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作者：Glaeser, Edward L.
作者单位：Harvard University
摘要：Historically, urban growth required enough development to grow and transport significant agricultural surpluses or a government effective enough to build an empire. But there has been an explosion of poor mega-cities over the last 30 years. A simple urban model illustrates that in closed economies, agricultural prosperity leads to more urbanization, but that in an open economy, urbanization increases with agricultural desperation. The challenge of developing world mega-cities is that poverty a...
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作者：Bennardo, Alberto; Piccolo, Salvatore
作者单位：University of Salerno; Catholic University of the Sacred Heart
摘要：We study an economy where agents' productivity and labor endowment depend on their health status, and indivisible occupational choices affect individual health distributions. We show that Pareto efficiency requires cross-transfers across occupations. Moreover, workers with relatively less safe jobs must get positive transfers whenever labor supply is not very reactive to wages, a condition in line with the findings of a large empirical literature. In these instances, compensating wage differen...
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作者：Albornoz, Facundo; Esteban, Joan; Vanin, Paolo
作者单位：University of Birmingham; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Bologna
摘要：In this paper, we investigate how government transparency depends on economic distortions. We first consider an abstract class of economies in which a benevolent policy maker is privately informed about the exogenous state of the economy and contemplates whether to release this information. Our key result is that distortions limit communication: even if transparency is exante Pareto superior to opaqueness, it cannot constitute an equilibrium when distortions are sufficiently high. We next conf...
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作者：Durante, Ruben; Putterman, Louis; van der Weele, Joel
作者单位：Yale University; Brown University; University of Amsterdam
摘要：We conduct a laboratory experiment to study how demand for redistribution of income depends on self-interest, insurance motives, and social concerns relating to inequality and efficiency. Our choice environments feature large groups of subjects and real-world framing, and differ with respect to the source of inequality (earned or arbitrary), the cost of taxation to the decision maker, the dead-weight loss of taxation, uncertainty about own pretax income, and whether the decision maker is affec...
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作者：Nava, Francesco; Schiraldi, Pasquale
作者单位：University of London; London School Economics & Political Science
摘要：Sales are a widespread and well-known phenomenon documented in several product markets. This paper presents a novel rationale for sales that does not rely on consumer heterogeneity, or on any form of randomness to explain such periodic price fluctuations. The analysis is carried out in the context of a simple repeated price competition model, and establishes that firms must periodically reduce prices in order to sustain collusion when goods are storable and the market is large. The largest equ...
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作者：Pancs, Romans
作者单位：University of Rochester
摘要：A significant fraction of trade in stock exchanges (e.g., Euronext and NASDAQ) involves iceberg orders', which are orders to sell or buy a certain number of shares with the caveat that only a part of that number be made public. This paper provides a normative justification for the lack of transparency in this kind of order: imperfect disclosure is shown to be a necessary feature of any optimal mechanism when the asset's potential buyers must incur a cost in order to become active and learn the...
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作者：Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym
作者单位：Harvard University; University System of Maryland; University of Maryland College Park; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign transactions account for upstream capital flows and global imbalances. Specifically, we find that (i) international net private capital flows (inflows minus outflows of private capital) are positively correlated with countries' productivit...
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作者：Fadinger, Harald; Mayr, Karin
作者单位：University of Vienna
摘要：We develop a model of directed technology adoption, frictional unemployment, and migration to examine the effects of a change in skill endowments on the wages, employment rates, and emigration rates of skilled and unskilled workers. We find that, depending on the elasticity of substitution between skilled and unskilled workers and the elasticity of the matching function, an increase in the skill ratio can reduce both the relative unemployment rate and the relative emigration rate (brain drain)...
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作者：Cantore, Cristiano; Leon-Ledesma, Miguel; McAdam, Peter; Willman, Alpo
作者单位：University of Surrey; University of Kent; European Central Bank
摘要：The response of hours to technology shocks is a key controversy in macroeconomics. We show that differences between RBC and NK models hinge on highly restrictive views of technology. We introduce CES production technologies and demonstrate that the response of hours depends on the factor-augmenting nature of shocks and the capital-labor substitution elasticity in both models. We develop analytical expressions to establish the thresholds determining its sign. This opens new margins for shock id...
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作者：Dalgaard, Carl-Johan; Strulik, Holger
作者单位：University of Copenhagen; University of Gottingen
摘要：Does prosperity lead to greater longevity? If so, what is the strength of the income channel? To address these questions we develop a life cycle model in which households are subject to physiological aging. In modeling aging we draw on recent research in the fields of biology and medicine. The speed of the aging process, and thus the age of death, are endogenously determined by optimal health investments. A calibrated version of the model accounts well for the observed nonlinear cross-country ...
