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作者：Awaya, Yu; Fukai, Hiroki; Watanabe, Makoto
作者单位：University of Rochester; Chukyo University; Vrije Universiteit Amsterdam
摘要：This article presents a simple equilibrium model in which collateralized credit emerges endogenously. In a frictional world, where commitment is limited and agent's actions are not publicly observable, we show that collateral can serve as a credible device that prevents the participating parties from reneging. Our theory provides a microfoundation to justify the borrowing constraints that are widely used in the existing macroeconomic models. Using the model, we explain the payment puzzle. We a...
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作者：Faure, Mathieu; Gravel, Nicolas
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：This article establishes an equivalence between four incomplete rankings of distributions of income among agents who are vertically differentiated with respect to some nonincome characteristic (health, household size, etc.). The first ranking is the possibility of going from one distribution to the other by a finite sequence of income transfers from richer and more highly ranked agents to poorer and less highly ranked ones. The second ranking is the unanimity among utilitarian planners who ass...
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作者：Felgenhauer, Mike; Xu, Fangya
作者单位：Brunel University; University of Reading
摘要：A sender wishes to persuade a receiver with a (surprising) result that challenges the prior belief. The result stems either from sequential private experimentation or manipulation. The incentive to experiment and to manipulate depends on the quality threshold for persuasion. Higher thresholds make it harder to find a surprising outcome via experimentation and may encourage manipulation. Suppose there are observable nonmanipulable and manipulable research methods. For the decision quality, the ...
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作者：Mengel, Friederike
作者单位：University of Essex; Lund University
摘要：Gender biases have been documented in many areas including hiring, promotion, or performance evaluations. Many of these decisions are made by committees. We experimentally investigate whether committee deliberation contributes to gender biases. In our experiments, participants perform a real effort task and then rate the task performance of other participants. Across treatments we vary the extent of deliberation possible. We find that deliberation increases gender biases. We explore several me...
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作者：Lee, Sanghoon; Lee, Seung Hoon; Lin, Jeffrey
作者单位：University of British Columbia; University System of Georgia; Georgia Institute of Technology
摘要：The limitations of GDP as a measure of welfare are well known. We propose a new method of estimating the well-being of nations. Using gross bilateral international migration flows and a discrete choice model in which everyone in the world chooses a country in which to live, we estimate each country's overall quality of life. Our estimates, by relying on revealed preference, complement previous estimates of well-being that consider only income or a small number of factors, or rely on structural...
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作者：Ma, Eunseong; Zubairy, Sarah
作者单位：Louisiana State University System; Louisiana State University; Texas A&M University System; Texas A&M University College Station
摘要：We document the evolution of homeownership rate across various age groups for the period 1995-2015. We find that variations in the homeownership rates are relatively large for the young, which is mostly driven by renter-to-owner transitions. In order to explain these empirical facts, we consider a life-cycle model featuring housing tenure decisions. Housing is modeled as an indivisible and lumpy investment subject to both loan-to-value (LTV) and debt-to-income (DTI) credit constraints and tran...
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作者：Kwark, Noh-Sun; Ma, Eunseong
作者单位：Sogang University; Louisiana State University System; Louisiana State University
摘要：In the United States, the income share of the top 5% income group is acyclical over the business cycle. This study attempts to explain the cyclical behavior of the income distribution over the business cycle, particularly focusing on the top 5% income earners' share, using a heterogeneous agent model featuring a choice to become an entrepreneur. The model economy successfully reproduces the acyclical behavior of the income share of the top 5%. During expansions, relatively more people become e...
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作者：Lechthaler, Wolfgang; Mileva, Mariya
作者单位：Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); California State University System; California State University Long Beach
摘要：We use a dynamic trade model with two sectors and two types of workers to analyze the optimal setting of income-generating tariffs. We study dynamic and distributional aspects focusing on the time horizon of policymakers and workers. The level of tariffs preferred by workers depends on the sector where they are employed as well as their skill class, with the relative weight of both aspects determined by the time horizon of the workers. Unskilled workers in the unskilled-intensive sector are th...
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作者：Coen-Pirani, Daniele
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：I study the effect of progressive taxation on internal migration and welfare using a quantitative dynamic model of geographic mobility. The model, which is analytically tractable, predicts that a more progressive tax-transfer scheme reduces internal migration rates. The magnitude of this relationship is consistent with reduced-form evidence for OECD countries. The internal migration channel contributes to significantly lower optimal tax progressivity relative to the one-location version of the...
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作者：Waddle, Andrea
作者单位：University of Richmond
摘要：Following the U.S.-Mexico trade integration, the skill premium rose dramatically in Mexico. Standard trade theory predicts the skill premium in a skill-scarce country should fall-not rise-following such an integration. This article reconciles theory and data by building a model in which intermediate producers in Mexico begin to produce for the U.S. supply chain following liberalization. To do so, they must rent ideas from the United States, which are more skill-intensive, thus increasing the s...
