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作者：Veracierto, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This article introduces and analyzes a Walrasian model of worker flows, job flows, vacancies, and unemployment. Calibrating the model to U.S. data, the article finds that all variables comove with output quite well but that they fluctuate too little. However, the failure is not as bad as in Shimer's puzzle. Interestingly, the article also finds that introducing establishment dynamics into the model, while realistic, is irrelevant for understanding unemployment and vacancy fluctuations: The bus...
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作者：Chatterjee, Kalyan; Dutta, Bhaskar
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Warwick
摘要：We analyze a model of diffusion in a fixed, finite connected network. There is an interested party that knows the quality of the product being propagated and chooses an implant in the network to influence other agents to buy. Agents are either innovators, who adopt immediately, or rational. Rational consumers buy if buying instead of waiting maximizes expected utility. We consider the conditions on the network under which optimal diffusion of the good product with probability 1 is a perfect Ba...
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作者：Santos, Cezar; Weiss, David
作者单位：Getulio Vargas Foundation; Tel Aviv University
摘要：A striking change in American society in the last 40 years has been the decline and delay in marriage. The fraction of young adults who have never been married increased significantly between 1970 and 2000. Idiosyncratic labor income volatility also rose. We establish a quantitatively important link between these facts. If marriage involves consumption commitments, then a rise in income volatility delays marriage. We quantitatively assess this hypothesis vis-a-vis others in the literature. Inc...
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作者：Okoye, Dozie
作者单位：Dalhousie University
摘要：This article studies the relative productivity of skilled to unskilled workers across countries. Relative productivities are broken down into the human capital embodied in skilled workers and relative physical productivities (reflecting production techniques). I find that skilled workers from poorer countries embody less human capital and are also relatively less physically productive. Furthermore, results show that production techniques are inappropriate for most low-income countries, and the...
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作者：Sanches, Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Monetary economists have long recognized a tension between the benefits of fractional reserve banking, such as the ability to undertake more profitable (long-term) investment opportunities, and the difficulties associated with it, such as the risk of insolvency for each bank and the associated losses to bank liability holders. I show that a specific banking arrangement (a joint-liability scheme) provides an effective mechanism for ensuring the ex post transfer of reserves from liquid banks to ...
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作者：Cahuc, Pierre; Charlot, Olivier; Malherbet, Franck
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Ecole Polytechnique; CY Cergy Paris Universite; Institut Polytechnique de Paris; ENSAE Paris; Universite de Rouen Normandie
摘要：This article provides a simple model that explains the choice between permanent and temporary jobs. This model, which incorporates important features of actual employment protection legislations neglected by the economic literature so far, reproduces the main stylized facts about entries into permanent and temporary jobs observed in Continental European countries. We find that job protection has very small effects on total employment but induces large substitution of temporary jobs for permane...
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作者：Chen, Heng; Lu, Yang K.; Suen, Wing
作者单位：University of Hong Kong; Hong Kong University of Science & Technology
摘要：We study how rumors mobilize individuals who take collective action. Rumors may or may not be informative, but they create public topics on which people can exchange their views. Individuals with diverse private information rationally evaluate the informativeness of rumors about regime strength. A rumor against the regime can coordinate a larger mass of attackers if individuals can discuss its veracity than if they cannot. Communication can be so effective that a rumor can have an even greater...
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作者：Dardati, Evangelina
作者单位：Universidad Alberto Hurtado
摘要：I use a firm dynamics model to compare two permit allocation schemes commonly used in pollution permit systems. In the first, closing plants keep their permits, and new entrants do not get them, whereas in the second, closing plants lose their permits, and new entrants get free allowances. Calibrating the model with data from power plants participating in the U.S. program, I find that, compared to the first scheme, in the second arrangement, (i) plants stay, on average, 3.6 years longer and (i...
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作者：Elsayyad, May; Morath, Florian
作者单位：Max Planck Society; Goethe University Frankfurt
摘要：This article considers the transfer of cost-reducing technology in the context of contributions to climate protection. We analyze a two-period public goods model where later contributions can be based on better information, but delaying the mitigation effort is costly because of irreversible damages. Investments in technology affect the countries' timing of contributing. We show that countries have an incentive to provide cost-reducing technology as this can lead to an earlier contribution of ...
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作者：Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry
作者单位：University of Pennsylvania; Australian National University; Yale University
摘要：Buy local arrangements encourage members of a community or group to patronize one another instead of the external economy. They range from formal mechanisms such as local currencies to informal I'll buy from you if you buy from me arrangements and are often championed on social or environmental grounds. We show that in a monopolistically competitive economy, buy local arrangements can have salutary effects even for selfish agents immune to social or environmental considerations. Buy local arra...
