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作者：Combes, Jean-Louis; Debrun, Xavier; Minea, Alexandru; Tapsoba, Rene
作者单位：Universite Clermont Auvergne (UCA); International Monetary Fund; Universite de Orleans; Carleton University
摘要：We examine how inflation targeting (IT) and fiscal rules (FR) affect inflation and fiscal performance in a large panel of countries during 1990-2009. In line with theory, both FR and IT appear to shape monetary and fiscal outcomes. Significant cross-effects seem to exist as IT strengthens fiscal performance, whereas the combination of FR and IT tends to be associated with more disciplined macroeconomic policies than if only one of these institutions operates. Our findings suggest that IT and F...
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作者：Amodio, Francesco; Di Maio, Michele
作者单位：McGill University; Parthenope University Naples
摘要：This article investigates whether conflict induces distortions in the functioning and accessibility of markets for production inputs and in their allocation among firms. We study firm operations and outcomes in the context of Palestine during the Second Intifada. We analyse input usage over time across districts experiencing differential changes in conflict intensity. Conflict induces firms to substitute domestically produced materials for imported ones. Counterfactual analyses show that this ...
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作者：Morgan, John; Sisak, Dana; Vardy, Felix
作者单位：International Monetary Fund; University of California System; University of California Berkeley; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute
摘要：Is it better to be a big fish in a small pond or a small fish in a big pond? To find out, we study self-selection into contests. Our simple model predicts that: (i) entry into the big pond - in terms of show-up fees, number or value of prizes - is non-monotonic in ability; (ii) entry into the more meritocratic pond is likewise non-monotonic, exhibiting two interior extrema and disproportionately attracting very low ability types; and (iii) changes in rewards can produce unexpected effects, e.g...
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作者：Dennis, Richard; Kirsanova, Tatiana
作者单位：University of Glasgow
摘要：Discretionary policy makers cannot manage private-sector expectations and cannot coordinate the actions of future policy makers. As a consequence, coordination failures can occur and multiple equilibria can arise. In this article, we employ notions of self-enforceability and learnability to motivate and identify equilibria of particular interest in discretionary policy problems exhibiting multiple equilibria. Central among these criteria are whether an equilibrium is robust to the formation of...
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作者：Boserup, Simon Halphen; Kopczuk, Wojciech; Kreiner, Claus Thustrup
作者单位：University of Copenhagen; Columbia University; Center for Economic & Policy Research (CEPR); Center for Economic & Policy Research (CEPR)
摘要：We use Danish wealth records from three decades to characterise wealth inequality in childhood, where the main source of wealth is transfers. Wealth holdings are small in childhood but they have strong predictive power for future wealth in adulthood. At age 18, asset holdings of children are more informative than parental wealth in predicting wealth of children when they are in their 40s. We investigate why and rule out that childhood wealth in itself can accumulate enough to explain later wea...
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作者：Bond, Eric W.; Saggi, Kamal
作者单位：Vanderbilt University
摘要：In a stylised model involving a developing country (called South) and a foreign patent holder, we analyse whether and how the incidence and social value of compulsory licensing (CL) depends upon the South's patent protection policy. If South is free to deny patent protection, CL fails to arise in equilibrium and the option to use it makes both parties worse off. If South is obliged to offer patent protection, CL can occur and even yield a Pareto improvement. The ability to control price increa...
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作者：Bogart, Dan
作者单位：University of California System; University of California Irvine
摘要：Economic and political interests often block or delay infrastructure improvements. This article examines their effects by studying Britain's river navigation improvements in the early 1700s - a subject of intense lobbying in parliament. It shows that stronger party connections and influence in neighbouring areas likely to oppose or support projects affected whether a town got a river navigation act. Their estimated effects are comparable to geography and town economic characteristics in magnit...
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作者：Bonfiglioli, Alessandra; Crino, Rosario; Gancia, Gino
作者单位：Pompeu Fabra University; Barcelona School of Economics; Catholic University of the Sacred Heart; Centre de Recerca en Economia Internacional (CREI)
摘要：We study the determinants of firm-level heterogeneity in a model where innovation choices upon entry affect the variance of productivity draws. In equilibrium, productivity is Pareto distributed with a shape parameter that depends on industry-level characteristics. We show that export opportunities, by increasing the pay-offs in the tail, induce firms to invest in bigger projects with more dispersed outcomes. When more productive firms pay higher wages, trade amplifies wage dispersion by makin...
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作者：Gilchrist, Simon; Mojon, Benoit
作者单位：Boston University; National Bureau of Economic Research; European Central Bank; Bank of France; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We construct credit risk indicators for euro area banks and non-financial corporations. These indicators reveal that the financial crisis of 2008 dramatically increased the cost of market funding for both banks and non-financial firms. In contrast, the prior recession following the 2000 US dot-com bust led to widening credit spreads of non-financial firms but had no effect on the credit spreads of financial firms. The 2008 financial crisis also led to a systematic divergence in credit spreads ...
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作者：Sher, Itai
作者单位：University of California System; University of California Irvine
摘要：This article develops a formal approach to evaluating freedom in interactive settings based on the literatures on preference for flexibility and measurement of diversity. The approach posits that the value of freedom has an instrumental component - grounded in preferences - and an intrinsic component. The philosophical justification of the approach is considered and potential conflicts between freedom and efficiency are explored. On a technical level, the article extends the notion of a divers...
