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作者：Azinovic, Marlon; Gaegauf, Luca; Scheidegger, Simon
作者单位：University of Zurich; University of Zurich; University of Lausanne
摘要：introduce deep equilibrium nets (DEQNs)-a deep learning-based method to compute approximate functional rational expectations equilibria of economic models featuring a significant amount of heterogeneity, uncertainty, and occasionally binding constraints. DEQNs are neural networks trained in an unsupervised fashion to satisfy all equilibrium conditions along simulated paths of the economy. Since DEQNs approximate the equilibrium functions directly, simulating the economy is computationally chea...
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作者：Feldkircher, Martin; Huber, Florian; Koop, Gary; Pfarrhofer, Michael
作者单位：Salzburg University; University of Strathclyde
摘要：Panel vector autoregressions (PVARs) are a popular tool for analyzing multicountry data sets. However, the number of estimated parameters can be enormous, leading to computational and statistical issues. In this article, we develop fast Bayesian methods for estimating PVARs using integrated rotated Gaussian approximations. We exploit the fact that domestic information is often more important than international information and group the coefficients accordingly. Fast approximations are used to ...
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作者：Chen, Yongmin; Li, Jianpei; Zhang, Jin
作者单位：University of Colorado System; University of Colorado Boulder; University of International Business & Economics
摘要：When providing professional services, an expert may misbehave by either prescribing wrong treatment for consumer's problem or failing to exert proper effort to diagnose it. We show that under a range of liabilities the expert will recommend the appropriate treatment based on his private information if markups for alternative treatments are close enough; however, a well-designed liability rule is essential for also motivating efficient diagnosis effort. We further demonstrate that unfettered pr...
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作者：Choi, Jay Pil; Stefanadis, Christodoulos
作者单位：Michigan State University; University of Piraeus
摘要：We examine tippy network markets that accommodate price discrimination. The analysis shows that when a mild equilibrium refinement, the monotonicity criterion, is adopted, network competition may have a unique subgame-perfect equilibrium regarding the winner's identity; the prevailing brand may be fully determined by its product features. We bring out the concept of the dominant value margin, which is a metric of the effectiveness of divide-and-conquer strategies. The supplier with the larger ...
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作者：Altermatt, Lukas
作者单位：University of Essex
摘要：I develop a model where banks play a central role in monetary policy transmission. By credibly committing to repayment, banks can perform liquidity transformation. Illiquid assets may pay a liquidity premium because they allow banks to create liquid assets. The policy analysis discusses how the monetary authority can affect nominal rates and inflation when the fiscal authority follows nominal or real debt targets. A main result is that under a nominal debt target, the monetary authority is onl...
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作者：Bisetti, Emilio; Tengelsen, Benjamin; Zetlin-Jones, Ariel
作者单位：Hong Kong University of Science & Technology; Carnegie Mellon University
摘要：We reexamine the ability of teams to credibly self-impose group punishments and prevent free riding when individual inputs are unobservable. We formulate self-imposed group punishments as performance underreporting by the team. Although underreporting is not credible in a static game, we show that simple strategies can sustain underreporting in a repeated game, and that the threat of underreporting improves welfare only if team members' preferences between shirking and team output consumption ...
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作者：Li, Shanjun; Liu, Youming; Wei, Chao
作者单位：Cornell University; Bank of Canada; George Washington University
摘要：This article investigates the potential trade-off between the stimulus and environmental objectives in the context of the U.S. vehicle scrappage program. We develop and estimate a dynamic model of vehicle ownership and conduct a counterfactual analysis comparing the implemented policy with alternative designs. We find the cost of the implemented policy 25% higher in terms of induced sales and 64% higher in terms of induced spending than a policy design without the environmental objective. The ...
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作者：Azevedo, Joao Valle E.; Ritto, Joao; Teles, Pedro
作者单位：Banco de Portugal; Universidade Nova de Lisboa; University of Pennsylvania; Universidade Catolica Portuguesa; Centre for Economic Policy Research - UK
摘要：We revisit the empirical relationship between policy interest rates and inflation aimed at understanding the reasons for persistently low inflation in Japan and the euro area and why monetary policy has been unable to raise it. We document the long-run positive relationship between nominal rates and inflation across countries and across time. We also find that a permanent rise in nominal rates leads to an increase in inflation, also in the short run. These findings suggest that the low inflati...
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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...
