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作者：BIGELOW, J; COOPER, R; ROSS, TW
作者单位：Boston University; University of British Columbia
摘要：The provision of product warranties when the exit of firms is possible is an example of a more general contracting problem without full commitment. When firms cannot precommit to future market participation, they ran exit if continued participation is not profitable, thereby avoiding outstanding warranty obligations. Incentives for market participation come from future profits which depend on future sales. The resulting intertemporal linkage between cohorts of consumers may create multiple, Pa...
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作者：BROCK, PL; TURNOVSKY, SJ
作者单位：National Bureau of Economic Research
摘要：This paper analyzes the impact of differential tariffs on consumption and investment in a specific factors model of a small open economy in which capital is accumulated over time. Particular attention is devoted to the welfare aspects, highlighting the cost of the intertemporal distortions produced by protective trade policies. Several specific welfare propositions are obtained. First, tariff protection is shown to create short-run benefits but long-run costs in welfare. Second, the second-bes...
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作者：FERNANDEZ, R
作者单位：National Bureau of Economic Research
摘要：This paper examines a two-sector small open economy that is subject to shocks in its terms-of-trade. Risk-neutral entrepreneurs use implicit contracts to insure risk-averse workers against fluctuations in their income. The characteristics of these contracts are examined within a general equilibrium framework and the implications for employment, wages and utility of different realizations of relative prices are analyzed. The implicit contract equilibrium is shown to be constrained Pareto optima...
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作者：VERBEEK, M; NIJMAN, T
摘要：We discuss several tests to check for the presence of selectivity bias in estimators based on panel data. One approach to test for selectivity bias is to specify the selection mechanism explicitly and estimate it jointly with the model of interest. Alternatively, one can derive the asymptotically efficient LM test. Both approaches are computationally demanding. In this paper, we propose the use of simple variable addition and (quasi-) Hausman tests for selectivity bias that do not require any ...
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作者：FERNANDEZ, R; KAARET, D
作者单位：National Bureau of Economic Research; Columbia University
摘要：This paper examines a process of debt renegotiation in which banks possess divergent interests and there is asymmetric information. We assume that large banks must exert pressure on small banks in order to obtain participation of these in the provision of new money and in debt forgiveness. Making use of a reputational model, we argue that the effect of asymmetric information as to the amount of pressure that large banks can exert on small banks makes the debtor countries worse off than absent ...
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作者：ROSSANA, RJ; SEATER, JJ
作者单位：North Carolina State University
摘要：The effects of both temporal and cross-sectional aggregation on the estimated time series characteristics of manufacturing real wage data are examined. The effects, especially of temporal aggregation, are found to be quite large and in accord with statistical theory. The well-known results of Altonji and Ashenfelter, that real wages are a random walk, and of Nelson and Plosser, that real wages are an IMA(1, 1) process, both seem to be entirely artifacts of temporal aggregation, with the true m...
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作者：CHAVAS, JP; POPE, R
作者单位：Brigham Young University
摘要：While homogencity restrictions of optimal choice functions are well known in the context of neoclassical economic theory, the existence and implications of homogeneity-like restrictions in more general optimization models have not received much attention in the literature. We call such restrictions nullity restrictions since they involve the null space of the matrix of slopes of choice functions. The existence, nature and implications of nullity restrictions are investigated in the context of ...
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作者：KRISHNA, K
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This reply shows that both market structure and the form of preferences affect the argument by Falvey (1979) on ad valorem tariffs and the quality of imports. It does not depend on whether or not consumers are restricted to purchasing only one variety as claimed in the preceding comment by Wall.
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作者：WOOLDRIDGE, JM
摘要：A nonlinear regression model is proposed as an alternative to the Box-Cox regression model for nonnegative variables. The functional form contains linear, exponential, and reciprocal models as special cases. Unlike Box-Cox type approaches, the proposed estimators of the conditional mean function are robust to conditional variance and other distributional misspecifications. Computationally simple, robust Lagrange multiplier statistics for restricted versions of the model are derived. Scale inva...
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作者：GALOR, O; TSIDDON, D
作者单位：Hebrew University of Jerusalem
摘要：This paper analyzes the effects of transitory productivity shocks on long-run output. The study demonstrates that, despite its transitory nature, an adverse productivity shock may result in lower long-run output. A fall in productivity reduces output and savings, and consequently, the interest rate increases and investment in human capital falls. Although productivity returns to its initial level, a sufficiently large reduction in investment pushes the economy to a new stationary equilibrium w...
