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作者：Cingano, Federico; Schivardi, Fabiano
作者单位：European Central Bank; Bank of Italy
摘要：Using firm-level based TFP indicators (as opposed to employment-based proxies) we estimate the effects of alternative sources of dynamic externalities at the local level. In contrast to previous empirical work, we find that industrial specialization and scale indicators affect TFP growth positively, while neither product variety nor the degree of local competition have any effect. Employment-based regressions yield nearly the opposite results, in line with most of previous empirical work. We a...
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作者：Compte, Olivier; Jehiel, Philippe
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Centre National de la Recherche Scientifique (CNRS); University of London; University College London
摘要：Ascending auctions offer agents the option to wait and see before deciding to drop out. We show that in contexts where as time proceeds agents get finer and finer estimates of their valuations, incentives to drop out at one's expected valuation are weak: it is optimal for agents to wait and see. We first illustrate the claim in a private value setting. We next analyze an interdependent value setting in which this wait and see option results in an imperfect information aggregation. We also anal...
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作者：Uhlig, Harald
作者单位：Humboldt University of Berlin; Tilburg University; Centre for Economic Policy Research - UK
摘要：This paper contributes to the debate initiated by Gali in 1999. I provide a theory with capital income taxation, labor hoarding as well as long-run shifts in the social attitudes to the workplace-modelled as leisure at the workplace-to argue that there are other shocks that may influence labor productivity in the long run. I introduce medium-run identification and show it to be superior to long-run identification or standard short-run identification, when applied to artificial data. With U.S. ...
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作者：Aghion, Philippe; Rey, Patrick; Dewatripont, Mathias
作者单位：Harvard University; Center for Economic & Policy Research (CEPR); Universite de Toulouse; Universite Libre de Bruxelles
摘要：In this paper, we introduce the notion of transferable control, defined as a situation where one party (the principal, say) can transfer control to another party (the agent) but cannot commit herself to do so. One theoretical foundation for this notion builds on the distinction between formal and real authority introduced by Aghion and Tirole, in which the actual exercise of authority may require noncontractible information, absent which formal control rights are vacuous. We use this notion to...
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作者：Ehrmann, Michael; Worms, Andreas
作者单位：European Central Bank; Deutsche Bundesbank
摘要：This paper argues that the existence of bank networks is important for banks' reactions to monetary policy. For the example of Germany, it is found that small banks access the interbank market indirectly through the large head institutions of their respective network organizations. The interbank flows within these networks allow smaller banks to manage their funds in a fashion that helps them in keeping their loan portfolio with nonbanks relatively unaffected after a monetary contraction. This...
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作者：Goeree, Jacob K.; Wooders, John; Plott, Charles R.
作者单位：University of Amsterdam; University of Arizona; California Institute of Technology
摘要：Sales of multiple real-estate properties are often conducted via a sequence of ascending auctions, giving the winner at each stage the right to choose one of the available lots. We show that when bidders are risk averse, such bidders' choice auctions raise more revenues than standard simultaneous or sequential ascending auctions. We also report the results of laboratory experiments to investigate the effectiveness of bidders' choice auctions vis-a-vis the simultaneous ascending auction. The re...
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作者：Ellison, Glenn; Moebius, Markus; Fudenberg, Drew
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：This paper shows that larger auctions are more efficient than smaller ones, but that despite this scale effect, two competing and otherwise identical markets or auction sites of different sizes can coexist in equilibrium. We find that the range of equilibrium market sizes depends on the aggregate buyer-seller ratio, and also whether the markets are especially thin. (JEL: D44, L11)
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作者：Allen, Franklin; Bolton, Patrick
作者单位：University of Pennsylvania; Princeton University
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作者：Blundell, Richard; Dias, Monica Costa; Meghir, Costas; Van Reenen, John
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This paper exploits area-based piloting and age-related eligibility rules to identify treatment effects of a labor market program-the New Deal for Young People in the U.K. A central focus is on substitution/displacement effects and on equilibrium wage effects. The program includes extensive job assistance and wage subsidies to employers. We find that the impact of the program significantly raised transitions to employment by about 5 percentage points. The impact is robust to a wide variety of ...
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作者：Aghion, Philippe; Howitt, Peter; Blundell, Richard; Prantl, Susanne; Griffith, Rachel
作者单位：Harvard University; Brown University; University of London; University College London
摘要：How does entry affect productivity growth of incumbents? In this paper we exploit policy reforms in the United Kingdom that changed entry conditions by opening up the U.K. economy during the 1980s and panel data on British establishments to shed light on this question. We show that more entry, measured by a higher share of industry employment in foreign firms, has led to faster total factor productivity growth of domestic incumbent firms and thus to faster aggregate productivity growth. (JEL: ...
