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作者：Ma, Wei
作者单位：Shandong University
摘要：Given a finite number of exponential discounting time preferences with at least two of them having distinct discount rates, Millner and Heal (2018) present a necessary and sufficient condition for their weighted utilitarian aggregation to be time consistent. We show by an example that the condition is sufficient but not necessary, and demonstrate that one possibility for making the condition necessary is to assume that all time preferences involved are associated with distinct discount rates. ...
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作者：Lester, Benjamin; Shourideh, Ali; Venkateswaran, Venky; Zetlin-Jones, Ariel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Carnegie Mellon University; New York University
摘要：We develop a dynamic model of trading through market-makers that incorporates two canonical sources of illiquidity: trading (or search) frictions, which imply that investors can rebalance their portfolio only with a delay; and information frictions, which imply that market-makers face some degree of adverse selection. We use this model to study the effects of various technological innovations and regulatory initiatives that have reduced trading frictions in over-the-counter markets. Our main r...
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作者：Pei, Harry
作者单位：Northwestern University
摘要：I study a repeated communication game between a patient sender and a sequence of myopic receivers. The sender has persistent private information about his cost of lying. Each period, the sender privately observes an i.i.d. state and recommends an action. The receiver takes an action after observing this recommendation and the full history of states and recommendations. I provide conditions under which a sufficiently patient sender can attain his optimal commitment payoff in the repeated game. ...
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作者：Hashimoto, Ken-ichi; Ono, Yoshiyasu; Schlegl, Matthias
作者单位：Kobe University; University of Osaka; Sophia University
摘要：In this paper, we show that underemployment and not necessarily high unemployment becomes the main measure of economic slack in the labor market under secular stagnation. Specifically, involuntary underemployment in the form of a persistent shortfall of working hours occurs in the search and matching model, provided that households derive utility from holding wealth, and quickly dominates the total employment gap under stagnation. Conventional policy measures aimed at reducing unemployment may...
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作者：Chatterji, Shurojit; Kajii, Atsushi
作者单位：Singapore Management University; Kwansei Gakuin University; Kwansei Gakuin University
摘要：Do price forecasts of rational economic agents need to coincide in intertemporal perfectly competitive complete markets in order for markets to allocate resources efficiently? To address this question, we define an efficient temporary equilibrium (ETE) within the framework of a two period economy. Although an ETE allocation is intertemporally efficient and is obtained by perfect competition, it can arise without the agents' forecasts being coordinated on a perfect foresight price. With time-se...
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作者：Ding, Sihua
作者单位：Nankai University
摘要：We study how people form networks through introductions. We consider a model where players with different ability levels are connected in a network. The players seek to match with someone they are linked to in the network (i.e., their neighbors), and they prefer high-ability neighbors over low-ability ones. We investigate whether a player will strategically introduce two unacquainted neighbors to each other to improve her own matching outcome. We find that this is possible if (i) the player ma...
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作者：He, Ping; Liu, Zehao; Xie, Chengbo
作者单位：Tsinghua University; Renmin University of China; Southwestern University of Finance & Economics - China
摘要：Fiscal-backed money can provide additional liquidity to consumers and mitigate the liquidity shortage problem in an economy with banks where agents face idiosyncratic liquidity shocks without being fully insured. The government issues fiat money and creates real value for money by levying a tax and accepting money for tax payments. Tax reallocates the distribution of liquidity in the economy. An increase in tax, by increasing fiscal surplus and the real value of money, reduces the equilibrium ...
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作者：Kamishiro, Yusuke; Vohra, Rajiv; Serrano, Roberto
作者单位：Kanto Gakuin University; Brown University
摘要：This paper provides a noncooperative approach to core stability in an economy with incomplete information. We study the perfect Bayesian equilibria of an extensive form mechanism that extends the one used by Serrano and Vohra (1997) to implement the core of a complete-information economy. This leads to a version of the core that we refer to as the sequential core, which allows for information to be transmitted among the agents during the process of coalition formation. Such information flows i...
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作者：Suzuki, Toru
作者单位：University of Technology Sydney
摘要：This paper studies a sender-receiver game in which both players want the receiver to choose the state-optimal action. Before observing the state, the sender observes a contextual signal, a payoff-irrelevant signal that correlates with states and is imperfectly shared with the receiver. Once the sender observes the state, the sender sends a message to the receiver, incurring a small messaging cost. It is shown that there is no miscommunication in any efficient equilibrium if the messaging cost ...
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作者：Ball, Ian; Kattwinkel, Deniz
作者单位：Massachusetts Institute of Technology (MIT); University of London; University College London
