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作者：Shephard, Andrew
作者单位：University of Pennsylvania
摘要：An empirical equilibrium job search model with wage posting is developed to analyze the impact of U.K. tax reforms. The model allows for a rich characterization of the labor market, with hours responses, accurate representations of the tax and transfer system, and both worker and firm heterogeneity. The British Working Families' Tax Credit and contemporaneous reforms are predicted to increase employment, with equilibrium effects found to be relatively modest. The model is used to assess the im...
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作者：Strulik, Holger
作者单位：University of Gottingen
摘要：This study investigates the interaction of the use of modern contraceptives, fertility, education, and long-run growth. It develops an economic model that takes into account that sexual intercourse is utility enhancing and that birth control by modern contraceptives is more efficient but more costly than traditional methods. The study shows how a traditional economy, in which modern contraceptives are not used, gradually converges toward a high growth regime, in which modern contraceptives are...
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作者：Grochulski, Borys; Zhang, Yuzhe
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Texas A&M University System; Texas A&M University College Station
摘要：In this article, we study market-induced, external incentives similar to career concerns jointly with standard, contractual incentives linking compensation to performance. We consider a dynamic principal-agent problem in which the agent's outside option is determined endogenously in a competitive labor market. In equilibrium, strong performance increases the agent's market value. When this value becomes sufficiently high, the threat of the agent quitting forces the principal to increase the ag...
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作者：Yasui, Daishin
作者单位：Kobe University
摘要：This article presents a theory of the cross-sectional fertility differential, which produces the negative wage-fertility relationship based on job heterogeneity. Although evidence suggests the importance of job heterogeneity in the labor market, it has largely been ignored in theories of fertility choice. I show that a theory incorporating job heterogeneity requires only standard conditions on preferences to generate the negative wage-fertility relationship, and the negative relationship deriv...
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作者：Creal, Drew D.; Wu, Jing Cynthia
作者单位：University of Chicago
摘要：We investigate the relationship between uncertainty about monetary policy and its transmission mechanism, and economic fluctuations. We propose a new term structure model where the second moments of macroeconomic variables and yields can have a first-order effect on their dynamics. The data favor a model with two unspanned volatility factors that capture uncertainty about monetary policy and the term premium. Uncertainty contributes negatively to economic activity. Two dimensions of uncertaint...
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作者：Hong, Yongmiao; Wang, Xia; Wang, Shouyang
作者单位：Cornell University; Xiamen University; Sun Yat Sen University; Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：We propose a model-free test for strict stationarity. The idea is to estimate a nonparametric time-varying characteristic function and compare it with the empirical characteristic function based on the whole sample. We also propose several derivative tests to check time-invariant moments, weak stationarity, and pth order stationarity. Monte Carlo studies demonstrate excellent power of our tests. We apply our tests to various macroeconomic time series and find overwhelming evidence against stri...
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作者：Miyamoto, Wataru; Thuy Lan Nguyen
作者单位：Bank of Canada; Santa Clara University
摘要：Using a novel data set for 17 countries between 1900 and 2013, we characterize business cycles in both small developed and developing countries in a model with financial frictions and a common shock structure. We estimate the model jointly for these 17 countries using Bayesian methods. We find that financial frictions are an important feature for not only developing but also small developed countries. Furthermore, business cycles in both groups of countries are marked with trend productivity s...
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作者：Santos-Pinto, Luis; Dell'Era, Michele
作者单位：University of Lausanne; Bocconi University
摘要：This article analyzes the impact of entrepreneurial optimism on the market for new issues. We find that the existence of optimists generates a new reason for entrepreneurs to own equity in their firms. We show that optimism is a natural explanation for why some new issues are underpriced and others overpriced. We also show that the impact of optimism on entrepreneurs' equity holdings depends on the number of optimists, absolute risk aversion, and cash flow variance. Optimism makes entrepreneur...
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作者：Choi, Sekyu
作者单位：University of Bristol
摘要：In this article, I study fertility decisions with special emphasis on the timing of births and abortions over the life cycle. Given the policy debate regarding abortion availability and recent evidence of its positive impact on women's outcomes, understanding the fertility process should help guide the discussion. Here, I present a life-cycle model of consumption-savings and fertility decisions in an environment with uninsurable income shocks and imperfect fertility control. My model presents ...
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作者：Chen, Kong-Pin; Ho, Szu-Hsien; Liu, Chi-Hsiang; Wang, Chien-Ming
作者单位：Academia Sinica - Taiwan; National Taiwan University; Hubei University of Economics
摘要：This article proposes a unified framework to completely characterize the seller's optimal listing strategy in the online auction as a function of her rate of time impatience. Specifically, the fixed-price listing, the regular auction, and the buy-it-now (BIN) auction are each a solution of the seller's single optimization problem under different values of the rate of intertemporal discount: The perfectly patient seller adopts the regular auction, the sellers with a medium range of time impatie...
