American Economic Review
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Опубликовано на портале: 08-12-2003Richard E. Romano, Dennis Epple American Economic Review. 1998. Vol. 88. No. 1. P. 33-62.
A theoretical and computational model with tax-financed, tuition-free public schools and competitive, tuition-financed private schools is developed. Students differ by ability and income. Achievement depends on own ability and on peers' abilities. Equilibrium has a strict hierarchy of school qualities and two-dimensional student sorting with stratification by ability and income. In private schools, high-ability, low-income students receive tuition discounts, while low-ability, high-income students pay tuition premia. Tuition vouchers increase the relative size of the private sector and the extent of student sorting, and benefit high-ability students relative to low-ability students.
Опубликовано на портале: 13-02-2004Jon Gruber, David A. Wise American Economic Review. 1998. Vol. 88. No. 2. P. 158-163.
This article concerns the following items: 1) Decline in labour-force participation; 2) Social Security benefit accrual and the implicit tax on work; 3) The importance of the early-retirement age; 4) The implicit tax on work and labour-force participation; etc.
Опубликовано на портале: 16-03-2005Stephen Morris, Hyun Song Shin American Economic Review. 1998. Vol. 88. No. 3. P. 587-597.
Even though self-fulfilling currency attacks lead to multiple equilibria when fundamentals are common knowledge, we demonstrate the uniqueness of equilibrium when speculators face a small amount of noise in their signals about the fundamentals. This unique equilibrium depends not only on the fundamentals, but also on financial variables, such as the quantity of hot money in circulation and the costs of speculative trading. In contrast to multiple equilibrium models, our model allows analysis of policy proposals directed at curtailing currency attacks.