-
作者：Furlanetto, Francesco; Ravazzolo, Francesco; Sarferaz, Samad
作者单位：Free University of Bozen-Bolzano; BI Norwegian Business School; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We estimate demand, supply, monetary, investment and financial shocks in a VAR identified with a minimum set of sign restrictions on US data. We find that financial shocks are major drivers of fluctuations in output, stock prices and investment but have a limited effect on inflation. In a second step, we disentangle shocks originating in the housing sector, shocks originating in credit markets and uncertainty shocks. In the extended set-up, financial shocks are even more important and a leadin...
-
作者：McIntosh, Craig; Povel, Felix; Sadoulet, Elisabeth
作者单位：University of California System; University of California San Diego; University of California System; University of California Berkeley
摘要：We play a series of incentivised laboratory games with risk-exposed co-operativised Guatemalan coffee farmers to understand the demand for index-based rainfall insurance. We estimate an explicit utility curve for every player and hence predict expected utility demand under counterfactual scenarios. Using these estimates, we provide a precise money-metric decomposition of the extent to which the low observed demand for index insurance is driven by expected utility theory, or by behavioural issu...
-
作者：Antler, Yair
作者单位：University of Essex
摘要：A decision-maker wishes to fill a vacancy with a fixed wage. Candidates who are more valuable to the decision maker are less likely to be available. The candidates suffer a disutility from filling the position when they are ranked low on the decision-maker's preference list. However, the decision-maker's preferences are his private information. Therefore, the candidates infer the decision-maker's preference list from information revealed by the number of failed offers. I explore the adverse ef...
-
作者：Feve, Patrick; Guay, Alain
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; University of Quebec; University of Quebec Montreal; Universite de Montreal
摘要：This article investigates the contribution of sentiment shocks to US fluctuations in a Structural VAR setup with restrictions at various frequencies. Sentiments shocks are identified as shocks orthogonal to fundamentals that account for most of the variance of confidence. We obtain that, contrary to news shocks on total factor productivity, sentiment shocks explain little of quantities and prices. Sentiments shocks mostly appear as an idiosyncratic component of confidence. These results are ro...
-
作者：Pinter, Gabor
作者单位：Bank of England
摘要：This article studies the strong co-movement between house prices and job losses over the UK business cycle. An aggregate SVAR and a regional proxy SVAR model are used to provide empirical evidence on the effect of house prices on labour markets. To explain the mechanism, a general equilibrium model with collateral constraints, endogenous job separation and housing shocks is estimated via Bayesian methods. I find that shocks to housing demand: (i) explain about 10-20% of output fluctuations and...
-
作者：Afzal, Uzma; d'Adda, Giovanna; Fafchamps, Marcel; Quinn, Simon; Said, Farah
-
作者：Albornoz, Facundo; Cabrales, Antonio; Hauk, Esther
作者单位：University of Nottingham; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：We study a model that integrates productive and socialising efforts with occupational choice, and endogenous spillovers. We show that more talented individuals work harder and contribute more to externalities, but also have incentives to segregate. Average socialising increases the productivity of the occupation. The size of an occupation grows with its synergies. Individuals underinvest in productive and socialising effort, and sort themselves inefficiently into occupations. We derive the opt...
-
作者：Cettolin, Elena; Suetens, Sigrid
作者单位：Tilburg University
摘要：We conducted an experiment with a representative sample of the Dutch population to study whether trustworthiness depends on the ethnicity of the interaction partner. Native Dutch trustees play with an anonymous trustor, who is either another native Dutch or a non-Western immigrant. We find that trustees reciprocate trust up to 12% less if the trustor is a non-Western immigrant than if he/she is native Dutch. This percentage increases up to 23% for trustees who report disliking ethnic diversity...
-
作者：Gersbach, Hans; Schetter, Ulrich; Schneider, Maik T.
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of St Gallen; University of Bath
摘要：We explore optimal and politically feasible growth policies consisting of basic research investments and taxation. We show that the impact of basic research on the general economy rationalises a taxation pecking order with high labour taxes and low profit taxes. This scheme induces a significant proportion of agents to become entrepreneurs, thereby rationalising substantial investments in basic research fostering their innovation prospects. These entrepreneurial economies, however, may make a ...
-
作者：Anwar, Shamena; Bayer, Patrick; Hjalmarsson, Randi
作者单位：RAND Corporation; Duke University; National Bureau of Economic Research; University of Gothenburg; Center for Economic & Policy Research (CEPR)
摘要：This article uses an original data set of more than 3,000 cases from 1918 to 1926 in the Central Criminal Courts of London to study the effect of the Sex Disqualification (Removal) Act of 1919. Implemented in 1921, this Act made women eligible to serve on English juries. Results based on a pre-post research design imply that the inclusion of women had little effect on overall conviction rates but significantly impacted conviction rates on particularly female salient cases: sex offences, violen...
