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作者：Okazaki, Tetsuji; Onishi, Ken; Wakamori, Naoki
作者单位：University of Tokyo; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Strategic interaction among firms may hinder the reduction of excess capacity in a declining industry. Policy interventions that attempt to reduce excess capacity may increase efficiency by accelerating the capital adjustment but may decrease efficiency by increasing the market power of firms and/or by distorting firms' divestment decisions. We study capacity coordination policies-forcing firms to reduce their capacity simultaneously-applied to the Japanese cement industry. Estimation results ...
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作者：Angelucci, Charles; Russo, Antonio
作者单位：Massachusetts Institute of Technology (MIT); Loughborough University; Leibniz Association; Ifo Institut
摘要：When offering incentive schemes to low-ranking officials, a tension exists between the dual goals of enforcing regulations and preventing corruption. Recent efforts to curb abuses have inspired government interest in using new communication technologies to collect information directly from citizens. We propose a model where a corruptible official is tasked with recommending the government to grant or deny the permit an entrepreneur needs to undertake production. The government tolerates corrup...
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作者：Hoshino, Tetsuya
作者单位：Instituto Tecnologico Autonomo de Mexico; Instituto Tecnologico Autonomo de Mexico
摘要：A principal wishes to persuade multiple agents to take a particular action profile. Each agent cares about both a payoff-relevant state and other agents' actions. The principal discloses information about the state to control the agents' behavior by using their strategic uncertainty. We show that for any nondegenerate prior, the principal can persuade the agents to take an action profile as a unique rationalizable outcome if that action profile satisfies a generalization of risk dominance. Mor...
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作者：Lee, Joosung; Li, Daniel
作者单位：University of Edinburgh; Durham University
摘要：This article studies sequential search problems, where a searcher chooses search intensity adaptively in each period. We fully characterize the optimal search rule and value, decomposing the intertemporal change of search intensity into the fall-back value effect and the deadline effect. We show that the optimal search intensity (value) is submodular (supermodular) in fall-back value and time. It follows that the fall-back value effect increases when the deadline approaches, and the deadline e...
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作者：Rausch, Sebastian; Schwerin, Hagen
摘要：Withdrawal: Does Higher Energy Efficiency Lower Economy-Wide Energy Use? Sebastian Rausch and Hagen Schwerin. The above article from the International Economic Review, published online on 20 January 2019 in Wiley Online Library () as an Accepted Article (), has been withdrawn by agreement between the journal's Co-Editor Masaki Aoyagi, and Wiley Periodicals, LLC. The withdrawal has been agreed following a recommendation by the authors' institution, ETH Zurich, due to an unresolved authorship di...
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作者：Miyakawa, Daisuke; Oikawa, Koki; Ueda, Kozo
作者单位：Hitotsubashi University; Waseda University; Waseda University
摘要：We construct a model that introduces nominal rigidity into R&D-driven endogenous growth with heterogeneous firms. The model shows that high nominal growth leads to an increase in the market share of innovative firms as menu-cost burdens are relatively heavier for less innovative firms. This reallocation effect yields a positive effect of monetary expansion on both real growth and welfare. The optimal nominal growth can be strictly positive even under nominal rigidity. Moreover, menu costs can ...
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作者：Weiergraeber, Stefan
作者单位：Indiana University System; Indiana University Bloomington
摘要：I estimate a model of dynamic consumer behavior to disentangle switching costs and network effects in the U.S. wireless industry. A detailed panel on market shares and churn rates, disaggregated by demographic consumer types and local markets, allows me to separately identify preference heterogeneity, switching costs, and a localized direct network effect. My switching cost estimates range from USD 47 to USD 178. The average willingness-to-pay for a 15 percentage point increase in a carrier's ...
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作者：Gratton, Gabriele; Morelli, Massimo
作者单位：University of New South Wales Sydney; Bocconi University; Bocconi University; Centre for Economic Policy Research - UK
摘要：Political checks and balances are debated desiderata in the evaluation of democratic systems. We suggest a framework where the pros and cons of checks and balances are, respectively, the reduction of type-I errors and the increase of type-II errors in policy decision making. Political checks and balances are less desirable for intermediate levels of competence of the political class when accountability is high. In policy areas where the effects of reforms are harder to evaluate and accountabil...
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作者：Givens, Gregory E.
作者单位：University of Alabama System; University of Alabama Tuscaloosa
摘要：I interpret evidence on government spending multipliers using a model in which workers are not fully insured against job loss. Government consumption affects aggregate spending along two margins : (i) an intensive margin owing to a fall in household wealth and (ii) an extensive margin that accounts for growth in the workforce. At insurance levels below a certain threshold, the positive effects of (ii) dominate the negative effects of (i), leading to multipliers for private consumption and outp...
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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 ...
