A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Results 436 resources
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The inclusion of a durable goods sector in sticky-price models has strong and unexpected implications. Even if most prices are flexible, a small durable goods sector with sticky prices may be sufficient to make aggregate output react to monetary policy as though most prices were sticky. In contrast, flexibly priced durables with sufficiently long service lives can undo the implications of standard sticky price models. In a limitingcase, flexibly priced durables cause monetary policy to have no effect on aggregateoutput. Our analysis suggests that durable goods prices are the most relevant data forcalibrating price rigidity. (JEL E21, E23, E31, E52)
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A core question in the contemporary debate on distributive justice is how tounderstand fairness in situations involving production. Important theories of distributivejustice, such as strict egalitarianism, liberal egalitarianism, and libertarianism,provide different answers to this question. This paper presents the resultsfrom a dictator game where the distribution phase is preceded by a productionphase. Each player's contribution is a result of a freely chosen investment level andan exogenously given rate of return. We estimate simultaneously the prevalence ofthree principles of distributive justice among the players and the distribution of theweight they attach to fairness. (JEL D63)
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After an earthquake hit Southern Italy in 1980, young men from certain towns were exempted from compulsory military service. We show that the exemption raised high-school-graduation rates of boys by more than 2 percentage points. We do this by comparing high-school-graduation rates of young exempt men and older nonexempt men from the least damaged areas and men of the same age groups from nearby towns that were not hit by the quake. Similar comparisons show that graduation rates of young women in the affected areas also increased. Since in Italy women are not subject to the draft, the findings suggest the presence of spillover effects. (JEL I21, J13)
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We develop a structural econometric model to estimate risk preferences from dataon deductible choices in auto insurance contracts. We account for adverse selectionby modeling unobserved heterogeneity in both risk (claim rate) and risk aversion.We find large and skewed heterogeneity in risk attitudes. In addition, women aremore risk averse than men, risk aversion exhibits a U-shape with respect to age, andproxies for income and wealth are positively associated with absolute risk aversion.Finally, unobserved heterogeneity in risk aversion is greater than that of risk, and,as we illustrate, has important implications for insurance pricing. (JEL D81, G22)
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The paper generalizes the Taylor principle—the proposition that central banks canstabilize the macroeconomy by raising their interest rate instrument more thanone-for-one in response to higher inflation—to an environment in which reactioncoefficients in the monetary policy rule change regime, evolving according to aMarkov process. We derive a long-run Taylor principle which delivers uniquebounded equilibria in two standard models. Policy can satisfy the Taylor principlein the long run, even while deviating from it substantially for brief periods ormodestly for prolonged periods. Macroeconomic volatility can be higher in periodswhen the Taylor principle is not satisfied, not because of indeterminacy, but becausemonetary policy amplifies the impacts of fundamental shocks. Regime change altersthe qualitative and quantitative predictions of a conventional new Keynesian model,yielding fresh interpretations of existing empirical work. (JEL E31, E43, E52)
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The dynamics of a linear (or linearized) dynamic stochastic economic model can be expressed in terms of matrices (A, B, C, D) that define a state space system for a vector of observables. An associated state space system (A,ˆB,C,ˆD) determines a vector autoregression for those same observables. We present a simple condition for checking when these two state space systems match up and when they do not when there are equal numbers of economic and VAR shocks. We illustrate our condition with a permanent income example. (JEL C32, E32)
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This paper estimates a general equilibrium model of school quality and householdresidential and school choice for economies with multiple public school districtsand private (religious and nonsectarian) schools. The estimates, obtained throughfull-solution methods, are used to simulate two large-scale private school voucherprograms in the Chicago metropolitan area: universal vouchers and vouchersrestricted to nonsectarian schools. In the simulations, both programs increaseprivate school enrollment and affect household residential choice. Under nonsectarianvouchers, however, private school enrollment expands less than underuniversal vouchers, and religious school enrollment declines for large nonsectarianvouchers. Fewer households benefit from nonsectarian vouchers. (JEL H75, I21,I22)
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Many important economic questions hinge on the extent to which new goods eithercrowd out or complement consumption of existing products. Recent methods forstudying new goods rule out complementarity by assumption, so their applicabilityto these questions has been limited. I develop a new model that relaxes thisrestriction, and use it to study competition between print and online newspapers.Using new micro data from Washington, DC, I estimate the relationship between theprint and online papers in demand, the welfare impact of the online paper'sintroduction, and the expected impact of charging positive online prices. (JEL C25,L11, L82)
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The current literature offers two views on the nature of the labor income process.According to the first view, individuals are subject to very persistent income shockswhile facing similar life-cycle income profiles (the RIP process, Thomas MaCurdy1982). According to the alternative, individuals are subject to shocks with modestpersistence while facing individual-specific profiles (the HIP process, Lee A. Lillardand Yoram A. Weiss 1979). In this paper we study the restrictions imposed by thesetwo processes on consumption data—in the context of a life-cycle model—todistinguish between the two views. We find that the life-cycle model with a HIPprocess, which has not been studied in the previous literature, is consistent withseveral features of consumption data, whereas the model with a RIP process isconsistent with some, but not with others. We conclude that the HIP model could bea credible contender to—and along some dimensions, a more coherent alternativethan—the RIP model. (JEL D83, D91, E21, J31)
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Journals
- American Economic Review (192)
- Journal of Finance (84)
- Journal of Financial Economics (103)
- Review of Financial Studies (57)
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- Mergers and Acquisitions (7)
- CEO (7)
- Director (1)
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- Journal Article (436)