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作者：Green, Edward J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：An analytically tractable model of a competitive, full-information economy is provided in which, for some parameter values, entry and exit over the course of the business cycle is concentrated among small firms. This model is intended to make the logical point that the relatively high sensitivity of small firms to business-cycle fluctuations does not necessarily indicate the presence of informational or incentive constraints in financial markets. (C) 2008 Elsevier Inc. All rights reserved.
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作者：Barillas, Francisco; Hansen, Lars Peter; Sargent, Thomas J.
作者单位：New York University; University of Chicago
摘要：Reinterpreting most of the market price of risk as a price of model uncertainty eradicates a link between asset prices and measures of the welfare costs of aggregate fluctuations that was proposed by Hansen, Sargent, and Tallarini [17], Tallarini [30], Alvarez and Jermann [1]. Prices of model uncertainty contain information about the benefits of removing model uncertainty, not the consumption fluctuations that Lucas [22,23] studied. A max-min expected utility theory lets us reinterpret Tallari...
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作者：Kocherlakota, Narayana; Phelan, Christopher
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：This paper considers a model economy in which agents are privately informed about their type: their endowments of various goods and their preferences over these goods. While preference orderings over observable choices are allowed to be correlated with an agent's private type, we assume that the planner/government is both uncertain about the nature of this joint distribution and unable to choose among multiple equilibria of any given social mechanism. We model the planner/government as having ...
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作者：Desmet, Klaus; Rossi-Hansberg, Esteban
作者单位：Princeton University; Universidad Carlos III de Madrid
摘要：Between 1970 and 2000 employment growth across U.S. counties exhibited very different patterns in manufacturing and services. Whereas manufacturing employment growth was negatively related to initial manufacturing employment across the entire distribution of counties, service employment growth was positively related to initial service employment for intermediate sized counties. This paper presents a theory to rationalize these facts. Local sectoral growth is driven by technological diffusion a...
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作者：Fudenberg, Drew; Levine, David K.
作者单位：Harvard University; Washington University (WUSTL)
摘要：We examine the role of off-path superstitions in macro-economics, and show how a false belief about off-path play is the key element underlying both the Lucas Critique and the game-theoretic concept of self-confirming equilibrium. However, the impact of false beliefs in these two cases is different: In the Lucas case, a policy maker's incorrect beliefs about off-path play can lead to the adoption of mistaken policy innovation. However, the consequences of such an innovation provide evidence th...
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作者：Jovanovic, Boyan
作者单位：New York University
摘要：This paper extends [R. Mehra, E.C. Prescott, Recursive competitive equilibrium: The case of homogeneous households, Econometrica 48 (1980) 1365-1380] to a production economy with two capital goods. It is an RBC model in which each unit of investment requires a new idea, an 'option.' When options are scarce, new capital is harder to put in place and the value of old capital rises. Thus the stock market and Tobin's Q are negative indexes of intangibles. During a boom, Q rises gradually, as optio...
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作者：Mortensen, Dale T.
作者单位：Northwestern University; Aarhus University
摘要：A plausible micro foundation for the matching function, postulated in models of equilibrium unemployment, is proposed. The flow of matches formed is an increasing and concave function of the number of jobs and workers to be matched holding the other constant, but exhibits increasing to scale. Nevertheless, the function is consistent with the observed Beveridge curve and the log linear relationship between the job finding rate and the vacancy-unemployment ratio. Although a market equilibrium in...
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作者：Rogerson, Richard; Wallenius, Johanna
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We build a life cycle model of labor supply that incorporates changes along both the intensive and extensive margin and use it to assess the consequences of changes in tax and transfer policies on equilibrium hours of work. We find that changes in taxes have large aggregate effects on hours of work. Moreover, we find that there is no inconsistency between this result and the empirical finding of small labor elasticities for prime age workers. In our model, micro and macro elasticities are effe...
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作者：Labadie, Pamela
作者单位：George Washington University
摘要：Adverse selection economies with private information are generally studied under the assumption that contracts are exclusive. That is, retrading is prohibited. An alternative market mechanism, the anonymous mechanism, is studied here. Risk averse agents trade contingent claims directly and side markets are in equilibrium. The result is the anonymous equilibrium. The anonymous equilibrium results in a set of endogenous transfers and subsidies. (C) 2009 Elsevier Inc. All rights reserved.
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作者：McGrattan, Ellen R.; Prescott, Edward C.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
摘要：In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research and development, brands, and organization capital. Technology capital is distinguished from other forms of capital in that a firm can use it simultaneously in multiple domestic and foreign locations. A country can exploit foreign technology capital by permitti...
