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作者：Hoerdahl, Peter; Tristani, Oreste
作者单位：Bank for International Settlements (BIS); European Central Bank
摘要：This paper estimates the size and dynamics of inflation risk premia in the euro area, based on a joint model of macroeconomic and term structure dynamics. Information from both nominal and index-linked yields is used in the empirical analysis. Our results indicate that the inflation risk premium on euro area 10-year nominal yields was approximately equal to 20 basis points on average over the 19992007 period. The inflation premium has also been subject to moderate, but statistically significan...
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作者：Herrendorf, Berthold; Valentinyi, Akos
作者单位：Arizona State University; Arizona State University-Tempe; Cardiff University
摘要：Which sectors are most responsible for the low total factor productivities of developing countries? To answer this question we develop a new framework for sectoral development accounting. Applying this framework to the Penn World Table, we find that in equipment, construction, and food the sectoral TFP differences between developing countries and the United States are much larger than in the aggregate. However, in manufactured consumption the sectoral TFP differences are about equal to the agg...
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作者：Oster, Emily
作者单位：University of Chicago
摘要：This paper estimates whether exports affect the incidence of HIV in Africa. This relationship has implications for HIV prevention policy as well as for the consequences of trade increases in Africa. I estimate this impact using two sources of data on HIV incidence, one generated based on UNAIDS estimates and the other based on observed HIV mortality. These data are combined with data on export value and volume. I find a fairly consistent positive relationship between exports and new HIV infect...
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作者：Bruegemann, Bjoern
作者单位：Yale University
摘要：This paper investigates the ability of employment protection to generate its own political support. A version of the MortensenPissarides model is used for this purpose. If wages are set through Nash bargaining, workers value employment protection because it strengthens their hand in wage negotiations. Workers in high productivity matches benefit most from higher wages as they expect to stay employed for longer. By reducing turnover employment protection shifts the distribution of match-specifi...
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作者：Macchiavello, Rocco
作者单位：University of Warwick
摘要：Existing evidence is mostly inconclusive on the relevance of financial development as a determinant of vertical integration. This paper presents evidence that, once industry heterogeneity in firm size distribution is taken into account, financial development is an important determinant of cross-country differences in vertical integration. Financial development fosters entry of firms and increases competition in the industry. This reduces vertical integration of larger firms, but also leads sma...
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作者：Head, Allen; Liu, Lucy Qian; Menzio, Guido; Wright, Randall
作者单位：Queens University - Canada; International Monetary Fund; University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Why do some sellers set nominal prices that apparently do not respond to changes in the aggregate price level? In many models, prices are sticky by assumption; here it is a result. We use search theory, with two consequences: prices are set in dollars, since money is the medium of exchange; and equilibrium implies a nondegenerate price distribution. When the money supply increases, some sellers may keep prices constant, earning less per unit but making it up on volume so profit stays constant....
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作者：Oster, Emily; Thornton, Rebecca
作者单位：University of Chicago; University of Michigan System; University of Michigan
摘要：We estimate the role of peer effects in technology adoption using data from a randomized distribution of menstrual cups in Nepal. Using individual randomization, we estimate causal effects of peer exposure on adoption. We find strong evidence of peer effects: two months after distribution, one additional friend with access to the menstrual cup increases usage by 18.6 percentage points. Using the fact that we observe both trial and usage of the product over time, we examine the mechanisms that ...
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作者：Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; Cette, Gilbert; Eymard, Laurent
作者单位：Harvard University; Paris School of Economics; Aix-Marseille Universite
摘要：We use a French firm-level data set containing 13,000 firms over the period 19942004 to analyze the relationship between credit constraints and firms R&D behavior over the business cycle. Our main results can be summarized as follows: (i) R&D investment is countercyclical without credit constraints, but it becomes procyclical as firms face tighter credit constraints; (ii) this result is only observed for firms in sectors that depend more heavily upon external finance, or that are characterized...
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作者：Card, David; Dustmann, Christian; Preston, Ian
作者单位：University of California System; University of California Berkeley; University of London; University College London
摘要：There is strong public opposition to increased immigration throughout Europe. Given the modest economic impacts of immigration estimated in most studies, the depth of anti-immigrant sentiment is puzzling. Immigration, however, does not just affect wages and taxes. It also changes the composition of the local population, threatening the compositional amenities that natives derive from their neighborhoods, schools, and workplaces. In this paper we use a simple latent-factor model, combined with ...
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作者：Eusepi, Stefano; Preston, Bruce
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Monash University; Australian National University
摘要：This paper develops a model of policy regime uncertainty and its consequences for stabilizing expectations. Because of learning dynamics, uncertainty about monetary and fiscal policy is shown to restrict, relative to a rational expectations analysis, the set of policies consistent with macroeconomic stability. Anchoring expectations by communicating about monetary and fiscal policy enlarges the set of policies consistent with stability. However, absent anchored fiscal expectations, the advanta...
