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作者：Vespa, Emanuel
作者单位：University of California System; University of California Santa Barbara
摘要：This article studies experimentally to what extent subjects can cooperate in a dynamic common pool game, where the stage game changes endogenously. Although efficiency can be supported with strategies that condition on history, the main finding is that it is difficult to cooperate. Even if the incentives to cooperate are large, modal behavior can be rationalized with equilibrium Markov strategies that do not condition on history. The popularity of Markov strategies, however, is decreasing in t...
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作者：Oh, Joonseok
作者单位：Free University of Berlin
摘要：This article studies the effects of uncertainty shocks on economic activity, focusing on inflation. Using a vector autoregression, I show that increased uncertainty has negative demand effects, reducing GDP and prices. I then consider standard New Keynesian models with Rotemberg-type and Calvo-type price rigidities. Despite the belief that the two schemes are equivalent, I show that they generate different dynamics in response to uncertainty shocks. In the Rotemberg model, uncertainty shocks d...
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作者：Albouy, David; Stuart, Bryan A.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National Bureau of Economic Research; George Washington University
摘要：We develop a neoclassical general equilibrium model to explain cross-metro variation in population and density. We provide new methods to estimate traded and nontraded productivities, and elasticities of housing and land supply, using density and land area data. From wage and housing cost indices, the model explains half of U.S. density and population variation and finds that quality of life determines location choices more than trade productivity; productivity and factor substitution in housi...
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作者：Citanna, Alex; Siconolfi, Paolo
作者单位：New York University; New York University Abu Dhabi; Columbia University
摘要：We design a competitive market for exclusive contracts in large economies with observable types where trades are subject to postcontractual manipulations. We do not impose quantity restrictions at the trading stage-for example, incentive constraints on the consumption or production sets. We establish existence and constrained optimality of equilibrium. Our design can accommodate manipulations stemming from private information as well as from behavioral biases-for example, time inconsistency an...
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作者：Loenser, Christian; Schabert, Andreas
作者单位：University of Cologne
摘要：This article examines how financial constraints affect redistribution via monetary policy. We explore a novel mechanism of monetary nonneutrality, which is based on debt limits imposed in nominal terms. Specifically, when debt is constrained by current income, monetary policy can alter the real terms of borrowing. Changes in inflation exert ambiguous effects, depending on the initial debt/wealth position and the willingness to borrow. We show analytically that borrowers can benefit from increa...
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作者：Gauer, Florian; Kuzmics, Christoph
作者单位：University of Bielefeld; University of Graz
摘要：Two individuals are involved in a conflict situation in which preferences are ex ante uncertain. Although they eventually learn their own preferences, they have to pay a small cost if they want to secretly learn their opponent's preferences. We show that there is an interval with an upper bound less than 1 and lower bound greater than zero such that, for sufficiently small positive costs of information acquisition, in any Bayesian Nash equilibrium of the resulting game of incomplete informatio...
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作者：Lessem, Rebecca; Sanders, Carl
作者单位：Carnegie Mellon University; Indiana University System; Indiana University Bloomington
摘要：Immigrants to the United States routinely take jobs below their skill qualifications because of barriers to entering occupations. We use a structural model of immigrant job choice to quantify the benefits of potential policies to promote entry into suitable occupations. We estimate the model using longitudinal labor market data on immigrants to the United States. Our counterfactual results show that eliminating barriers to occupational entry would lead to only a small earnings increase for the...
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作者：Dotsey, Michael; Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：In a model with fixed cost of price adjustment and idiosyncratic shocks, two parameterizations match a large set of microeconomic facts, yet display different degrees of nonneutrality. Although there is substantial nonneutrality in both cases, the model does not behave like a time-dependent model, as changes in the distribution of firms account for roughly a third of the short-run response of the price level to a monetary shock. We use the model to examine how aggregating firm behavior can gen...
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作者：Garcia-Santana, Manuel; Moral-Benito, Enrique; Pijoan-Mas, Josep; Ramos, Roberto
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre for Economic Policy Research - UK; Banco de Espana
摘要：Measured total factor productivity (TFP) fell in Spain during the boom years of 1995-2007. Using administrative data from the quasi-universe of firms, we show that there was an increase in misallocation, which was more severe in sectors where connections with public officials are more important for business success. We write and estimate a simple model of cronyism in which heterogeneous firms invest in political connections. Our quantitative exercise concludes that the institutional decline ov...
