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作者：Ngai, L. Rachel; Sheedy, Kevin D.
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Imperial College London; University of London; London School Economics & Political Science
摘要：This article documents the role of inflows (new listings) and outflows (sales) in explaining the volatility and comovement of housing-market variables. An ins versus outs decomposition shows that both flows are quantitatively important for housing-market volatility. The correlations between sales, prices, new listings, and time-to-sell are stable over time, whereas the signs of their correlations with houses for sale are found to be time-varying. A calibrated search-and-matching model with end...
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作者：Hanazono, Makoto; Kudoh, Noritaka
作者单位：Nagoya University; Nagoya University
摘要：This article presents a new perspective on the nature of market power through the lens of firm prominence. We build a model of oligopolistic price competition with sequential consumer search, showing that a larger firm sets a higher price than its smaller competitors. Consumers are more likely to encounter sellers from a larger firm both immediately and in future interactions, resulting in less-elastic demand for that firm. Small firms can free-ride on the prominent firm's market power to rais...
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作者：Cosaert, Sam; Potoms, Tom
作者单位：University of Antwerp; University of Sussex; University of Sussex
摘要：We study intertemporal choice through a novel and flexible framework that accounts for savoring of future consumption and memories of past consumption. The model uses standard intertemporal budget constraints but enriches preference structures with utility from anticipation, remembering, and experience. We also present an internal commitment mechanism that ensures dynamic consistency. We provide a revealed preference characterization of this model and apply it to quarterly consumption data fro...
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作者：Guner, Nezih; Kaya, Ezgi; Sanchez-Marcos, Virginia
作者单位：Cardiff University; Universidad de Cantabria
摘要：Some high-income countries have total fertility rates as low as one child. Using Spanish administrative data, we document that temporary contracts correlate with lower first birth rates. Also, women with children are less likely to work split-shift jobs with long breaks in the middle of the day. We build a life-cycle model where women decide on labor supply and fertility. We show that reforms eliminating duality or split-shift jobs raise women's labor participation, narrow the employment gap b...
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作者：Berg, Kimberly A.; Mark, Nelson C.
作者单位：University System of Ohio; Miami University; University of Notre Dame; National Bureau of Economic Research
摘要：We study the currency risk premium and the forward premium bias in a two-country New Keynesian model with production, no physical capital, and recursive utility. Monetary policy follows an interest rate feedback rule and exogenous total factor productivity (TFP) growth follows a long-run risk process with stochastic volatility, which we estimate from data. With cross-country heterogeneity in TFP and monetary policy, reasonable currency risk premia emerge under complete and incomplete markets b...
