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作者：Cozzi, Guido; Impullitti, Giammario
作者单位：Durham University
摘要：In this paper we argue that government spending played a significant role in stimulating the wave of innovation that hit the U. S. economy in the late 1970s and in the 1980s, as well as the simultaneous increase in inequality and in education attainments. Since the late 1970s U. S. policymakers began targeting commercial innovations more directly and explicitly. We focus on the shift in the composition of public demand toward high-tech goods, which, by increasing the market-size of innovative ...
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作者：Goldberg, Pinelopi Koujianou
作者单位：Princeton University
摘要：Patent enforcement in developing countries generates considerable controversy, especially when patents involve potentially life-saving drugs. This paper argues that common concerns regarding the effects of patents on prices and on research incentives of pharmaceutical multinationals are misplaced. Rather, the most significant effects are likely to concern access to patented drugs in poor countries. Because prices in developing countries are much lower than in the developed world, multinational...
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作者：Reinikka, Ritva; Svensson, Jakob
作者单位：The World Bank; Stockholm University
摘要：What motivates religious nonprofit health care providers? This paper uses a change in financing of nonprofit health care providers in Uganda to test two theories of organizational behavior. We show that financial aid leads to more laboratory testing, lower user charges, and increased utilization. These findings are consistent with the view that religious nonprofit providers are intrinsically motivated to serve (poor) people and that these preferences matter quantitatively. (JEL: L31, I11, O15)
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作者：Hairault, Jean-Olivier; Langot, Francois; Sopraseuth, Thepthida
作者单位：Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; University of Maine System; University of Maine Orono; Universite Paris-Pantheon-Assas
摘要：This paper presents empirical evidence and a theoretical foundation in favor of the view that the retirement age decision affects older workers' employment prior to retirement. To the extent that there are search frictions on the labor market, the return on jobs is determined by their expected duration: The time to retirement is then key to understanding older workers' employment. Countries with a retirement age of 60 are indeed characterized by lower employment rates for workers aged 55-59. B...
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作者：Immordino, Giovanni; Pagano, Marco
作者单位：University of Salerno; University of Naples Federico II
摘要：Stricter laws require more incisive and costlier enforcement. Because enforcement activity depends both on available tax revenue and the honesty of officials, the optimal legal standard of a benevolent government is increasing in per capita income and decreasing in officials' corruption. In contrast to the tollbooth view of regulation, the standard chosen by a self-interested government is a non-monotonic function of officials' corruption, and can be either lower or higher than that chosen by ...
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作者：Erdil, Aytek; Klemperer, Paul
作者单位：University of Oxford
摘要：We propose a new, easy-to-implement class of payment rules, Reference Rules to make core-selecting package auctions more robust. Small, almost-riskless, profitable deviations from truthful bidding are often easy for bidders to find under currently used payment rules. Reference Rules perform better than existing rules on our marginal-incentive-to-deviate criterion, and are as robust as existing rules to large deviations. Other considerations, including fairness and comprehensibility, also suppo...
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作者：Fabiani, Silvia; Kwapil, Claudia; Room, Tairi; Galuscak, Kamil; Lamo, Ana
作者单位：Oesterreichische Nationalbank (OeNB); Bank of Estonia (Eesti Pank); European Central Bank
摘要：Based on an ad hoc firm-level survey on wage and pricing policies conducted in a large number of European countries, this study finds that about 60% of firms change base wages once a year with some clustering of wage changes observed in January. Differences in the frequency of wage changes between firms are mainly attributable to the institutional framework of the labor market in which they operate. There is evidence of both nominal and real downward wage rigidity. Moreover, when facing a nega...
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作者：Brand, Claus; Turunen, Jarkko; Buncic, Daniel
作者单位：European Central Bank; University of St Gallen
摘要：We use intraday changes in money market rates to construct indicators of news about monetary policy stemming separately from policy decisions and from official communication of the European Central Bank, and study their impact on the yield curve. We show that communication may lead to substantial revisions in expectations of monetary policy and, at the same time, exert a significant impact on interest rates at longer maturities. Thereby, the maturity response pattern to communication is hump-s...
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作者：Booth, Alison; Coles, Melvyn
作者单位：Australian National University; University of Essex
摘要：Societies are characterized by customs governing the allocation of non-market goods such as marital partnerships. We explore how such customs affect the educational investment decisions of young singles and the subsequent joint labor supply decisions of partnered couples. We consider two separate matching paradigms-one where partners marry for money and the other where partners marry for romantic reasons orthogonal to productivity or debt. Whereas marrying for money generates greater investmen...
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作者：Kuester, Keith; Wieland, Volker
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Goethe University Frankfurt
摘要：In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilities. To this end, we compare and ultimately combine Bayesian and worst-case analysis using four reference models estimated with pre-European Monetary Union (EMU) synthetic data. We start by computing the cost of insurance against model uncertainty, that is, the relative performance of worst-case o...
