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作者：Duffy, John; Puzzello, Daniela
作者单位：University of California System; University of California Irvine; Indiana University System; Indiana University Bloomington
摘要：We evaluate the Friedman rule for optimal monetary policy in a laboratory economy based on Lagos-Wright (Journal of Economic Theory 145 (2010), 1508-24). We explore two implementations of Friedman's rule: one involving deflationary monetary policy and another where interest is paid on money. We compare the welfare consequences of the Friedman rule with two other policies: a constant money supply regime and a regime where the money supply grows at a constant k%. Counter to theory, we find that ...
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作者：Carpenter, Jeffrey; Damianov, Damian S.; Matthews, Peter Hans
作者单位：Middlebury College; IZA Institute Labor Economics; Durham University; Aalto University
摘要：Auctions and raffles are commonly used to fund public goods. We run fundraising events in the field at the meetings of a well-known service organization across the United States to examine the fundraising properties of five mechanisms: one that is common in the literature, two that are familiar to practitioners in the field, and two that are new. Consistent with a novel model assuming independent private attachments to the charity, we find large differences in the performance between the two m...
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作者：Otsu, Taisuke; Pesendorfer, Martin; Sasaki, Yuya; Takahashi, Yuya
作者单位：University of London; London School Economics & Political Science; Vanderbilt University; University of Washington; University of Washington Seattle
摘要：We propose a multiplicity-robust estimation method for static or dynamic games. The method allows for distinct behaviors and strategies across markets by treating market-specific behaviors as correlated latent variables, with their conditional probability measure treated as an infinite-dimensional nuisance parameter. Instead of solving the intermediate infinite-dimensional optimization problem, we consider the equivalent finite-dimensional dual problem. This property allows for a practically f...
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作者：Herings, P. Jean-Jacques; Zhou, Yu
作者单位：Maastricht University; Kyoto University
摘要：We consider a matching with contracts model in which buyers face financial constraints. In this model, a competitive equilibrium may fail to exist. We therefore propose the new notion of quantity-constrained competitive equilibrium (QCCE). At a QCCE, buyers form expectations about the expected supply of trades. A buyer may expect that a trade is not to be supplied if the corresponding financial constraint is binding. We show the existence of QCCEs via a dynamic process that updates prices and ...
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作者：Attar, Andrea; Mariotti, Thomas; Salanie, Francois
作者单位：Centre National de la Recherche Scientifique (CNRS); University of Rome Tor Vergata; Centre National de la Recherche Scientifique (CNRS); INRAE
摘要：This article studies an insurance market on which privately informed consumers can simultaneously trade with several firms operating under a regulation that prohibits cross-subsidies between contracts. The regulated game supports a single equilibrium allocation in which each layer of coverage is fairly priced given the consumer types who purchase it. This competitive allocation cannot be Pareto-improved by a social planner who observes neither consumers' types nor their trades with firms. Publ...
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作者：Naeher, Dominik
作者单位：University of Gottingen
摘要：A new explanation for imperfect technology adoption is proposed. In the model, agents allocate scarce attention rationally between actions and decide whether and how to adopt a technology. Introducing constraints to information processing gives rise to attentional barriers to technology adoption, which affect optimal adoption behavior. The model can explain why individuals (i) fail to adopt profitable technologies, (ii) fail to make the best use of adopted technology, (iii) treat complementary...
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作者：Liu, Andrew Yizhou
作者单位：University of Arkansas System; University of Arkansas Fayetteville
摘要：This article quantifies the effect of minimum wages on workers' occupational mobility. I show that minimum wages decrease younger, less-educated workers' occupational mobility and are associated with more mismatch. A search-and-matching model highlights two channels by which the minimum wage decreases occupational mobility. First, it compresses wages and reduces the gain from switching, leading to lower occupational mobility and more mismatch. Second, it decreases vacancy posting. Calibrating ...
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作者：Murakami, Kayo; Shimada, Hideki; Ushifusa, Yoshiaki; Ida, Takanori
作者单位：Kobe University; National Institute of Advanced Industrial Science & Technology (AIST); University of Kitakyushu; Kyoto University
摘要：This study investigates the different impacts of monetary and nonmonetary incentives on energy-saving behaviors using a field experiment conducted in Japan. We find that the average reduction in electricity consumption from the rebate is 4%, whereas that from the nudge is not significantly different from zero. Applying a novel machine learning method for causal inference (causal forest) to estimate heterogeneous treatment effects at the household level, we demonstrate that the nudge interventi...
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作者：Foerster, Andrew; Matthes, Christian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Indiana University System; Indiana University Bloomington
摘要：Total factor productivity (TFP) and investment specific technology (IST) growth both exhibit regimeswitching behavior, but the regime at any given time is difficult to infer. We build a rational expectations real business cycle model where the underlying TFP and IST regimes are unobserved. We develop a general perturbation solution algorithm for a wide class of models with unobserved regime-switching. Using our method, we show learning about regime-switching fits the data, affect the responses...
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作者：Ma, Lin; Shapira, Gil; de Walque, Damien; Quy-Toan Do; Friedman, Jed; Levchenko, Andrei A.
作者单位：Singapore Management University; The World Bank; University of Michigan System; University of Michigan; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：In lower-income countries, the economic contractions that accompany lockdowns to contain COVID-19 transmission can increase child mortality, counteracting the mortality reductions achieved by the lockdown. To formalize and quantify this effect, we build a macrosusceptible-infected-recovered model that features heterogeneous agents and a country-group-specific relationship between economic downturns and child mortality and calibrate it to data for 85 countries across all income levels. We find ...
