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作者：Dong, Feng; Mei, Dongzhou; Sun, Haoning
作者单位：Tsinghua University; Central University of Finance & Economics
摘要：China's increasing use of structural monetary policy raises questions about its optimal role. This study investigates when and how SMP should be deployed using a multisector DSGE model incorporating distinct financing conditions and intermediary constraints for SOEs and POEs. We find that credit tightening disproportionately raises POE credit spreads, which conventional policy struggles to correct. Credit shocks significantly amplify resource misallocation and necessitate active SMP to address...
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作者：Crawford, Ian
作者单位：University of Oxford
摘要：This paper describes a novel method for combining revealed preference analysis in the tradition of Afriat (1967, International Economic Review, 8: 76-77) with a statistical demand model. The approach is illustrated with an analysis of the labor supply of the nonneoclassical taxi drivers described in Farber (2005, Journal of Political Economy, 113, no. 1: 46-82; 2008, American Economic Review, 98, no. 2: 1069-1082) and Crawford and Meng (2011, American Economic Review, 101: 1912-1932).
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作者：Cha'ngom, Narcisse; Deuster, Christoph; Docquier, Frederic; Machado, Joel
作者单位：European Commission Joint Research Centre; EC JRC ISPRA Site
摘要：International migration is a selective process with ambiguous effects on human capital and economic development in sending countries. We establish the theoretical microfoundations of the relationship between selective emigration and human capital accumulation in a multicountry context. We embed this migration-education nexus into a development accounting framework to quantify the effects of migration on development and inequality. Selective emigration stimulates human capital accumulation and ...
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作者：Cui, Wei
作者单位：University of London; University College London
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作者：Akbar, Prottoy A.
作者单位：Aalto University
摘要：What are the implications of mass transit improvements for residential income segregation within cities? I observe large income differences in households' usage of and residential proximity to fast versus slow transit (e.g., subways vs. buses on shared lanes). Consistent with these observations, I propose a theoretical framework to characterize the relationship between income segregation and the spatial distribution of transit speeds and travel mode choices within cities. I find that transit i...
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作者：Broer, Tobias; Druedahl, Jeppe; Harmenberg, Karl; Oeberg, Erik
作者单位：Paris School of Economics; Centre for Economic Policy Research - UK; University of Copenhagen; University of Oslo; BI Norwegian Business School; Uppsala University
摘要：The unemployment-risk channel (URC) amplifies an initial contraction through a reduction in consumption demand by workers who fear unemployment. Crucial for this are the dynamics of job separations and firm hiring. In US data, the job-finding rate responds slower to identified macroeconomic shocks than the separation rate, but accounts for a similar share of the unemployment response. We calibrate a tractable heterogeneous-agent new-Keynesian model with endogenous separations and sluggish vaca...
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作者：Chen, Yi-Chun; Hu, Gaoji; Yang, Xiangqian
作者单位：National University of Singapore; Shanghai University of Finance & Economics; Hunan University
摘要：We study information design in a single-agent allocation problem with costly verification, where the principal has a positive reservation value. The agent learns privately a signal about the principal's allocation value, drawn from a distribution controlled by an information designer. Given the signal distribution, the principal designs a mechanism to maximize her net value. We show that the agent-optimal information pools high values at a signal just worth verification, whereas the principal-...
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作者：Nishida, Mitsukuni
作者单位：Johns Hopkins University
摘要：Entry-order effects on economic profits have not been extensively studied due to data limitations. This article empirically examines these effects on revenues and costs using a structural approach without requiring information on accounting profits and costs. Utilizing panel data from Japan's convenience-store industry, I apply a two-step estimator for many geographic markets. The results reveal that whereas early entrants gain 4.8% more revenue at the outlet level, subsequent entrants benefit...
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作者：Imura, Yuko; Thomas, Julia K.
作者单位：Bank of Canada; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We study the role of international trade in cross-country financial shock transmission using an equilibrium business cycle model calibrated to the United States and Canada. Heterogeneous firms have differing needs for external finance and face occasionally binding collateral constraints hindering their investments, while input-output linkages drive trade in final goods and intermediate inputs. Transmission of a U.S. financial shock recession into Canada's economy is qualitatively different fro...
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作者：Ghysels, Eric; Morgan, Jack
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We formulate quantum computing solutions to a large class of dynamic nonlinear asset pricing models using algorithms, in theory exponentially more efficient than classical ones, which leverage the quantum properties of superposition, entanglement, and interference. The equilibrium asset pricing solution is a quantum state. We use quantum decision-theoretic foundations of ambiguity and model/parameter uncertainty to deal with model selection.
