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作者：de Ferra, Sergio
作者单位：Stockholm University
摘要：The experience of the European monetary union has been characterized by current account imbalances, widening gross external positions, and a severe sovereign debt crisis. I argue that institutional features of the European Economic and Monetary Union have contributed to all three. I show in a model that subsidies on holdings of assets issued within the union contribute to current account imbalances, to gross capital flows, and to the severity of the crisis. In a quantitative model with heterog...
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作者：Wang, Yikai
作者单位：University of Essex
摘要：China's rapid growth has been driven by policy reforms that significantly reduce market frictions. Policy reforms are determined by the government according to its own politico-economic considerations. This paper embeds these politico-economic considerations in a macro model of China to endogenously study government policies, market frictions, and economic growth. In the model, an elite runs the government and maximizes its own incomes, facing a political constraint: getting enough supporters....
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作者：Setty, Ofer; Yedid-Levi, Yaniv
作者单位：Tel Aviv University; Reichman University
摘要：Labor market outcomes demonstrate considerable variation between and within skill groups. We construct a general equilibrium model with incomplete markets and exogenous differences that matches these facts. We study the role of exogenous heterogeneity in choosing the optimal replacement rate and the maximum benefit for an unemployment insurance (UI) system. The optimal average replacement rate is 27%, compared to 0% in a model without exogenous heterogeneity. The relatively generous choice is ...
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作者：Balestrieri, Filippo; Izmalkov, Sergei; Leao, Joao
作者单位：Analysis Group Inc.; New Economic School; Instituto Universitario de Lisboa
摘要：In this paper, we solve the revenue maximization problem of a multi-product monopolist when the products are substitutes. We consider a Hotelling model with two horizontally differentiated goods located at the endpoints of the segment. Consumers are located uniformly on the segment; their valuations for each good are equal to the base consumption value minus distance costs. When the base consumption value is high, the seller maximizes her expected profit by offering a menu of base and opaque g...
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作者：Moen, Espen R.; Nenov, Plamen T.; Sniekers, Florian
作者单位：BI Norwegian Business School; Tilburg University
摘要：Housing transactions by moving homeowners take two steps-buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer-seller ratio, further strengthening the incentives of other moving owners to buy first. This endoge...
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作者：Andersen, Henrik Yde; Leth-Petersen, Soren
作者单位：University of Copenhagen
摘要：We examine whether unanticipated changes in home values drive spending and mortgage-based equity extraction. To do this, we use longitudinal survey data with subjective information about current and expected future home values to calculate unanticipated home value changes. We link this information at the individual level to high quality administrative records containing information about mortgage borrowing as well as savings in various financial instruments. We find that the marginal propensit...
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作者：Berman, Nicolas; Couttenier, Mathieu; Soubeyran, Raphael
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Centre National de la Recherche Scientifique (CNRS); Institut Agro; Montpellier SupAgro; INRAE; Universite de Montpellier
摘要：We investigate how variations in soil productivity affect civil conflicts. We first present a model with heterogeneous land in which variations in input prices (fertilizers) affect appropriable rents and the opportunity costs of fighting. The theory predicts that spikes in input prices increase the likelihood of conflicts through their effect on income and inequality, and that this effect is magnified when soil fertility is naturally more heterogeneous. We test these predictions using data on ...
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作者：Amodio, Francesco; Baccini, Leonardo; Di Maio, Michele
作者单位：McGill University; Universite de Montreal; Parthenope University Naples
摘要：This paper studies the effect of security-motivated trade restrictions on economic activity and political violence. We exploit the 2008 restrictions imposed by Israel on imports of selected goods to the West Bank as a quasi-experiment. We show that after 2008 (i) output and wages decrease differentially in manufacturing sectors that use restricted materials more intensively as production inputs, (ii) wages decrease in localities where employment is more concentrated in these sectors, and (iii)...
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作者：Kaas, Leo; Kocharkov, Georgi; Preugschat, Edgar; Siassi, Nawid
作者单位：Goethe University Frankfurt; Deutsche Bundesbank; Dortmund University of Technology; Technische Universitat Wien
摘要：The homeownership rate in Germany is one of the lowest among advanced economies. To better understand this fact, we evaluate the role of specific housing policies that tend to discourage homeownership. In comparison to other countries with higher homeownership such as the United States, Germany has an extensive social housing sector with broad eligibility criteria, high transfer taxes when buying real estate, and no tax deductions for mortgage interest payments by owner-occupiers. We build a l...
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作者：Molina, Teresa
作者单位：University of Hawaii System; University of Hawaii Manoa
摘要：This paper explores how labor market conditions drive gender differences in the human capital decisions of men and women. Specifically, I investigate how male and female schooling decisions respond to an exogenous change in cognitive ability. Using data from Mexico, I begin by documenting that in utero exposure to thermal inversions, which exacerbate air pollution, leads to lower cognitive ability in adulthood for both men and women. I then explore how male and female schooling decisions respo...
