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作者：Cukierman, Alex; Goldstein, Itay; Spiegel, Yossi
作者单位：Tel Aviv University; Tilburg University; University of Pennsylvania
摘要：We develop a framework that makes it possible to study, for the first time, the strategic interaction between the ex ante choice of exchange-rate regime and the likelihood of ex post currency attacks. The optimal regime is determined by a policymaker who trades off the loss from nominal exchange-rate uncertainty against the cost of adopting a given regime. This cost increases, in turn, with the fraction of speculators who attack the local currency. Searching for the optimal regime within the c...
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作者：Acemoglu, Daron; Verdier, Thierry; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：Many developing countries have suffered under the personal rule of kleptocrats, who implement highly inefficient economic policies, expropriate the wealth of their citizens, and use the proceeds for their own glorification or consumption. We argue that the success of kleptocrats rests, in part, on their ability to use a divide-and-rule strategy, made possible by the weakness of institutions in these societies. Members of society need to cooperate in order to depose a kleptocrat, yet such coope...
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作者：Ausubel, Lawrence M.; Cramton, Peter
作者单位：University System of Maryland; University of Maryland College Park
摘要：We study the theory and practical implementation of auctioning many divisible goods. With multiple related goods, price discovery is important not only to reduce the winner's curse, but more importantly, to simplify the bidder's decision problem and to facilitate the revelation of preferences in the bids. Simultaneous clock auctions are especially desirable formats for auctioning many divisible goods. We examine the properties of these auctions and discuss important practical considerations in...
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作者：Persson, Torsten
作者单位：Stockholm University; National Bureau of Economic Research
摘要：The paper presents empirical findings regarding the economic policy consequences of constitutional arrangements, in three different dimensions. First, the data are consistent with several theoretical predictions about the consequences of electoral rules and forms of government for fiscal policy and rent extraction, even when non-random constitution selection is taken into account. Second, empirical tests of the predictions from a new comprehensive model of parliamentary democracy show that pro...
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作者：Aghion, Philippe; Klemm, Alexander; Bond, Stephen; Marinescu, Ioana
作者单位：Harvard University; University of London; London School Economics & Political Science; University of Oxford; University of London; London School Economics & Political Science
摘要：We use data on publicly traded U.K. firms to investigate whether financing choices differ systematically with R&D intensity. As well as looking at a balance sheet measure of the debt/assets ratio, we also consider the probability of raising finance by issuing new equity, and the shares of bank debt and secured debt in total debt. We find a nonlinear relationship with the debt/assets ratio: firms that report positive but low R&D use more debt finance than firms that report no R&D, but the use o...
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作者：Arulampalam, Wiji; Bryan, Mark L.; Booth, Alison L.
作者单位：University of Warwick; University of Essex; Australian National University
摘要：Using the European Community Household Panel, we investigate gender differences in training participation over the period 1994-1999. We focus on lifelong learning, fixed-term contracts, part-time versus full-time work, public/private sector affiliation, and educational attainment. Women are typically no less likely than men to train. While there is no significant training-age profile for women, there is a negative profile for men. In several countries there is a negative association between fi...
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作者：Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：This paper challenges the consensus view on the deterioration of European labor market outcomes relative to the United States. When looking at employment to population ratios rather than unemployment rates, I find that the deterioration begins in the mid-1950s and continues through the mid 1990s. I also present evidence to suggest that the key to understanding this deterioration is to understand why Europe has not developed a market service sector similar to the United States. (JEL: E2, J2).
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作者：Christiano, Lawrence J.; Vigfusson, Robert; Eichenbaum, Martin
作者单位：Northwestern University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We investigate what happens to hours worked after a positive shock to technology, using the aggregate technology series computed in Basu, Fernald, and Kimball (1999). We conclude that hours worked rise after such a shock. (JEL: E24, E32, O3)
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作者：Garibaldi, Pietro; Wasmer, Etienne
作者单位：Bocconi University; Centre for Economic Policy Research - UK; Universite Libre de Bruxelles; Universite de Lorraine
摘要：While there is consensus on the need to raise the time spent in the market by European women, it is not clear how these goals should be achieved. Tax wedges, assistance in the job search process, and part-time jobs are policy instruments that are widely debated in policy circles. The paper presents a simple model of labor supply with market frictions and heterogenous home production where the effects of these policies can be coherently analyzed. We show that subsidies to labor market entry inc...
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作者：Luke, Nancy; Rosenzweig, Mark; Munshi, Kaivan
作者单位：Brown University; Harvard University; National Bureau of Economic Research
摘要：This paper reports on recent research that explores the role of the marriage institution in facilitating economic activity in two urban labor markets: Kisumu, Kenya and Bombay, India. Kin and affine networks, organized around the marriage institution, are shown to improve the individual's labor market outcomes, while at the same time increasing his social obligations, in Kisumu. Caste-based networks, also kept in place by the marriage institution, are shown to shape career choices in Bombay. A...
