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作者：Antunes, Antonio A.; Cavalcanti, Tiago V.
作者单位：Banco de Portugal; University of Cambridge
摘要：Research has shown that, absent individual heterogeneity and under complete markets, the welfare impact of financial openness is quantitatively limited. Not only are inequalities in wealth and labor productivity a feature of most societies, but also financial markets suffer from many well-known frictions. This paper demonstrates that, when households face borrowing constraints and uninsurable idiosyncratic shocks to income, the welfare implications of financial liberalization are considerable....
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作者：Benjamin, Daniel J.; Brown, Sebastian A.; Shapiro, Jesse M.
作者单位：Cornell University; Barclays; University of Chicago
摘要：In this paper, we ask whether variation in preference anomalies is related to variation in cognitive ability. Evidence from a new laboratory study of Chilean high-school students with similar schooling backgrounds shows that small-stakes risk aversion and short-run discounting are less common among those with higher standardized test scores. The relationship with test scores survives controls for parental education and wealth. We find some evidence that elementary-school GPA is predictive of p...
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作者：Moen, Espen R.; Rosen, Asa
作者单位：BI Norwegian Business School
摘要：We analyze the interaction between intertemporal incentive contracts and search frictions associated with on-the-job search. In our model, agency problems call for wage contracts with deferred compensation. At the same time workers do on-the-job search. Deferred compensation improves workers' incentives to exert effort but distorts their on-the-job search decisions. We show that deferred compensation is less attractive when the value to the worker-firm pair of on-the-job search is high. Moreov...
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作者：Chambers, Robert G.; Melkonyan, Tigran A.
作者单位：University System of Maryland; University of Maryland College Park; University of Warwick
摘要：We develop a model that explains the stylized facts of food scares: an immediate and sharp decline in consumption of the product followed by a slow and frequently partial recovery of demand after the scare passes. The model is used in conjunction with the natural experiment afforded by the 'mad-cow' crisis to elicit empirical information on decision makers' perception of uncertainty. Our theoretical and quantitative results suggest that observed behavior is consistent with sharp changes in bel...
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作者：Michau, Jean-Baptiste
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique
摘要：This paper emphasizes the two-way causality between the provision of unemployment insurance and the cultural transmission of civicness. The returns to being uncivic are increasing in the generosity of unemployment insurance; but this generosity is decreasing in the number of uncivic individuals. In this context, I determine the evolution of preferences across generations and show that cultural heterogeneity is sustained over the long-run. The dynamics of cultural transmission can generate a lo...
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作者：Huber, John D.; Ting, Michael M.
作者单位：Columbia University
摘要：Why might citizens vote against redistributive policies from which they would seem to benefit? Many scholars focus on 'wedge' issues such as religion or race, but another explanation might be geographically-based patronage-or pork. We examine the tension between redistribution and patronage with a model that combines partisan elections across multiple districts with legislation in spatial and divide-the-dollar environments. The model yields a unique equilibrium that describes the circumstances...
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作者：Giavazzi, Francesco; Schiantarelli, Fabio; Serafinelli, Michel
作者单位：Bocconi University; Boston College; University of Toronto
摘要：We study whether cultural attitudes towards gender, the young, and leisure are significant determinants of the employment rates of women and of the young, and of hours worked. We do this controlling for policies, institutions and other structural characteristics of the economy which may influence labor market outcomes. We identify the effect of culture exploiting the evolution over time within country, as well as across countries, of cultural attitudes. We also address the endogeneity of attit...
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作者：Bommier, Antoine
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：An axiomatic construction for life-cycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplicative preferences provide an interesting alternative to additive preferences, allowing risk aversion and intertemporal elasticity of substitution to be separated. Implications regarding the shape of the optimal consumption profiles are discussed.
