-
作者：Horan, S.; Osborne, M. J.; Sanver, M. R.
-
作者：Davoodalhosseini, Seyed Mohammadreza
作者单位：Bank of Canada
摘要：A model of over-the-counter markets is proposed. Some asset buyers are informed in that they can identify high-quality assets. Sellers with private information choose what type of buyers they want to trade with. When the measure of informed buyers is low, a unique equilibrium exists, and interestingly, price, trading volume and welfare typically decrease with more informed buyers. When the measure of informed buyers is intermediate, multiple equilibria arise. A switch from one equilibrium to a...
-
作者：Lasso de la Vega, Casilda; Volij, Oscar
作者单位：University of Basque Country; Ben-Gurion University of the Negev
摘要：We examine the problem of measuring the extent to which students with different income levels attend separate schools. Unless rich and poor attend the same schools in the same proportions, some segregation will exist. Since income is a continuous cardinal variable, however, the rich-poor dichotomy is necessarily arbitrary and renders any application of a binary segregation measure artificial. This article provides an axiomatic characterization of a measure of income segregation that takes into...
-
作者：Morchio, Iacopo
作者单位：University of Vienna
摘要：A long-standing question in economics is how important unobserved differences across workers are for explaining unemployment. I revisit this topic using variation in lifetime unemployment across workers in U.S. data. A comparison of workers often unemployed with the rest shows that although differences in job-finding rates increase over the course of a career, differences in job-separation rates are large right from the start. I develop a directed search model with symmetric unobserved heterog...
-
作者：Stone, Daniel F.
作者单位：Bowdoin College
摘要：I present a model of affective polarization-growth in hostility over time between two parties-via quasi-Bayesian inference. In the model, two agents repeatedly choose actions. Each choice is based on a balance of concerns for private interests and the social good. More weight is put on private interests when an agent's character is intrinsically more self-serving and when the other agent is believed to be more self-serving. Each agent Bayesian updates about the other's character, and dislikes ...
-
作者：Anenberg, Elliot; Bayer, Patrick
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Duke University; National Bureau of Economic Research
摘要：This article presents new empirical evidence that internal movement-selling one home and buying another-by existing homeowners within a metropolitan housing market is especially volatile and a substantial driver of fluctuations in transaction volume over the housing market cycle. We develop a search model that shows that the strong procyclicality of internal movement is driven by the cost of simultaneously holding two homes, which varies endogenously over the cycle. The estimated model shows t...
-
作者：Halket, Jonathan; Nesheim, Lars; Oswald, Florian
作者单位：Texas A&M University System; Texas A&M University College Station; University of Essex; University of London; University College London; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner-occupied markets? What can answers to these questions tell us about economic theories of homeownership? Using the English Housing Survey, we estimate a selection model of property allocations to the owner-occupied and rental sectors. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection i...
-
作者：Pizzinelli, Carlo; Theodoridis, Konstantinos; Zanetti, Francesco
作者单位：International Monetary Fund; Cardiff University
摘要：This article documents state dependence in labor market fluctuations. Using a Threshold Vector Autoregression (TVAR) model, we establish that the unemployment rate, the job separation rate, and the job-finding rate (JFR) exhibit a larger response to productivity shocks during periods with low aggregate productivity. A Diamond-Mortensen-Pissarides model with endogenous job separation and on-the-job search replicates these empirical regularities well. We calibrate the model to match the standard...
-
作者：Bandyopadhyay, Siddhartha; Chatterjee, Kalyan; Roy, Jaideep
作者单位：University of Birmingham; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Bath
摘要：We analyze how information about candidate quality affects the choice of electoral platforms made by an office-motivated political challenger. The incumbent is of known quality and located at the ideal policy of the voter. The voter cares for both policy and the candidates' quality and can learn about the challenger's quality by buying information. A high-quality challenger then has an incentive to signal her quality by choosing a policy that induces the voter to buy information. We first stud...
-
作者：Wang, Liang; Wright, Randall; Liu, Lucy Qian
作者单位：University of Hawaii System; University of Hawaii Manoa; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; International Monetary Fund
摘要：We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Agents use cash and credit because the former (latter) is subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We derive closed-form solutions for money demand, and show how to simultaneously account for the price-change facts, cash-credit shares in micro data, and money-interest correla...
