A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 419 resources
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In a multicommunity model, high-income families cluster together in any equilibrium, and cluster near effective schools if effectiveness is an important component of community desirability. Governmental fragmentation facilitates this residential sorting. Thus, if parents prefer effective schools, income correlates with effectiveness in high-choice-market equilibrium. I examine the distribution of student background and test scores across schools within metropolitan areas that differ in the structure of educational governance. I find little indication of the ?effectiveness sorting? that is predicted if parents choose neighborhoods for the efficacy of the local schools. This suggests caution about the productivity implications of school choice policies. (JEL H73, I21, R21, R23)
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We use a Bayesian Markov Chain Monte Carlo algorithm to estimate the parametersof a ?true? data-generating mechanism and those of a sequence of approximatingmodels that a monetary authority uses to guide its decisions. Gaps betweena true expectational Phillips curve and the monetary authority?s approximatingnonexpectational Phillips curve models unleash inflation that a monetary authoritythat knows the true model would avoid. A sequence of dynamic programmingproblems implies that the monetary authority?s inflation target evolves as itsestimated Phillips curve moves. Our estimates attribute the rise and fall of post-WWII inflation in the United States to an intricate interaction between the monetaryauthority?s beliefs and economic shocks. Shocks in the 1970s made the monetaryauthority perceive a tradeoff between inflation and unemployment which ignited biginflation. The monetary authority?s beliefs about the Phillips curve changed in waysthat account for former Federal Reserve Chairman Paul Volcker?s conquest of U.S.inflation. (JEL E24, E31, E52, N12)
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Colombia's PACES program provided over 125,000 poor children with vouchers that covered the cost of private secondary school. The vouchers were renewable annually conditional on adequate academic progress. Since many vouchers were assigned by lottery, program effects can reliably be assessed by comparing lottery winners and losers. Estimates using administrative records suggest the PACES program increases secondary school completion rates by 15 to 20 percent. Correcting for the greater percentage of lottery winners taking college admissions tests, the program increased test scores by two-tenths of a standard deviation in the distribution of potential test scores. (JEL: I21, J12, I28)
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This article proposes a new dynamic design for auctioning multiple heterogeneouscommodities. An auctioneer wishes to allocate K types of commodities among nbidders. The auctioneer announces a vector of current prices, bidders reportquantities demanded at these prices, and the auctioneer adjusts the prices. Units arecredited to bidders at the current prices as their opponents' demands decline, andthe process continues until every commodity market clears. Bidders, rather thanbeing assumed to behave as price-takers, are permitted to strategically exercisetheir market power. Nevertheless, the proposed auction yields Walrasian equilibriumprices and, as from a Vickrey-Clarke-Groves mechanism, an efficient allocation.(JEL D44)
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Empirical evidence shows that most exchange rate volatility at short to mediumhorizons is related to order flow and not to macroeconomic variables. We introducesymmetric information dispersion about future macroeconomic fundamentals in adynamic rational expectations model in order to explain these stylized facts.Consistent with the evidence, the model implies that (a) observed fundamentalsaccount for little of exchange rate volatility in the short to medium run, (b) over longhorizons, the exchange rate is closely related to observed fundamentals, (c) exchangerate changes are a weak predictor of future fundamentals, and (d) theexchange rate is closely related to order flow. (JEL F3, F4, G0, G1, E0)
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We provide a first formal analysis of the international rules that govern the use of subsidies to domestic production. Our analysis highlights the impact of the new subsidy disciplines that were added to GATT rules with the creation of the WTO. While GATT subsidy rules were typically viewed as weak and inadequate, our results suggest that the key changes introduced by the WTO subsidy rules may ultimately do more harm than good to the multilateral trading system by undermining the ability of tariff negotiations to serve as the mechanism for expanding market access to more efficient levels. (JEL: F02, F11, F13, F15, F53)
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It has long been recognized that the media play an essential role in governmentaccountability. Even in the absence of censorship, however, the government mayinfluence news content by maintaining a "cozy" relationship with the media. Thispaper develops a model of democratic politics in which media capture is endogenous.The model offers insights into the features of the media market that determinethe ability of the government to exercise such capture and hence to influencepolitical outcomes. (JEL D72, D73, L82)
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We study how financial incentives can be used to overcome a history of coordinationfailure using controlled laboratory experiments. Subjects' payoffs depend on coordinatingat high effort levels. In an initial phase, the benefits of coordination arelow, and play typically converges to an inefficient outcome. We then explore varyingfinancial incentives to coordinate at a higher effort level. An increase in the benefitsof coordination leads to improved coordination, but large increases have no moreimpact than small increases. Once subjects have coordinated on a higher effortlevel, reductions in the incentives to coordinate have little effect on behavior. (JELC92, D23, J31, L23, M52)
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We develop a model in which firms set impersonal salary levels before matchingwith workers. Wages fall relative to any competitive equilibrium while profits risealmost as much, implying little inefficiency. Furthermore, the best firms gain themost from the system while wages become compressed. In light of our results, wediscuss the performance of alternative institutions and the recent antitrust caseagainst the National Resident Matching Program. (JEL D44, J41, L44)
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