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作者：Rogerson, R; Schindler, M
作者单位：Arizona State University; Arizona State University-Tempe; University of Pennsylvania
摘要：Recent work has documented the large persistent earnings losses associated with the displacement of high tenure workers. In this paper, we assess the welfare costs of this risk, assuming that workers do not have access to insurance markets. We find that the cost is substantial, on the same order of magnitude as the cost associated with unemployment risk. We also argue that long duration unemployment insurance is likely to exacerbate this cost, and that government-financed severance payments ar...
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作者：Dai, Q
作者单位：Stanford University; New York University
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作者：Daniel, K; Hirshleifer, D; Teoh, SH
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Northwestern University
摘要：We review extensive evidence about how psychological biases affect investor behavior and prices. Systematic mispricing probably causes substantial resource misallocation. We argue that limited attention and overconfidence cause investor credulity about the strategic incentives of informed market participants., However, individuals as political participants remain subject to the biases and self-interest they exhibit in private settings. Indeed, correcting contemporaneous market pricing errors i...
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作者：Johnson, DR
作者单位：Wilfrid Laurier University
摘要：Inflation targets were introduced in the 1990s in Australia, Canada, New Zealand, Sweden and the United Kingdom. Change in the behavior of expected inflation in the five targeting countries is measured in a panel that includes six non-targeting countries: France, Germany, Italy, the Netherlands, Japan and the United States. The level of expected inflation in targeting countries falls after the announcement of targets with controls for country effects, year effects, ongoing inflation reduction ...
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作者：Burke, M; Prasad, K
作者单位：State University System of Florida; Florida State University
摘要：We study the emergence of institutions that facilitate lending within tile context of a reputational model of debt. Taking an evolutionary perspective, we examine a game played between randomly matched players, and ask whether debt can be supported in the long run when lenders are given the option of joining an information-sharing coalition. Despite the fact that players are assumed to be unsophisticated, and follow simple adaptive rules, we observe steady states with widespread lending. The g...
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作者：Levin, AT
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Heathcote, J; Perri, F
作者单位：New York University; Duke University; Georgetown University; Princeton University; Centre for Economic Policy Research - UK
摘要：We present a two-country, two-good model in which there do not exist any markets for international trade in financial assets. We compare the predictions of this model to those of two other models, one in which markets are complete and a second in which a single non-contingent bond is traded. We find that only the financial autarky model can generate volatility in the terms of trade similar to that in data for the floating rate period and, at the same time, account for observed cross-country ou...
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作者：Li, YT
作者单位：National Tsing Hua University
摘要：A search-theoretic model is used to study how legal. restrictions may account for the fact that Gresham's law sometimes holds but other times fails. Legal restrictions is modeled here as policies that government adopts in the transactions with private agents, such as at what prices it accepts a currency in exchange for goods and at what ratios it conducts currency exchange. A government policy sufficiently favorable to light coins can induce the existence of an equilibrium where both coins cir...
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作者：Krusell, P; Kurusçu, B; Smith, AA
作者单位：University of Rochester; Center for Economic & Policy Research (CEPR); Carnegie Mellon University
摘要：We analyze a general-equilibrium asset pricing model where a small subset of the consumers/investors have a short-run urge to save. That is, their attitude toward consumption in the long run is a standard one - they do place zero weight on consumption far enough out in the future - but their short-run effective rates of discount may be negative. Our model, which is an elaboration on the framework proposed by Faruk Gul and Wolfgang Pesendorfer, does not feature time inconsistencies. Thus, we vi...
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作者：Dupor, B
作者单位：University of Pennsylvania
