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作者：van Els, Peter; Locarno, Alberto; Mojon, Benoit; Morgan, Julian
作者单位：European Central Bank; De Nederlandsche Bank NV; European Central Bank
摘要：This paper presents some new macroeconomic evidence on the transmission mechanism of monetary policy in the euro area. The evidence is drawn from a number of collaborative research projects undertaken by the ECB and the National Central Banks (NCBs) of the euro area and utilizes a variety of national and euro area aggregate VAR and structural macro-economic models. A qualitatively similar pattern of results following a monetary policy shock is observed across models, with the maximum output ef...
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作者：Faust, Jon; Rogers, John H.; Swanson, Eric; Wright, Jonathan H.
作者单位：Federal Reserve System - USA
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作者：Benabou, Roland
作者单位：Princeton University; Institute for Advanced Study - USA; National Bureau of Economic Research
摘要：I study the interactions between the distribution of human capital, technological choice, and redistributive institutions. I first ask what makes alternative social contracts such as a European-style welfare state and U.S.-style laissez-faire sustainable, and in particular how each is affected by skill-biased technical change. I then endogenize technological or organizational choice, and show that firms respond to greater human capital heterogeneity with more flexible technologies that further...
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作者：Besley, Timothy; Coate, Stephen
作者单位：University of London; London School Economics & Political Science; Cornell University
摘要：This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilization. It is estimated with Bayesian techniques using seven key macroeconomic variables: GDP, consumption, investment, prices, real wages, employment, and the nominal interest rate. The introduction of ten orthogonal st...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I analyze an economy in which firms can undertake both labor- and capital-augmenting technological improvements. In the long run, the economy resembles the standard growth model with purely labor-augmenting technical change, and the share of labor in GDP is constant. Along the transition path, however, there is capital-augmenting technical change and factor shares change. Tax policy and changes in labor supply or savings typically change factor shares in the short run, but have no or little ef...
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作者：Lubrano, Michel; Kirman, Alan; Bauwens, Luc; Protopopescu, Camelia
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite Catholique Louvain
摘要：We provide a ranking of economics departments in Europe and we discuss the methods used to obtain it. The JEL CD-ROM serves as a database for a period covering ten years. Journals are ranked using a combination of expert opinions and citation data to produce a scale from 1 to 10. The publication output and habits of fifteen European countries plus California are then compared. Individuals with a contribution greater than a predetermined minimum level are regrouped into departments which are ra...
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作者：Dewatripont, Mathias; Legros, Patrick; Matthews, Steven A.
作者单位：Universite Libre de Bruxelles; Center for Economic & Policy Research (CEPR); University of Pennsylvania
摘要：We base a contracting theory for a startup firm on an agency model with observable but nonverifiable effort, and renegotiable contracts. Two essential restrictions on simple contracts are imposed: the entrepreneur must be given limited liability, and the investor's earnings must not decrease in the realized profit of the firm. All message game contracts with pure strategy equilibria (and no third parties) are considered. Within this class of contracts/equilibria, and regardless of who has the ...
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作者：Acemoglu, Daron; Johnson, Simon; Robinson, James
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：Health conditions and disease environments are important for economic outcomes. This paper argues that the main impact of disease environments on the economic development of nations is not due to the direct effect of health conditions on income, but rather because of their indirect effect via institutions. Health does affect income directly, but this can explain only a small fraction of today's differences in per capita income. In contrast, when previously isolated populations came into contac...
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作者：Machin, Stephen; Manning, Alan; Rahman, Lupin
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：Between 1993 and April 1999 there was no minimum wage in the United Kingdom (except in agriculture). In this paper we study the effects of the introduction of a National Minimum Wage (NMW) in April 1999 on one heavily affected sector, the residential care homes industry. This sector contains a large number of low paid workers and as such can be viewed as being very vulnerable to minimum wage legislation. We look at the impact on both wages and employment. Our results suggest that the minimum w...
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作者：Ridder, Geert; van den Berg, Gerard J.
作者单位：University of Southern California; Vrije Universiteit Amsterdam
摘要：In this paper we define and estimate measures of labor market frictions using data on job durations. We compare different estimation methods and different types of data. We propose and apply an unconditional inference method that can be applied to aggregate duration data. It does not require wage data, it is invariant to the way in which wages are determined, and it allows workers to care about other job characteristics. The empirical analysis focuses on France, but we perform separate analyse...
