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作者：Gumpert, Anna
作者单位：University of Munich
摘要：This paper studies the organization of knowledge in multinational firms. In the theory, knowledge is a costly input for firms that they can acquire at their headquarters or their production plants. Communication costs impede the access of the plants to headquarter knowledge. The model shows that multinational firms systematically acquire more knowledge at both their foreign and domestic plants than non-multinationals if their foreign plants face higher communication costs with headquarters tha...
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作者：Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle James
作者单位：European Central Bank; Norges Bank; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; BI Norwegian Business School
摘要：How should a central bank act to stabilize the ratio of debt over gross domestic product (GDP)? We show how the persistent nature of household debt shapes the answer to this question. In environments where households repay mortgages gradually, surprise interest hikes only weakly influence household debt, and tend to increase debt-to-GDP in the short run while reducing it in the medium run. Interest rate rules with a positive weight on debt-to-GDP cause indeterminacy. Compared to inflation targ...
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作者：Campante, Filipe; Durante, Ruben; Sobbrio, Francesco
作者单位：Johns Hopkins University; Pompeu Fabra University; Barcelona School of Economics; Luiss Guido Carli University
摘要：We study the impact of the diffusion of high-speed Internet on different forms of political participation, using municipal data from Italy from 1996 to 2013. Our empirical strategy exploits the fact that the cost of providing ADSL-based broadband services in a given municipality depends on its relative position in the pre-existing voice telecommunications infrastructure. We first show that broadband Internet had a substantial negative effect on turnout in parliamentary elections up until 2008....
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作者：Card, David; Kluve, Jochen; Weber, Andrea
作者单位：University of California System; University of California Berkeley; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Central European University
摘要：We summarize the estimates from over 200 recent studies of active labor market programs. We classify the estimates by type of program and participant group, and distinguish between three different post-program time horizons. Using regression models for the estimated program effect (for studies that model the probability of employment) and for the sign and significance of the estimated effect (for all the studies in our sample) we conclude that: (1) average impacts are close to zero in the shor...
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作者：Jaccard, Ivan
作者单位：European Central Bank
摘要：This paper considers the implications of habit formation and financial frictions for the propagation of macroeconomic shocks. In a model that is capable of matching asset pricing moments, a short-lived shock that destroys a small fraction of the economy's stock of pledgeable collateral generates a persistent recession, a stock market crash, and a flight-to-safety effect. This novel mechanism creates a tight link between the asset pricing implications of macroeconomic models and their ability t...
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作者：Angeletos, George-Marios
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The notion that business cycles are driven by fluctuations in aggregate demand is subtle. I first review some of the conceptual and empirical challenges faced when trying to accommodate this notion in micro-founded, general-equilibrium models. I next review my own research, which sheds new light on the observed business cycles by accommodating frictional coordination in the form of higher-order uncertainty. This makes room for forces akin to animal spirits even when the equilibrium is unique. ...
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作者：Feve, Patrick; Matheron, Julien; Sahuc, Jean-Guillaume
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; European Central Bank; Bank of France
摘要：In a neoclassical growth model with incomplete markets and heterogeneous, liquidity-constrained agents, the properties of the Laffer curve depend on whether debt or transfers are adjusted to balance the government budget constraint. The Laffer curve conditional on public debt is horizontally S-shaped. Two opposing forces explain this result. First, when government wealth increases, the fiscal burden declines, calling for lower tax rates. Second, because the interest rate decreases when governm...
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作者：Albornoz, Facundo; Berlinski, Samuel; Cabrales, Antonio
作者单位：University of Nottingham; Inter-American Development Bank; University of London; University College London
摘要：This paper studies a model where student effort and talent interact with parental and teachers' investments, as well as with school system resources. The model is rich, yet sufficiently stylized to provide novel implications. It can show, for example, that an improvement in parental outside options will reduce parental and school effort, which are partially compensated through school resources. In this way, by incorporating the behavioral responses of parents, teachers, and policymakers, the p...
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作者：van der Ploeg, Frederick; de Zeeuw, Aart
作者单位：University of Oxford; Tilburg University; Royal Swedish Academy of Sciences; Beijer Institute of Ecological Economics
摘要：The optimal reaction to a climate tipping point that becomes more imminent with global warming is to be precautionary in adjusting capital to prepare for the calamity and to price carbon to make catastrophic change less imminent. The saving response can be positive or negative. If the mean lag for the impact of the catastrophe is long enough, the saving response will be negative, because the precautionary return in the Keynes-Ramsey rule becomes negative. We also show the separate effects of t...
