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作者：Den Haan, Wouter J.; Rendahl, Pontus; Riegler, Markus
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of Cambridge; University of Bonn
摘要：The interaction of incomplete markets and sticky nominal wages is shown to magnify business cycles even though these two features-in isolation-dampen them. During recessions, fears of unemployment stir up precautionary sentiments that induce agents to save more. The additional savings may be used as investments in both a productive asset (equity) and an unproductive nominal liquid asset. The desire to hold the nominal liquid asset puts deflationary pressure on the economy which, provided that ...
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作者：Ager, Philipp; Ciccone, Antonio
作者单位：University of Southern Denmark; University of Mannheim; Barcelona School of Economics
摘要：Building on the idea that members of religious communities insure each other against some idiosyncratic risks, we argue that religious communities should be more widespread where populations face greater common risk. Our theoretical argument builds on idiosyncratic and common risks aggravating each other. When this is the case, individuals have a greater incentive to mutually insure against idiosyncratic risk when greater common risk makes the worst case scenario of bad realizations of common ...
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作者：Battisti, Michele; Felbermayr, Gabriel; Peri, Giovanni; Poutvaara, Panu
作者单位：Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut; University of Munich; University of California System; University of California Davis
摘要：What are the welfare effects of immigration on low-skilled and high-skilled natives? To address this question, we develop a general equilibrium model featuring two skill types, search frictions, wage bargaining, and a welfare state that redistributes income through unemployment benefits and the provision of public goods. Our quantitative analysis suggests that, in all 20 countries studied, immigration attenuates the effects of search frictions. The resulting gains tend to outweigh the welfare ...
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作者：Gerlagh, Reyer; Liski, Matti
作者单位：Tilburg University; Aalto University
摘要：What are the optimal climate policies when time preferences deviate from the standard exponential discounting and decision makers cannot commit to future policies? We show that, with time-declining discounting, the delay and persistence of climate impacts provide a commitment device to policy makers. We quantify the commitment value in a climate-economy model by solving time-consistent Markov equilibrium capital and emission taxes explicitly. The returns on capital and climate investments are ...
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作者：Agranov, Marina; Goeree, Jacob K.; Romero, Julian; Yariv, Leeat
作者单位：California Institute of Technology; University of Cologne; University of Cologne; University of Arizona
摘要：We use laboratory experiments to test for one of the foundations of the rational voter paradigm-that voters respond to probabilities of being pivotal. We exploit a setup that entails stark theoretical effects of information concerning the preference distribution (as revealed through polls) on costly participation decisions. We find that voting propensity increases systematically with subjects' predictions of their preferred alternative's advantage. Consequently, pre-election polls do not exhib...
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作者：Bofondi, Marcello; Carpinelli, Luisa; Sette, Enrico
作者单位：European Central Bank; Bank of Italy
摘要：We study the patterns of credit supply in Italy following the burst of the European sovereign debt crisis in 2011. Comparing lending to the same firm, we find that domestic banks reduced credit supply, increased interest rates on credit granted, and lowered the probability of accepting loan applications more than foreign banks, which were less affected by the sovereign crisis. The credit contraction is the consequence of a largely country-specific effect, not explained by heterogeneity in bank...
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作者：Alaoui, Larbi; Sandroni, Alvaro
作者单位：Pompeu Fabra University; Barcelona School of Economics
摘要：This paper relates the secular premise that accumulating wealth is a moral obligation and the religious dogma that salvation is immutable and preordained by God. It thus formalizes Weber's renowned thesis on the connection between the worldly asceticism of Protestants and the religious doctrines of Calvinism. (JEL: D01, D03, D81)
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作者：Gibbons, Stephen; McNally, Sandra; Viarengo, Martina
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; University of Surrey
摘要：This study exploits spatial anomalies in school funding policy in England to provide new evidence on the impact of resources on student achievement in urban areas. Anomalies arise because the funding allocated to Local Education Authorities (LEA) depends, through a funding formula, on the 'additional educational needs' of its population and prices in the district. However, the money each school receives from its LEA is not necessarily related to the school's own specific local conditions and c...
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作者：Bazot, Guillaume
作者单位：Universite Paris-VIII
摘要：This paper proposes a quantitative evaluation of the financial sector from 1950 to 2007 in Germany, France, the United Kingdom, and Europe more broadly. Three main facts are revealed. First, the ratio of domestic financial intermediaries' income to GDP increases continuously in all the countries over the period, even during the 1990s and the 2000s, contrary to the national accountant evaluation. Second, comparing financial income to the quantity of intermediated assets, the analysis shows that...
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作者：Brodeur, Abel; Lekfuangfu, Warn N.; Zylberberg, Yanos
作者单位：University of Ottawa; Chulalongkorn University; University of Bristol
摘要：This paper analyzes the determinants behind the spatial distribution of the sex industry in Thailand. We relate the development of the sex industry to an early temporary demand shock, that is, US military presence during the Vietnam War. Comparing the surroundings of Thai military bases used by the US army to districts close to unused Thai bases, we find that there are currently five times more commercial sex workers in districts near former US bases. The development of the sex industry is als...
