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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; University of St Andrews
摘要：This paper develops a simple approximation method for computing equilibrium portfolios in dynamic general equilibrium open economy macro-models. The method is widely applicable, simple to implement, and gives analytical solutions for equilibrium portfolio positions in any combination or types of asset. It can be used in models with any number of assets, whether markets are complete or incomplete, and can be applied to stochastic dynamic general equilibrium models of any dimension, so long as t...
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作者：Fershtman, Chaim; Gneezy, Uri
作者单位：Tel Aviv University; University of California System; University of California San Diego
摘要：Tournaments may be characterized by the performance they induce as well as by the rate of quitting and dropouts of participants. Although most of the attention in the literature is on the performance induced by high power incentives, there are many daily situations in which dropouts and quitting are a major concern. Using a field experiment in schools and a model of dynamic tournament we examine the effect of different levels of rewards on the rate of quitting. Our experiment indicates that th...
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作者：Felbermayr, Gabriel; Prat, Julien
作者单位：Leibniz Association; Ifo Institut; University of Munich; Barcelona School of Economics; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：This paper analyzes the effect of product market regulation (PMR) on unemployment in a search model with heterogeneous multiple-worker firms. In our setup, PMR modifies the distribution of firm productivities, thereby affecting the equilibrium rate of unemployment. We distinguish between PMR related to entry costs and PMR that generates recurrent fixed costs. We find that: (i) higher entry costs raise the rate of unemployment mainly through our novel selection effect, (ii) higher fixed costs d...
