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作者：Bursztyn, Leonardo
摘要：A large body of literature has emphasized the elite capture of democratic institutions as the explanation for the low levels of spending on public education in many low-income democracies. This paper provides an alternative to that longstanding hypothesis. Motivated by new cross-country facts and evidence from Brazilian municipalities, we hypothesize that many democratic developing countries might invest less in public education spending because poor decisive voters prefer the government to al...
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作者：Brutti, Filippo; Saure, Philip
作者单位：Swiss National Bank (SNB)
摘要：With the beginning of the Euro Crisis, the long-standing trend of European financial integration reversed. Investors unwound cross-border positions of debt obligations and increased holdings of locally issued debt. In other words, debt obligations were repatriated. We use data on bank portfolios to document three new empirical regularities of the financial disintegration: (i) repatriation affected mainly debt of crisis countries; (ii) repatriation affected mainly public debt; (iii) the public ...
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作者：Muller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：University of Oslo; University of Zurich
摘要：We propose a dynamic general equilibrium model that yields testable implications about the fiscal policy run by governments of different political color. Successive generations of voters choose taxation, expenditure, and government debt through repeated elections. Voters are heterogeneous by age and by the intensity of their preferences for public good provision. The political equilibrium switches stochastically between left- (pro-public goods) and right-leaning (pro-private consumption) gover...
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作者：Bick, Alexander
作者单位：Arizona State University; Arizona State University-Tempe
摘要：I document that the labor force participation rate of West German mothers with children aged zero to two exceeds the corresponding child-care enrollment rate, while the opposite is true for mothers whose children are older than two but below the mandatory schooling age. These facts also hold for a cross-section of E.U. countries. I develop a life-cycle model that explicitly accounts for this age-dependent relationship by including various types of nonpaid and paid child care. I calibrate this ...
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作者：Adam, Klaus; Zhu, Junyi
作者单位：University of Mannheim; Deutsche Bundesbank
摘要：We show that unexpected price-level movements generate sizable wealth redistribution in the Euro Area (EA), using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net loser of unexpected price-level decreases, with Italy, Greece, Portugal, and Spain losing most in per capita terms, and Belgium and Malta being net winners. Governments are net losers of deflation, while the household (HH) sector is a net winner in the EA as a wh...
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作者：Corsetti, Giancarlo; Dedola, Luca
作者单位：University of Cambridge; European Central Bank
摘要：We study the conditions under which unconventional (balance sheet) monetary policy can rule out self-fulfilling sovereign default in a model with optimizing but discretionary fiscal and monetary policymakers. When purchasing sovereign debt, the central bank effectively swaps risky government paper for monetary liabilities only exposed to inflation risk, thus yielding a lower interest rate. As central bank purchases reduce the (ex ante) costs of debt, we characterize a critical threshold beyond...
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作者：Battaglini, Marco; Coate, Stephen
作者单位：Cornell University
摘要：This paper presents a political economy theory of fiscal policy and unemployment. The underlying economy is one in which unemployment can arise but can be mitigated by tax cuts and increases in public production. Such policies are fiscally costly, but can be financed by issuing government debt. Policy decisions are made by a legislature consisting of representatives from different political districts. With the available policies, it is possible for the government to completely eliminate unempl...
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作者：Akcigit, Ufuk; Liu, Qingmin
作者单位：University of Chicago; Columbia University
摘要：Innovation is typically a trial-and-error process. While some research paths lead to the innovation sought, others result in dead ends. Because firms benefit from their competitors working in the wrong direction, they do not reveal their dead-end findings. Time and resources are wasted on projects that other firms have already found to be fruitless. We offer a simple model with two firms and two research lines to study this prevalent problem. We characterize the equilibrium in a decentralized ...
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作者：Bauernschuster, Stefan; Hener, Timo; Rainer, Helmut
作者单位：University of Passau; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; University of Munich
摘要：What role does affordable and widely available public child care play for fertility? We exploit a major German reform generating large temporal and spatial variation in child care coverage for children under the age of three. Our precise and robust estimates on birth register data reveal that increases in public child care have significant positive effects on fertility. The fertility effects are more pronounced at the intensive than at the extensive margin, and are not driven by changes in the...
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作者：Harstad, Bard
作者单位：University of Oslo
摘要：This paper analyzes a framework in which countries over time pollute and invest in green technologies. Without a climate treaty, the countries pollute too much and invest too little, particularly if intellectual property rights are weak. Nevertheless, short-term agreements on emission levels then reduce every country's payoff, since countries invest less when they anticipate future negotiations. If intellectual property rights are weak, the agreement should be tougher and more long-term. Conve...
