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作者：Aghion, Philippe; Akcigit, Ufuk; Hyytinen, Ari; Toivanen, Otto
作者单位：University of Chicago; Hanken School of Economics; Aalto University
摘要：Why is invention strongly positively correlated with parental income not only in the United States but also in Finland, which displays low income inequality and high social mobility? Using data on 1.45 M Finnish individuals and their parents, we find the following: (i) the positive association between parental income and off-spring probability of inventing is greatly reduced when controlling for parental education; (ii) instrumenting for the parents having an MSc degree using distance to neare...
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作者：Muratov, Oleg
作者单位：University of Bern
摘要：I consider an environment in which an entrepreneur generates information about the quality of his project prior to contracting with an investor. The investor faces a moral-hazard problem since the entrepreneur may divert the funding for private consumption. I find that the efficient amount of information is generated if and only if the bargaining power of the entrepreneur is high enough. I interpret this result in terms of investors' tightness, competitiveness, and generosity measures. I also ...
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作者：Boerner, Lars; Quint, Daniel
作者单位：Martin Luther University Halle Wittenberg; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); University of London; King's College London; University of Wisconsin System; University of Wisconsin Madison
摘要：We study the regulation of brokerage in wholesale markets in premodern Central Western Europe. Examining 1,804 sets of rules from 82 cities, we find brokerage was primarily a centralized matchmaking mechanism. Brokerage was more common in towns with larger populations, better access to sea ports and trade routes, and greater political autonomy. Brokers' fee structures varied systematically: price-based fees were more common for highly heterogeneous goods, quantity-based fees for more homogeneo...
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作者：Eckel, Carsten; Unger, Florian
作者单位：University of Munich; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; University of Gottingen
摘要：This article analyzes the role of credit frictions in a trade model where producers differ in their capabilities to conduct process and quality innovations and require external finance for investments. Accounting for cost-based and quality-based sorting of firms in a unified framework allows us to demonstrate that the reactions of prices and commonly used productivity measures do not necessarily reflect welfare implications. Credit frictions lead to distortions through aggravated access to fin...
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作者：Tzavellas, Hector
作者单位：Virginia Polytechnic Institute & State University
摘要：Economic systems are composed of multiple interrelated groups of agents and with multiple sources of network externalities present. This can give rise to novel systemic risks. We propose a multilayer model to understand this phenomenon. The model features complementary or substitutionary actions of agents active in multiple groups and extends the network concepts of systemic importance and microinduced aggregate fluctuations to their multigroup counterparts. The multilayer allows for the propa...
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作者：Yum, Minchul
作者单位：University of Mannheim; Centre for Economic Policy Research - UK
摘要：This article constructs an overlapping generations general equilibrium model to explore the extent to which heterogeneity in time investment shapes intergenerational mobility of lifetime income. The calibrated model successfully accounts for untargeted distributional aspects of income mobility. Counterfactual exercises show that removing heterogeneity in parental time investment reduces intergenerational persistence by around 7-8% for early childhood but only marginally in later childhood. Pol...
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作者：Gu, Grace Weishi; Stangebye, Zachary R.
作者单位：University of California System; University of California Santa Cruz; University of Notre Dame
摘要：The consequences of costly information acquisition for sovereign risk are explored in a quantitative sovereign default model. We identify information costs empirically using Bloomberg news-heat data. The calibrated model microfounds heteroskedasticity in the country risk spread as measured by a novel metric we call the Crisis Volatility Ratio (CVR). Crises are endogenously more volatile because more information is acquired and priced. Recalibrated extant models do not generate CVRs in the empi...
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作者：Koop, Gary; Korobilis, Dimitris
作者单位：University of Strathclyde; University of Glasgow; University of Glasgow
摘要：This article addresses the issue of inference in time-varying parameter regression models in the presence of many predictors and develops a novel dynamic variable selection strategy. The proposed variational Bayes dynamic variable selection algorithm allows for assessing at each time period in the sample which predictors are relevant (or not) for forecasting the dependent variable. The algorithm is used to forecast inflation using over 400 macroeconomic, financial, and global predictors, many ...
