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作者：Reiche, Sonje
作者单位：University of Cambridge
摘要：In this paper we add to the foundations of incomplete contracting literature. We study the hold-up problem with ambivalent investment, where investment benefits the investing party if ex post the fight decision is undertaken but harms the investing party if the wrong decision is made. In this context, we show that the power of contracts to provide investment incentives depends on three factors: the commitment value of contracts, the amount of quasirents that the investing party can expect in t...
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作者：Bommier, Antoine; Rochet, Jean-Charles
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse
摘要：A number of empirical studies seem to reject the additive separability of preferences that is assumed in most theoretical models of the life cycle. We show that, when additive separability is abandoned and interactions between consumptions at different dates are taken into account, an interesting relation emerges between risk aversion and length of the planning horizon. Specifically, we show that when consumptions at different dates are specific substitutes, risk aversion increases with horizo...
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作者：Li, David Daokui; Wang, Yijiang
作者单位：Hong Kong University of Science & Technology; University of Minnesota System; University of Minnesota Twin Cities
摘要：The long literature of former socialist systems concludes that any effort to reform the economy without drastic. political change is believed to be doomed to fail because tight political control and nonmarket coordination mechanisms are intertwined with each other. Indeed, the history of economic reform in Eastern European countries has confirmed this logic. So far, however the experiences of China and Vietnam seem to have defied this logic. We argue that the puzzle of China or Vietnam can be ...
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作者：Woodford, Michael
作者单位：Columbia University
摘要：This paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of ...
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作者：Moen, Espen R.; Rosen, Asa
作者单位：BI Norwegian Business School; Stockholm University
摘要：We analyze the optimal (efficiency) wage contract when output is contractible but firms neither observe the workers' effort nor their match-specific productivity. Firms offer wage contracts that optimally trade off effort and wage costs. As a result, employed workers enjoy rents, which in turn creates unemployment. Nonetheless, the incentive power of the equilibrium wage contract is constrained efficient in the absence of taxes and unemployment benefits. We also show that more high-powered inc...
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作者：Dewatripont, Mathias; Seabright, Paul
作者单位：Universite Libre de Bruxelles
摘要：The conventional academic rationale for supranational intervention to curb state aids to industry appeals to transfrontier spillovers. However, competition policy practitioners often speak in terms of curbing wasteful spending, regardless of whether or not any international spillovers are involved. Although it is often argued that such wasteful spending calls not for supranational state aid control but rather for better domestic political accountability, this paper argues that wasteful spendin...
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作者：Mukoyama, Toshihiko; Sahin, Aysegul
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper constructs a general equilibrium search-matching model with heterogeneous workers. Workers choose whether to invest in general human capital or specific human capital when they enter the labor market. We analyze how unemployment benefits affect the choice of the type of human capital investment.
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作者：Aghion, Philippe; Howitt, Peter
作者单位：Harvard University; Brown University
摘要：In this lecture, we use Schumpeterian growth theory, where growth comes from quality-improving innovations, to elaborate a theory of growth policy and to explain the growth gap between Europe and the US. Our theoretical apparatus systematizes the case-by-case approach to growth policy design. The emphasis is on three policy areas that are potentially relevant for growth in Europe, namely: competition and entry, education, and macropolicy. We argue that higher entry and exit (higher firm turnov...
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作者：Djankov, Simeon; Qian, Yinyi; Roland, Gerard; Zhuravskaya, Ekaterina
作者单位：The World Bank; University of California System; University of California Berkeley
摘要：We compare results from a pilot study on entrepreneurship in China and Russia. Compared to non-entrepreneurs, Russian and Chinese entrepreneurs have more entrepreneurs in their family and among childhood friends, value work more relative to leisure and have higher wealth ambitions. Russian entrepreneurs have a better educational background and their parents were more likely to have been members of the Communist Party but Chinese entrepreneurs are more risk-taking and greedy and have more entre...
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作者：Edlund, Lena
作者单位：Columbia University
摘要：The rise in dowry payments in India has been taken as evidence that women increasingly are at a disadvantage on the marriage market and must pay for marriage. Moreover, high dowries, it is argued, add to the plight of parents of daughters and have thus contributed to the scarcity of women (brides). However, the logic is curious, and, this paper argues, flawed. The term dowry can mean different things, and it may be useful to distinguish between the assets the bride brings at the time of marria...
