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作者：Crossley, Thomas F.; Low, Hamish W.
作者单位：University of Cambridge
摘要：In all common models of inter-temporal allocation, the assumption of a constant elasticity of intertemporal substitution (EIS) imposes surprising limitations on within-period budget allocations. Consequently, the constant EIS assumption can be tested with demand data. In fact, the EIS is pinned down completely by the shape of Engel curves: if the EIS is constant then the EIS can be estimated without variation in the interest rate. That a price elasticity can be estimated without variation in t...
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作者：Guiso, Luigi; Schivardi, Fabiano
作者单位：European University Institute; University of Cagliari
摘要：We contrast two potential explanations of the substantial differences in entrepreneurial activity observed across geographical areas: entry costs and external effects. We extend the Lucas model of entrepreneurship to allow for heterogeneous entry costs and for externalities that shift the distribution of entrepreneurial talents. We show that these assumptions have opposite predictions on the relation between entrepreneurial activity and firm-level TFP: with different entry costs, in areas with...
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作者：Aghion, Philippe; Algan, Yann; Cahuc, Pierre
作者单位：Harvard University; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：In a cross-section of countries, state regulation of labor markets is negatively correlated with the quality of labor relations. In this paper, we argue that these facts reflect different ways of regulating labor markets, either through the state or through the civil society, depending on the degree of cooperation in the economy. We rationalize these facts with a model of learning of the quality of labor relations. Distrustful labor relations lead to low unionization and high demand for direct...
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作者：Tressel, Thierry; Verdier, Thierry
作者单位：University of Southampton; University of Southampton
摘要：We model a small open economy in which both domestic financial intermediaries and entrepreneurs face incentive constraints, as in Holmstrom and Tirole (1997), to study the general equilibrium impact of various types of capital inflows on the efficiency and governance of domestic banks. Banks have an advantage in monitoring firms, but the latter can collude with banks and offer side-payments to reduce the intensity of monitoring. Opening up to international capital flows makes domestic banks' c...
