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作者：Coles, MG; Smith, E
作者单位：University of Essex
摘要：This paper models trading patterns when marketplaces exist and goods are differentiated. When first visiting the market, a buyer samples a stock of goods. If fortunate, the buyer finds a match, purchases one of these goods and then exits. If not, the buyer can now only match with the now of new goods. In a steady state, the stock of unmatched traders on one side of the market is trying to match with the now of new traders on the other side. This behaviour is shown to describe matching patterns...
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作者：Higgins, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper addresses the relationship between age distribution, national savings and the current account balance. The results point to substantial demographic effects, with increases in both the youth and old-age dependency ratios associated with lower savings rates. They also point to differential effects on savings and investment, and thus to a role for demography in determining the current account balance. The estimated demographic effect on the current account balance exceeds six per cent ...
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作者：Christoffersen, PF
作者单位：McGill University
摘要：A complete theory for evaluating interval forecasts has not been worked out to date. Most of the literature implicitly assumes homoskedastic errors even when this is clearly violated, and proceed by merely testing for correct unconditional coverage. Consequently, I set out to build a consistent framework for conditional interval forecast evaluation, which is crucial when higher-order moment dynamics are present. The new methodology is demonstrated in an application to the exchange rate forecas...
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作者：Burdett, K; Mortensen, DT
作者单位：University of Essex; Northwestern University
摘要：The unique equilibrium solution ts a game in which a continuum of individual employers choose permanent wage offers and a continuum of workers search by sequentially sampling from the set of offers is characterized. Wage dispersion is a robust outcome provided that workers search while employed as well as when unemployed. The unique nondegenerate equilibrium distribution of wage offers is constructed for three cases: (i) identical workers and employers, (ii) identical employers and an atomless...
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作者：Khalil, F; Parigi, BM
作者单位：University of Washington; University of Washington Seattle; Universita Ca Foscari Venezia
摘要：We model risky lending with costly state verification, but without commitment to an audit strategy. The borrower under-reports with a positive probability in the successful state, and the lender audits with a positive probability after a report of failure. Under lack of commitment to audit probabilities, an increase in loan size convinces the borrower that the lender has a high stake in an audit. This reduces the probability of under-reporting and leads to overinvestment relative to the commit...
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作者：Bajaj, M; Chan, YS; Dasgupta, S
作者单位：Hong Kong University of Science & Technology
摘要：We develop a signaling model to show how adverse selection and moral hazard interact to determine a firm's ownership structure and financing and investment decisions endogenously. Testable implications are derived regarding the relationship between insider ownership, performance measures such as Tobin's Q ratio, and elements of financial structure such as the debt-equity ratio.
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作者：Masters, AM
作者单位：University of Essex
摘要：A matching model is used to analyze the effect of search frictions on incentives to invest in human and physical capital. Equilibrium involves inefficient (low) levels of investment. The source of the inefficiency cannot be attributed solely to either search or bargaining. Schemes that assist matching are Pareto-improving. While the ratio of workers to firms remains fixed, intermediaries that pay owners according to the amount of capital carried into the market are able to generate efficient o...
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作者：Campbell, B; Dufour, JM
作者单位：Concordia University - Canada
摘要：In this paper, finite-sample nonparametric tests of conditional independence and random walk are extended to allow for an unknown drift parameter. The tests proposed are based on simultaneous inference methods and remain exact in the presence of general forms of feedback, nonnormality and heteroskedasticity. Further, in two simulation studies we confirm that the nonparametric procedures are reliable, and find that they display power comparable or superior to that of conventional tests.
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作者：Mandy, DM; Martins, C
作者单位：Oregon State University
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作者：Carmichael, HL; MacLeod, WB
作者单位：Boston College; Universite de Montreal
摘要：Gift giving is a practice common to many societies. In an evolutionary model the social custom of giving gifts at the beginning of a relationship can lead to trust and cooperation. The evolutionary approach makes predictions about the character of the goods that can be used as gifts. For example, gift goods may have little use value even at low levels of consumption. Although the gifts themselves are useless, the institution is not.
