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作者：Alesina, Alberto; Campante, Filipe R.; Tabellini, Guido
作者单位：Harvard University
摘要：Fiscal policy is procyclical in many developing countries. We explain this policy failure with a political agency problem. Procyclicality is driven by voters who seek to starve the Leviathan to reduce political rents. Voters observe the state of the economy but not the rents appropriated by corrupt governments. When they observe a boom, voters optimally demand more public goods or lower taxes, and this induces a procyclical bias in fiscal policy. The empirical evidence is consistent with this ...
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作者：Goyal, Sanjeev; Moraga-Gonzalez, Jose Luis; Konovalov, Alexander
作者单位：University of Cambridge; University of Groningen; University of Innsbruck
摘要：We develop a model of R&D collaboration in which individual firms carry out in-house research on core activities and undertake bilateral joint projects on non-core activities with other firms. We develop conditions on the profit functions of the firm under which R&D investments in different projects of a firm are complementary. We show that this condition is met by standard price and quantity setting oligopoly models. We then study the relation between the number of joint projects and investme...
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作者：Ortega, Javier; Tangeras, Thomas P.
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Research Institute of Industrial Economics (IFN)
摘要：We consider an economy with two language groups, where only agents who share a language can produce together. Schooling enhances the productivity of students. Individuals attending a unilingual school end up speaking the language of instruction only, whereas bilingual schools render individuals bilingual at the same cost. The politically dominant group ( not necessarily the majority) chooses the type(s) of schools accessible to each language group, and then individuals decide whether to attend...
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作者：Monacelli, Tommaso; Perotti, Roberto
作者单位：Bocconi University; Bocconi University
摘要：Based on structural VAR evidence for the U.S., we document that arise in government spending generates three facts: (1) an appreciation of the terms of trade; (2) a fall in the price of traded vs. non-traded goods (proxied by the price of goods relative to services), and (3) a positive co-movement between the manufacturing and the service sector, both in consumption and production. We show that, even if government spending is assumed to be as intensive in goods and services as households' cons...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper develops a model to analyze economic performance under different political regimes. An oligarchic society, where political power is in the hands of major producers, protects their property rights but also tends to erect significant entry barriers against new entrepreneurs. Democracy, where political power is more widely diffused, imposes redistributive taxes on producers, but tends to avoid entry barriers. When taxes in democracy are high and the distortions caused by entry barriers...
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作者：Aspachs-Bracons, Oriol; Clots-Figueras, Irma; Costa-Font, Joan; Masella, Paolo
作者单位：University of London; London School Economics & Political Science; Universidad Carlos III de Madrid; University of Barcelona; European University Institute
摘要：Education can be at the root of the process of identity formation. Using survey data from Catalonia and the Basque Country, where in 1983 the education system became bilingual, we study how parental choices and schooling interact with each other and contribute to the development of individual identity. The difference between the reforms implemented in the two Spanish regions is that whereas in Catalonia the reform was compulsory, in the Basque Country parents could choose the language used to ...
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作者：Guiso, Luigi; Paiella, Monica
作者单位：European University Institute; Parthenope University Naples
摘要：We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay for a risky security. We relate this measure to consumer's endowments and attributes and to measures of background risk and liquidity constraints. We find that risk aversion is a decreasing function of the endowment - thus rejecting CARA preferences. We estimate the elasticity of risk aversion to consumption at about 0.7, below the unitary value predicted...
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作者：Palme, Marten; Sandgren, Sofia
作者单位：Stockholm University; Uppsala University; Norwegian University of Science & Technology (NTNU)
摘要：This article studies the relation between parental economic resources and mortality later in life. We use a data set on a cohort of individuals born in 1928 in the county of Malmo in southern Sweden, which contains exceptionally detailed measures of parental household income from five years during the individuals' childhood between 1929 and 1942. The data also contain very rich information on individual earnings throughout these individuals' entire life cycle that allows us to construct a meas...
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作者：Del Boca, Alessandra; Galeotti, Marzio; Himmelberg, Charles P.; Rota, Paola
作者单位：University of Brescia; University of Milan
摘要：Time-to-build models of investment expenditures play an important role in many traditional and modem theories of the business cycle, especially for explaining the dynamic propagation of shocks. We estimate the structural parameters of a time-to-build model using annual firm-level investment data on equipment and structures. For expenditures on equipment, we find no evidence of time-to-build effects beyond one year. For expenditures on structures, by contrast, there is clear evidence of such ef...
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作者：Newbery, David M.
作者单位：University of Cambridge
摘要：The European Emissions Trading Scheme (ETS) limits CO2 emissions from covered sectors, especially electricity (accounting for about 56%). At (sic)44 billion per annum. the ETS is the largest emissions trading system ever, 40 times larger than US programmes. The article demonstrates that fixing the quantity rather than the price of carbon reduces the price elasticity of demand for gas appreciably, amplifying the market power of gas suppliers, and amplifying the impact of gas price increases on ...
