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作者：Arneson, Richard
作者单位：University of California System; University of California San Diego
摘要：Equality of opportunity is widely endorsed but subject to conflicting interpretations. This article identifies four non-equivalent interpretations of the equality of opportunity ideal. Under scrutiny, all are contestable. The suggestion is broached that equality opportunity norms are best regarded as, in some circumstances, means to further justice goals, never rather as in themselves morally desirable.
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作者：Leduc, Sylvain; Natal, Jean-Marc
作者单位：Bank of Canada; International Monetary Fund
摘要：We examine the optimal monetary policy in the presence of endogenous feedback loops between asset prices and economic activity when macroprudential policies can also be pursued. Absent macroprudential policies, the optimal monetary policy leans against asset prices and can be closely approximated, using a speed-limit rule that responds to the growth of financial variables. An endogenous feedback loop is crucial for this result: price stability is otherwise quasi-optimal. Similarly, a simple ma...
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作者：Lekfuangfu, Warn N.; Powdthavee, Nattavudh; Warrinnier, Nele; Cornaglia, Francesca
作者单位：University of London; London School Economics & Political Science; Chulalongkorn University; University of Warwick; KU Leuven; University of London; Queen Mary University London
摘要：This article builds upon Cunha's (2015) subjective rationality model in which parents have a subjective belief about the impact of their investment on their children's early skill formation. We propose that this subjective belief is determined partly by locus of control (LOC), i.e. the extent to which individuals believe that their actions can influence future outcomes. Consistent with the theory, we show that maternal LOC measured at the 12th week of gestation strongly predicts maternal attit...
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作者：Agrawal, David R.; Hoyt, William H.
作者单位：University of Kentucky
摘要：We examine the effect of interstate differences in income taxes on commuting times. Our theoretical model introduces a border into a model of an urban area and shows that differences in average tax rates distort commuting patterns, but the sign of the effect depends on whether taxes are residence-based or employment-based. Empirically, tax differentials have a large effect on commuting times for affluent households and mobile households. We show that commuting times are a sufficient statistic ...
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作者：Adermon, Adrian; Lindahl, Mikael; Waldenstrom, Daniel
作者单位：Uppsala University; University of Gothenburg; Center for Economic & Policy Research (CEPR)
摘要：This study estimates intergenerational wealth correlations across up to four generations and examines the degree to which the wealth association between parents and children can be explained by inheritances. Using a Swedish data set with newly hand-collected data on wealth and bequests, we find parent-child rank correlations of 0.3-0.4 and grandparent-grandchild rank correlations of 0.1-0.2. Bequests and gifts appear to be central in this process, accounting for at least half of the parent-chi...
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作者：Hinnosaar, Toomas
作者单位：Collegio Carlo Alberto
摘要：Risk-neutral sellers can extract high profits from risk-loving buyers using lotteries. To limit risk-taking, gambling is heavily regulated in most countries. In this article, I show that protecting risk-loving buyers is essentially impossible. Even if sellers are restricted from using mechanisms that resemble lotteries, they can still construct selling mechanisms that ensure unbounded profits as long as buyers are risk-loving, at least asymptotically. Asymptotically risk-loving preferences are...
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作者：Vanden Eynde, Oliver
作者单位：Paris School of Economics
摘要：How does a rebel group's access to funding affect its fighting capacity? Using a district-year panel of fatal Maoist incidents in India between 2005 and 2011, I find that deficient rainfall spurs targeted Maoist violence against civilians but that the number of Maoist attacks against security forces increases only in mining districts. The relationship between income shocks and conflict depends on the type of targets and the revenue sources of the rebels. In particular, the fighting capacity of...
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作者：Anderson, Simon P.; Foros, Oystein; Kind, Hans Jarle
作者单位：Norwegian School of Economics (NHH); University of Virginia
摘要：Standard models of advertising-financed media assume consumers patronise a single-media platform, precluding effective competition for advertisers. Such competition ensues if consumers multi-home. The principle of incremental pricing implies that multi-homing consumers are less valuable to platforms. Then entry of new platforms decreases advertisement prices, while a merger increases them, and advertisement-financed platforms may suffer if a public broadcaster carries advertisements. Platforms...
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作者：Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland
作者单位：European Central Bank; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin
摘要：This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global portfolio flows, differentiating across recipient region of the flows, type of flow and QE rounds. Furthermore, the analysis differentiates between the impact of QE expansionary announcements and the actual market operations. The analysis shows that QE1 resulted in (slight) rebalancing towards the US, while QE2 and QE3 resulted in rebalancing towards non-US assets. This suggests that QE increased the ...
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作者：Ferraro, Domenico; Peretto, Pietro F.
作者单位：Arizona State University; Arizona State University-Tempe; Duke University
摘要：In this article, we propose an endogenous growth model of commodity-rich economies in which: (i) long-run (steady-state) growth is endogenous and yet independent of commodity prices; (ii) commodity prices affect short-run growth through transitional dynamics; and (iii) the status of net commodity importer/exporter is endogenous. We argue that these predictions are consistent with historical evidence from the 19th to the 21st century.
