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作者：Nason, James M.; Smith, Gregor W.
作者单位：Australian National University; University of Virginia; Queens University - Canada
摘要：Historians have suggested that there were waves of inflation or price revolutions in the United Kingdom (and earlier England) in the 13th, 16th, and 18th centuries, prior to the ongoing inflation since 1935. We study retail price inflation since 1251 and model its dynamics. The model is an AR(n) but allows for gradually evolving or drifting parameters and stochastic volatility. The long-horizon forecasts suggest only one inflation wave, that of the 20th century. We also use the model to measur...
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作者：Irlacher, Michael; Pennerstorfer, Dieter; Renner, Anna-Theresa; Unger, Florian
作者单位：Johannes Kepler University Linz; Technische Universitat Wien; University of Gottingen
摘要：This article provides theory and evidence on the spatial determinants of regional patient flows. We develop a theoretical model that explains a patient's choice to consult a general practitioner by a measure of spatial accessibility. We empirically test this gravity-type model using regional patient flows and detailed data on the spatial distribution of residents and physicians in Austria. Our measure of spatial accessibility is a crucial determinant of patient flows that substantially increas...
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作者：Fischer-Thoene, Christian
作者单位：University of Bayreuth; University of Bayreuth
摘要：In buyer-seller relationships, offering trade credit to buyers fosters long-term collaboration but seller provision varies systematically as relationships evolve. We study the optimal provision dynamics of trade credit when the seller's information about the buyer is incomplete. We show how the interaction of self-enforcing relational contracts and formal contracts determines optimal payment contract choice. We find that payment contracts can be interpreted as screening technologies and imply ...
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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：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：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...
