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作者：Dubois, Pierre; Ivaldi, Marc; Hernandez-Perez, Adriana
作者单位：INRAE; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：This paper analyzes the demand and cost structure of the French market of academic journals. After merging several databases, we estimate an aggregated nested logit demand system combined simultaneously with a pricing equation, taking into account the evolution of impact factors of journals. We identify the structural parameters of this market and find that price elasticities of demand are relatively high, indicating that this industry experiences competitive constraints. We conjecture that th...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; University of St Andrews
摘要：This paper explores the role of monetary policy in an open economy in an environment of endogenous portfolio choice. The model is dimple enough to allow solutions for optimal portfolios to be derived analytically for a range of different asset market environments. We explore the impact of monetary policy on national bond and equity portfolios in environments where assets markets are either complete or incomplete.
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作者：Chauvin, Nicolas Depetris; Kraay, Aart
作者单位：Princeton University; The World Bank
摘要：We use preliminary data from an ongoing effort to construct estimates of debt relief to study its allocation across 62 low-income countries. We find some evidence that debt relief, particularly from multilateral creditors, has been allocated to countries with better policies in recent years. Somewhat surprisingly, conditional on per capita incomes and policy, more indebted countries are not much more likely to receive debt relief. However, countries that are large debtors vis-a-vis especially ...
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作者：Gabaix, Xavier; Gopikrishnan, Parameswaran; Plerou, Vasiliki; Stanley, H. Eugene
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：We survey a theory of the economic underpinnings of the fat-tailed distributions of a number of financial variables, such as returns and trading volumes. Our theory posits that they have a common origin in the strategic trading behavior of very large financial institutions in a relatively illiquid market. We show how the fat-tailed distribution of fund sizes can indeed generate extreme returns and volumes, even in the absence of fundamental news. Moreover, we are able to replicate the individu...
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作者：Martimort, David; Semenov, Aggey
作者单位：Universite de Toulouse; National University of Singapore
摘要：This paper introduces asymmetric information in a pluralistic model of interest groups competition and analyzes its impact on policy biases. Lobbying groups are uninformed on a decision maker's preferences and use nonlinear contributions not only to compete for the agent's services but also to learn about his preferences in an otherwise standard common agency model of lobbying. Asymmetric information can be either on the decision maker's ideal point (horizontal differentiation) or on the stren...
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作者：Bordo, Michael D.; Filardo, Andrew
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：Many monetary economists have come to regard the monetary aggregates as obsolete measures of the monetary policy stance. This critique has led some to view money as having lost its central role in the conduct of monetary policy. We say to those advocating excising money from monetary policy, Not so fast. To better understand the potential role for money, we develop a zonal view of monetary policy which reflects the historical regularity for the relative informativeness of the quantitative meas...
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作者：Piazzesi, Monika; Schneider, Martin
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We propose an organizing framework that determines asset prices by equating household sector asset demand derived from an economic model to the observed supply of assets provided by other sectors. We then use a specific model of household asset demand to decompose historical changes in asset positions into changes in new asset supply and household income, as well as changes in return expectations. Our findings show that supply and income changes are important determinants of the wealth-to-GDP ...
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作者：Saint-Paul, Gilles
作者单位：Paris School of Economics; Hautes Etudes Commerciales (HEC) Paris; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：I study how savers allocate funds between boundedly rational firms which follow simple pricing rules. Firms need cash to pay their inputs in advance, and savers-shareholders allocate cash between them so as to maximize their rate of return. When the rate of return on each firm is observed, there are multiple equilibria, and some degree of monopoly power is sustained. However, the economy gets close to the Walrasian equilibrium when the availability of funds goes to infinity. Multiple equilibri...
