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作者：Jaccard, Ivan
作者单位：European Central Bank; European Central Bank
摘要：The evidence suggests that monetary policy transmission is asymmetric over the business cycle. Interacting financing frictions with a preference for liquidity provides an explanation for this fact. Our model reproduces a set of asset market and business cycle facts. Accounting for the joint dynamics of asset prices and business cycle fluctuations is key; in a variant of the model that is unable to produce realistic macrofinance implications, monetary asymmetries disappear. Resorting to nonline...
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作者：Cho, Yunho; Li, Shuyun May; Uren, Lawrence
作者单位：University of Jinan; University of Melbourne
摘要：This article builds a general equilibrium overlapping generations (OLG) model with heterogeneous agents to study the welfare implications of investment housing tax concessions in Australia. Removing these concessions substantially reduces the landlord rate and the use of debt. There is a steady-state welfare gain equivalent to a 0.13% increase in lifetime consumption if the additional tax revenue from removing the concessions is used to finance a lump-sum transfer to all households. That welfa...
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作者：Das, Kaustav; Klein, Nicolas
作者单位：University of Leicester; Universite de Montreal; Universite de Montreal; Universite de Montreal
摘要：We analyze a patent race between two firms choosing between an established and an innovative method. The unique Markov-perfect equilibrium coincides with the cartel solution if and only if firms have the same ability of leveraging a good innovative method or there is no patent protection. Otherwise, equilibrium efforts are clustered too much in the innovative method, as compared to the cartel benchmark. The expected time to a breakthrough is minimized at an interior patent strength. Thus, a de...
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作者：Atayev, Atabek; Janssen, Maarten
作者单位：University of Vienna
摘要：Consumers acquire information through their own search efforts or through word-of-mouth communication within their social network. Information diffusion leads to free-riding and less active search. Free-riding consumers also create important positive externalities, however, as they are more likely to compare prices, imposing competitive pressure on firms. We show how market prices depend on network characteristics and search cost. For example, if search cost becomes small, price dispersion dis...
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作者：Dertwinkel-Kalt, Markus; Frey, Jonas
作者单位：University of Munster; Max Planck Society; University of Oxford
摘要：We study dynamic choice under risk through the lens of salience theory. We derive predictions on salient thinkers' gambling decisions and strategy choices. We test our model experimentally and find support for all of our predictions. We also detect a strong correlation between static and dynamic choices, suggesting that salience theory can coherently explain risky choice in both static and dynamic contexts. Our results help to understand when people sell assets, stop gambling, enter the job ma...
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作者：Atkinson, Scott E.; Luo, Rong
作者单位：University System of Georgia; University of Georgia; Renmin University of China
摘要：Coal-fired power plants minimize costs subject to output and emission constraints. We model the plants' choice of coal quality and emission abatement to minimize costs under these constraints, allowing for heterogeneous unobserved generation productivity and abatement efficiency. We derive and estimate the plants' cost functions to recover the production technologies. Our data set is a balanced panel of 76 U.S. coal-fired power plants from 1995 to 2005, when the emission permit trading system ...
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作者：Dang, Alicia H.; Samaniego, Roberto M.
作者单位：Union College; George Washington University; George Washington University
摘要：We argue that the rate of capital depreciation is a determinant of competition. We show that the rate of capital depreciation has a robust positive relationship with market power in U.S. data. Then, we develop a general equilibrium model of industry competition where industries vary in their rate of capital depreciation. In equilibrium, optimal savings decisions imply that rapid depreciation is related to higher costs of capital, so that industries with rapid depreciation display less competit...
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作者：Franjo, Luis; Lambertini, Luisa; Stepanchuk, Serhiy
作者单位：Universitat d'Alacant; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Universita della Svizzera Italiana; University of Southampton
摘要：In the decade leading to the Great Recession, the United States experienced rising house prices and current account deficits, whereas China and other fast-growing Asian economies saw rising house prices accompanied by current account surpluses. To explain these differences, we study a transition path in a two-country life-cycle model with housing once the two economies become financially integrated. We allow for asymmetries in productivity growth, the loan-to-value ratio, the life-cycle wage p...
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作者：Lang, Youze; Yang, Youzhi
作者单位：Fudan University; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：About 40% of workers find their jobs through referrals. We distinguish between two types of referrals based on whether the referrer works at the hiring firm (internal referrals) or not (external referrals). Interestingly, jobs found through internal (external) referrals pay more (less) than those found through formal methods. An equilibrium labor market model is then built by introducing an incentive-compatible mechanism through which workers can share job opening information. A nondegenerate ...
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作者：Cui, Liyuan; Feng, Guanhao; Hong, Yongmiao
作者单位：City University of Hong Kong; City University of Hong Kong; Chinese Academy of Sciences; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：We propose a regularized generalized method of moments (RegGMM) approach to estimating time-varying coefficient models via a ridge fusion penalty with a high-dimensional set of moment conditions. RegGMM only requires a mild condition on the oscillations between consecutive parameter values, accommodating abrupt structural breaks and smooth changes throughout the sample period. RegGMM offers an alternative solution for estimating the time-varying stochastic discount factor model when pricing U....
