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作者：Besley, Timothy; Mueller, Hannes
作者单位：University of London; London School Economics & Political Science; Canadian Institute for Advanced Research (CIFAR); Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：Countries with strong executive constraints have lower growth volatility but similar average growth to those with weak constraints. This paper argues that this may explain the relationship between executive constraints and inflows of foreign investment. It uses a novel dataset of Dutch sector-level investments between 1983 and 2012 to explore this issue. It formulates an economic model of investment and uses data on the mean and variance of productivity growth to explain the relationship betwe...
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作者：Quadrini, Vincenzo; Sun, Qi
作者单位：University of Southern California; Center for Economic & Policy Research (CEPR); Shanghai University of Finance & Economics
摘要：We study a firm dynamics model where access to credit improves the bargaining position of firms with workers and increases the incentive to hire. To evaluate the importance of the bargaining channel for the hiring decisions of firms, we estimate the model structurally using data from Compustat and Capital IQ. We find that the bargaining channel explains 13% of firm-level employment volatility. We also evaluate the relative contribution of credit and revenue shocks for firm-level employment flu...
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作者：Einav, Liran; Finkelstein, Amy
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：We describe research on the impact of health insurance on healthcare spending (moral hazard), and use this context to illustrate the value of and important complementarities between different empirical approaches. One common approach is to emphasize a credible research design; we review results from two randomized experiments, as well as some quasi-experimental studies. This work has produced compelling evidence that moral hazard in health insurance exists-that is, individuals, on average, con...
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作者：Fornaro, Luca
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：This paper provides a framework to understand the adjustment triggered by an episode of debt deleveraging among financially integrated countries. During a period of international deleveraging, world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are allowed to float, deleveraging countries can rely on depreciations to increase production and mitigate the fall in consumption associated with debt reduction. The key insi...
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作者：Hemous, David; Olsen, Morten
作者单位：University of Zurich; University of Copenhagen
摘要：In the 1980s the Japanese keiretsu system of interconnected business groups was praised as a model to emulate, but since then Japan has often been criticized for being less innovative than the United States. In this paper we connect the two views and argue that tight business relationships can create dynamic inefficiencies and reduce broad innovations. In particular, we consider the repeated interaction between final good producers and intermediate input suppliers, where the provision of the i...
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作者：Canova, Fabio; Hamidi Sahneh, Mehdi
作者单位：BI Norwegian Business School; Universidad Carlos III de Madrid
摘要：Nonfundamentalness arises when current and past values of the observables do not contain enough information to recover structural vector autoregressive (SVAR) disturbances. Using Granger causality tests, the literature suggested that several small-scale SVAR models are nonfundamental and thus not necessarily useful for business cycle analysis. We show that causality tests are problematic when SVAR variables cross-sectionally aggregate the variables of the underlying economy or proxy for nonobs...
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作者：Herz, Holger; Taubinsky, Dmitry
作者单位：University of Fribourg; Dartmouth College
摘要：People's fairness preferences are an important constraint for what constitutes an acceptable economic transaction, yet little is known about how these preferences are formed. In this paper, we provide clean evidence that previous transactions play an important role in shaping perceptions of fairness. Buyers used to high market prices, for example, are more likely to perceive high prices as fair than buyers used to low market prices. Similarly, employees used to high wages are more likely to pe...
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作者：Aghion, Philippe; Fehr, Ernst; Holden, Richard; Wilkening, Tom
作者单位：Harvard University; University of Zurich; University of New South Wales Sydney; University of Melbourne
摘要：In this paper we conduct a laboratory experiment to test the extent to which Moore and Repullo's subgame perfect implementation mechanism induces truth-telling, both in a setting with perfect information and in a setting where buyers and sellers face a small amount of uncertainty regarding the good's value. We find that Moore-Repullo mechanisms fail to implement truth-telling in a substantial number of cases even under perfect information about the valuation of the good. Our data further sugge...
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作者：Chiappori, Pierre-Andre; Oreffice, Sonia; Quintana-Domeque, Climent
作者单位：Columbia University; University of Surrey; University of Oxford
摘要：We develop a frictionless matching model under transferable utility where individuals are characterized by a continuous trait and a binary attribute. The model incorporates attributes for which there are heterogeneous preferences in the population regarding their desirability, that is, the impact of the traits cannot be summarized by a one-dimensional attractiveness index. We present a general resolution strategy based on optimal control theory, and characterize the stable matching. We then co...
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作者：Galasso, Vincenzo; Profeta, Paola
作者单位：Bocconi University; Bocconi University; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut
摘要：We study how family culture has affected the adoption and generosity of public pension systems. Our theoretical framework suggests that inheritance rules shape filial obligations to parents, and thus the within-family intergenerational transmission of resources. In countries with egalitarian inheritance rules, inheriting children represent a large share of the population, and support generous pension systems; in countries with nonegalitarian inheritance rules, a majority of noninheriting indiv...
