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作者：Campos, Rodolfo G.; Reggio, Iliana
作者单位：Banco de Espana; Goethe University Frankfurt
摘要：It is well known that transitions from employment to unemployment reduce consumption expenditure, but is this fall mainly driven by quantities or by prices? Using panel data on expenditure and quantities from the Spanish consumption survey we find that the unemployed pay prices that are, on average, 1.5% lower, and that this difference in prices accounts for roughly one sixth of the gap in consumption expenditure between the employed and the unemployed. The reduction in prices estimated with p...
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作者：Ngai, L. Rachel; Sheedy, Kevin D.
作者单位：University of London; London School Economics & Political Science
摘要：Using data on house sales and inventories, this paper shows that housing transactions are driven mainly by listings and less so by transaction speed, thus the decision to move house is key to understanding the housing market. The paper builds a model where moving house is essentially an investment in match quality, implying that moving depends on macroeconomic developments and housing-market conditions. The number of transactions has implications for welfare because each transaction reduces mi...
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作者：Bauernschuster, Stefan; Driva, Anastasia; Hornung, Erik
作者单位：University of Passau; University of Munich; University of Cologne
摘要：We study the impact of social health insurance on mortality. Using the introduction of compulsory health insurance in the German Empire in 1884 as a natural experiment, we estimate difference-indifferences and regional fixed effects models exploiting variation in eligibility for insurance across occupations. Our findings suggest that Bismarck's health insurance generated a significant mortality reduction. Despite the absence of antibiotics and most vaccines, we find the results to be largely d...
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作者：Asonuma, Tamon; Joo, Hyungseok
作者单位：International Monetary Fund; University of Surrey
摘要：Foreign creditors' business cycles influence both the process and the outcome of sovereign debt restructurings. We compile two datasets on creditor committees and chairs and on creditor business and financial cycles at the restructurings. We find that when creditors experience high GDP growth, restructurings are delayed and settled with smaller haircuts. To rationalize these stylized facts, we develop a theoretical model of sovereign debt with multiround renegotiations between a risk averse so...
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作者：Janssen, Maarten; Shelegia, Sandro
作者单位：University of Vienna; HSE University (National Research University Higher School of Economics); Pompeu Fabra University
摘要：This paper studies vertical relations in a search market. As the wholesale arrangement between a manufacturer and its retailers is typically unobserved by consumers, their beliefs about who is to be blamed for a price deviation play a crucial role in determining wholesale and retail prices. The common assumption in the consumer search literature is that consumers exclusively blame an individual retailer for a price deviation. We show that in the vertical relations context, predictions based on...
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作者：Kneip, Alois; Merz, Monika; Storjohann, Lidia
作者单位：University of Bonn; University of Bonn; University of Vienna
摘要：We outline a formal procedure for deriving the aggregate wage-elasticity of labor supply for a large group of heterogeneous workers who operate under uncertainty. Heterogeneity relates to preferences, income, wealth, and the labor market status. If each worker faces a small, possibly nonuniform wage change, the implied aggregate wage-elasticity can be represented by a closed-form expression. This expression captures an extensive and an intensive margin. We empirically implement the procedure f...
