines the Diamond (1965) model of government debt with the Klein (1971) and Monti (1972) model of a monopoly bank. The paper finds that the introduction of a central bank digital currency has no detrimental effect on batik lending activity and may, in some circumstances, even serve to promote it. Competitive pressure leads to a higher monopol...
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作者：de Groot, Oliver
作者单位：University of Liverpool; Centre for Economic Policy Research - UK
摘要：This article studies the effect of liquidity crises in short-term debt markets in a dynamic general equilibrium framework. Creditors (retail banks) receive imperfect signals regarding the profitability of borrowers (wholesale banks) and, based on these signals and their beliefs about other creditors' actions, choose whether to roll over funding, or not. The unco-ordinated actions of creditors cause a suboptimal incidence of rollover, generating an illiquidity premium. Leverage magnifies this c...
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作者：Ghiglino, Christian; Juarez-Luna, David; Muller, Andreas
作者单位：University of Essex; Centre for Economic Policy Research - UK
摘要：Why do tax rates vary so much across countries? We study the role of other-regarding preferences and ethnic fragmentation in redistribution. A government is elected by altruistic voters and chooses a redistributive income tax. Altruism is directed towards social identity groups. Three main factors yield low levels of redistribution: (i) strong in-group altruism among rich voters-referred to as class altruism; (ii) weak universal altruism-in particular among the rich; and (iii) ethnic fragmenta...
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作者：Andersen, Steffen; Marx, Julie; Nielsen, Kasper Meisner; Vesterlund, Lise
作者单位：Copenhagen Business School; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Negotiations over real estate show that men secure better prices than women. However, gender differences decrease when improving controls for the property's value, and is eliminated when controlling for unobserved heterogeneity in a repeated-sales sample. Rather than evidence of differences in negotiation, price differences result from men and women demanding different properties. Consistently, we find no gender difference in sales prices secured for inherited property. Provided appropriate co...
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作者：Cavalcanti, Tiago; Kocharkov, Georgi; Santos, Cezar
作者单位：University of Cambridge; Getulio Vargas Foundation; Deutsche Bundesbank; Banco de Portugal; Getulio Vargas Foundation
摘要：What is the role of family planning interventions on fertility, savings, human capital investment and development? To examine this, endogenous unwanted fertility is embedded in an otherwise standard quantity-quality overlapping generations model of fertility and growth. The model features costly fertility control and families can (partially) insure against a fertility risk by using costly modern contraceptives. In the event of unexpected pregnancies, households can also opt to abort some pregn...
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作者：Ericson, Keith Marzilli; Kircher, Philipp; Spinnewijn, Johannes; Stare, Amanda
作者单位：Boston University; Cornell University; Universite Catholique Louvain; University of London; London School Economics & Political Science; Northwestern University
摘要：Demand for insurance can be driven by high risk aversion or high-risk. We show how to separately identify risk preferences and risk types using only choices from menus of insurance plans. Our revealed preference approach does not rely on rational expectations, nor does it require access to claims data. We show what can be learned non-parametrically about the type distributions from variation in insurance plans, offered separately to random cross-sections or offered as part of the same menu to ...
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作者：Groneck, Max; Wallenius, Johanna
作者单位：University of Groningen; Stockholm School of Economics
摘要：In this article, we study the labour supply effects and the redistributional consequences of the US social security system. We focus particularly on auxiliary benefits, where eligibility is linked to marital status. To this end, we develop a dynamic. structural life cycle model of singles and couples, featuring uncertain marital status and survival. We account for the socio-economic gradients to both marriage stability and life expectancy. We find that auxiliary benefits have a large depressin...
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作者：Lopez, Jose A.; Mitchener, Kris James
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Santa Clara University; National Bureau of Economic Research
摘要：Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was a key driver pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland and Hungary (GAPH) suffered from frequent uncertainty shocks- and correspondingly high levels of uncertainty-caused by protracted political nego...
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作者：Priftis, Romanos; Zimic, Srecko
作者单位：Bank of Canada; European Central Bank
摘要：This paper finds that debt-financed fiscal multipliers vary depending on the location of the debt buyer. In a sample of 33 countries fiscal multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared to when they arc financed by issuing debt to home investors (residents). In a theoretical model, the location of the government creditor produces these differential responses through the extent that private investment is crowded out....
