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作者：Machin, Stephen; McNally, Sandra; Meghir, Costas
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：This paper reports on the short run impact of one of the U.K. government's flagship education policies, the Excellence in Cities (EiC) program. EiC is aimed specifically at alleviating poor student achievement in inner city areas. The analysis compares educational attainment in Maths and English for Year 9 (age 14) students before and after EiC introduction in EiC schools as compared to non-EiC schools. School-level absences in treatment and control schools are also compared. The results show ...
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作者：Schnabel, Isabel; Shin, Hyun Song
作者单位：Max Planck Society; University of London; London School Economics & Political Science
摘要：The financial crisis that swept across northern Europe in 1763 bears a strong resemblance to more recent episodes of financial distress. The combination of the specific contractual arrangements at the time, interlocking credit relationships, and the high leverage of market participants triggered distress sales of assets, leading to a severe liquidity crisis. Hence, the crisis is an early instance of contagion on the asset side of the balance sheet. We highlight the salient features of the 1763...
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作者：Stewart, Mark B.
作者单位：University of Warwick
摘要：This paper uses longitudinal data from three contrasting data sets (matched Labor Force Surveys, the British Household Panel Survey, and matched New Earnings Surveys) to estimate the impact of the introduction of the U.K. minimum wage (in April 1999) on the probability of subsequent employment among those whose wages would have needed to be raised to comply with the minimum. A difference-in-differences estimator is used, based on position in the wage distribution. No significant adverse employ...
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作者：Allen, Franklin; Gale, Douglas
作者单位：University of Pennsylvania; New York University
摘要：We define a financial system to be fragile if small shocks have disproportionately large effects. In a model of financial intermediation, we show that small shocks to the demand for liquidity cause either high asset-price volatility or bank defaults or both. Furthermore, as the liquidity shocks become vanishingly small, the asset-price volatility is bounded away from zero. In the limit economy, with no shocks, there are many equilibria. However, if banks face idiosyncratic liquidity shocks, th...
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作者：Hendel, Igal; Nevo, Aviv
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Storable products allow consumers to time their purchases to exploit price fluctuations. It has been documented that during promotions consumers buy more. The additional purchases are potentially intended not only for current use, but to be stockpiled for future consumption. This paper discusses the predictions of a consumer inventory model and reviews the available evidence. We then discuss the implications for demand estimation and present estimates of the economic magnitude of the dynamic e...
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作者：Brunnermeier, Markus K.
作者单位：Princeton University
摘要：This paper provides a theoretical rationale for three experimental results of Prospect Theory: risk preferences are over gains and losses, loss aversion, and diminishing sensitivity. We consider a (boundedly rational) decision maker who does not find her new optimal consumption bundle with certainty when she is faced with a new income level. This alters her indirect utility function and makes her more risk averse at her current reference income level and less risk averse for a range of incomes...
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作者：Goette, Lorenz; Fehr, Ernst; Huffman, David
作者单位：University of Zurich; IZA Institute Labor Economics
摘要：In many occupations, workers' labor supply choices are constrained by institutional rules regulating labor time and effort provision. This renders explicit tests of the neoclassical theory of labor supply difficult. Here we present evidence from studies examining labor supply responses in neoclassical environments in which workers are free to choose when and how much to work. Despite the favorable environment, the results cast doubt on the neoclassical model. They are, however, consistent with...
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作者：Rochet, Jean-Charles; Vives, Xavier
作者单位：Universite de Toulouse; Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education; INSEAD Business School; Pompeu Fabra University; ICREA
摘要：The classical doctrine of the Lender of Last Resort (LOLR), elaborated by Bagehot (1873), asserts that the central bank should lend to illiquid but solvent banks under certain conditions. Several authors have argued that this view is now obsolete: in modern interbank markets, a solvent bank cannot be illiquid. This paper provides a possible theoretical foundation for rescuing Bagehot's view. Our theory does not rely on the multiplicity of equilibria that arises in classical models of bank runs...
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作者：Mas-Colell, Andreu
作者单位：Pompeu Fabra University
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作者：Lach, Saul; Schankerman, Mark
作者单位：Hebrew University of Jerusalem; National Bureau of Economic Research; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：Using data for 102 U.S. universities, we show that royalty-sharing arrangements (cash flow rights) vary substantially across universities and that they are largely unrelated to most observed university characteristics including faculty size, quality, research funding, technology mix of the faculty, and size of the technology licensing office. However, higher inventors' royalty shares are associated with higher licensing income at the university, controlling for other factors. The results sugge...
