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作者：Ehrmann, Michael; Worms, Andreas
作者单位：European Central Bank; Deutsche Bundesbank
摘要：This paper argues that the existence of bank networks is important for banks' reactions to monetary policy. For the example of Germany, it is found that small banks access the interbank market indirectly through the large head institutions of their respective network organizations. The interbank flows within these networks allow smaller banks to manage their funds in a fashion that helps them in keeping their loan portfolio with nonbanks relatively unaffected after a monetary contraction. This...
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作者：Goeree, Jacob K.; Wooders, John; Plott, Charles R.
作者单位：University of Amsterdam; University of Arizona; California Institute of Technology
摘要：Sales of multiple real-estate properties are often conducted via a sequence of ascending auctions, giving the winner at each stage the right to choose one of the available lots. We show that when bidders are risk averse, such bidders' choice auctions raise more revenues than standard simultaneous or sequential ascending auctions. We also report the results of laboratory experiments to investigate the effectiveness of bidders' choice auctions vis-a-vis the simultaneous ascending auction. The re...
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作者：Ellison, Glenn; Moebius, Markus; Fudenberg, Drew
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：This paper shows that larger auctions are more efficient than smaller ones, but that despite this scale effect, two competing and otherwise identical markets or auction sites of different sizes can coexist in equilibrium. We find that the range of equilibrium market sizes depends on the aggregate buyer-seller ratio, and also whether the markets are especially thin. (JEL: D44, L11)
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作者：Allen, Franklin; Bolton, Patrick
作者单位：University of Pennsylvania; Princeton University
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作者：Blundell, Richard; Dias, Monica Costa; Meghir, Costas; Van Reenen, John
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This paper exploits area-based piloting and age-related eligibility rules to identify treatment effects of a labor market program-the New Deal for Young People in the U.K. A central focus is on substitution/displacement effects and on equilibrium wage effects. The program includes extensive job assistance and wage subsidies to employers. We find that the impact of the program significantly raised transitions to employment by about 5 percentage points. The impact is robust to a wide variety of ...
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作者：Aghion, Philippe; Howitt, Peter; Blundell, Richard; Prantl, Susanne; Griffith, Rachel
作者单位：Harvard University; Brown University; University of London; University College London
摘要：How does entry affect productivity growth of incumbents? In this paper we exploit policy reforms in the United Kingdom that changed entry conditions by opening up the U.K. economy during the 1980s and panel data on British establishments to shed light on this question. We show that more entry, measured by a higher share of industry employment in foreign firms, has led to faster total factor productivity growth of domestic incumbent firms and thus to faster aggregate productivity growth. (JEL: ...
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作者：Kollmann, Robert
作者单位：University of Bonn; Centre for Economic Policy Research - UK
摘要：This paper evaluates the welfare effects of a monetary union (MU), compared to a floating exchange rate regime, using a quantitative business cycle model of a two-country world with sticky prices. It is assumed that, under a float, there are shocks to the uncovered interest rate parity (UIP) condition. These shocks are shown to have a negative effect on welfare-the detrimental effect is stronger, the higher the degree of trade openness. A MU eliminates UIP shocks, and it may thus raise welfare...
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作者：Miravete, Eugenio J.; Roeller, Lars-Hendrik
作者单位：University of Pennsylvania; Humboldt University of Berlin
摘要：This paper provides a structural interpretation to the estimates of the shape and position of nonlinear tariffs. We focus on the evaluation of price-cost margins, and thus we need to identify marginal cost from an equilibrium model of nonlinear pricing competition. We estimate these price-cost margins using quarterly data from the early U.S. cellular telephone industry between 1984 and 1988. Our results indicate that the margins are increased under duopoly, due to a significant reduction in ma...
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作者：Shimer, Robert
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The standard theory of equilibrium unemployment, the Mortensen-Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies. Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of magnitude, significantly improving the performance of the model. Despite this, the welfare consequence...
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Rice University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper reviews the role of collateral constraints in transforming small monetary shocks into large persistent output fluctuations. We do this by introducing money in the heterogeneous-agent real economy of Kiyotaki and Moore (1997). Money enters in a cash-in-advance constraint and money supply is managed via open-market operations. We find that a monetary shock generates persistent movements in aggregate output, the amplitude of which depends upon whether or not debt contracts are indexed....
