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作者：Segal, Ilya; Whinston, Michael D.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：We show that efficient bargaining is impossible for a wide class of economic settings and property rights. These settings are characterized by (i) the existence of adverse efficient opt-out types, whose participation does not change the efficient allocation and who, when they opt out, are the worst type other agents can face, and (ii) non-existence of the marginal core, and its multivaluedness with a positive probability. We also examine the optimal allocation of property rights within a given...
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作者：Corsetti, Giancarlo; Dedola, Luca
作者单位：University of Cambridge; European Central Bank
摘要：We study the conditions under which unconventional (balance sheet) monetary policy can rule out self-fulfilling sovereign default in a model with optimizing but discretionary fiscal and monetary policymakers. When purchasing sovereign debt, the central bank effectively swaps risky government paper for monetary liabilities only exposed to inflation risk, thus yielding a lower interest rate. As central bank purchases reduce the (ex ante) costs of debt, we characterize a critical threshold beyond...
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作者：Brandt, Loren; Siow, Aloysius; Vogel, Carl
作者单位：University of Toronto
摘要：Between 1958 and 1961, China experienced a drastic famine. The famine substantially reduced birth rates and also adversely affected the health of these famine-born cohorts. This paper provides nonparametric estimates of the total effects of the famine on the marital behavior of famine-affected cohorts in rural Sichuan and Anhui. These reduced-form estimates incorporate general equilibrium and heterogeneous treatment effects. The paper uses the Choo-Siow model to decompose observed marital outc...
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作者：Guiso, Luigi; Sapienza, Paola; Zingales, Luigi
作者单位：Northwestern University; University of Chicago
摘要：We study whether a positive historical shock can generate long-term persistence in development. We show that Italian cities that achieved self-government in the Middle Ages have a higher level of civic capital today than similar cities in the same area that did not. The size of this effect increases with the length of the period of independence and its intensity. This effect persists even after accounting for the fact that cities did not become independent randomly. We conjecture that the Midd...
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作者：Azmat, Ghazala; Calsamiglia, Caterina; Iriberri, Nagore
作者单位：University of London; Queen Mary University London; University of Basque Country
摘要：It is commonly perceived that increasing incentives improves performance. However, the reaction to increased incentives might differ between men and women, leading to gender differences in performance. In a natural experiment, we study the gender difference in performance resulting from changes in stakes. We use detailed information on the performance of high-school students and exploit the variation in the stakes of tests, which range from 5% to 27% of the final grade. We find that female stu...
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作者：Griffith, Rachel; Lluberas, Rodrigo; Luhrmann, Melanie
作者单位：University of London; London School Economics & Political Science; University of Manchester; University ORT Uruguay; University of London; Royal Holloway University London
摘要：The rise in obesity has largely been attributed to an increase in calorie consumption. We show that official government household survey data indicate that levels of calorie consumption have declined in England between 1980 and 2013; while there has been an increase in calories from food eaten out at restaurants, fast food, soft drinks and confectionery, overall there has been a decrease in total calories purchased. Households have shifted towards more expensive calories, both by substituting ...
