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作者：Amaral, Pedro S.; Quintin, Erwan; Corbae, Dean
作者单位：California State University System; California State University Fullerton; University of Wisconsin System; University of Wisconsin Madison
摘要：The volume of cash-flow transformation activities has grown markedly over the past few decades. We develop a dynamic model that characterizes the effects of changes in the costs and benefits of security creation. Lower tranching costs and increases in foreign appetite for safe assets can both increase costly security creation with positive effects on GDP and have diverse macroeconomic implications. Whereas the former counterfactually increases yields, the latter lowers them and also raises ren...
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作者：Cai, Xiaoming
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：This article studies efficiency in a general class of search models where both unemployed and employed workers search for better jobs and can meet multiple firms simultaneously. Employers can respond to outside offers and wages are a weighted average of the productivities of the current employer and a credible poaching firm. I derive a condition that balances firms' bargaining power and their meeting externality. This condition ensures efficiency of both worker turnover and firm entry. Finally...
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作者：Rebien, Martina; Stops, Michael; Zaharieva, Anna
作者单位：University of Bielefeld
摘要：We explore the relationship between firms' characteristics and recruitment strategies. We present a theoretical search model with two search channels: a costly formal channel and a costless informal channel (referrals). We empirically test the model predictions and find that: larger firms search more formally; firms search more formally for high-skilled workers; the positive relationship between firm's size and formal search intensity also holds for firms not using referrals; firms using refer...
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作者：Blevins, Jason R.; Shi, Wei; Haurin, Donald R.; Moulton, Stephanie
作者单位：University System of Ohio; Ohio State University; Jinan University; University System of Ohio; Ohio State University
摘要：Using unique data on reverse mortgage borrowers in the Home Equity Conversion Mortgage (HECM) program, we semiparametrically estimate a dynamic discrete choice model of borrower behavior. Our estimator is based on a new identification result we develop for models with multiple terminating actions. We show that the per-period utility functions and discount factor are identified without restrictive, ad hoc identifying restrictions that lead to incorrect counterfactual implications. Our estimates...
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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...
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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...
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作者：Fosgerau, Mogens; Melo, Emerson; De Palma, Andre; Shum, Matthew
作者单位：University of Copenhagen; Indiana University System; Indiana University Bloomington; CY Cergy Paris Universite; Institut Polytechnique de Paris; ENSAE Paris; California Institute of Technology
摘要：This article establishes a general equivalence between discrete choice and rational inattention models. Matejka and McKay (2015) showed that when information costs are modeled using the Shannon entropy, the choice probabilities in the rational inattention (RI) model take the multinomial logit form. We show that, for one given prior over states, RI choice probabilities may take the form of any additive random utility discrete choice model (ARUM) when the information cost is a Bregman informatio...
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作者：Al-Ubaydli, Omar; List, John A.; Suskind, Dana
作者单位：George Mason University; George Mason University; University of Chicago; National Bureau of Economic Research; University of Chicago
摘要：Policymakers are increasingly facing the challenge of scaling empirical insights. This study provides a theoretical lens into the science of how to use science. Through a simple model, we highlight three elements of the scale-up problem: (1) when does evidence become actionable; (2) properties of the population; and (3) properties of the situation. Until these three areas are fully understood, the threats to scalability will render any scaling exercise as particularly vulnerable. Accordingly, ...
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作者：Feri, Francesco; Pin, Paolo
作者单位：University of London; Royal Holloway University London; University of Trieste; University of Siena; Bocconi University; Bocconi University
摘要：We generalize the results on the monotonicity of equilibria for network games with incomplete information. We show that not only the distinction betweenstrategic complementsandstrategic substitutesis important in determining the nature of the Bayesian Nash equilibria, but the nature of the statistic itself is also determinant. We show that understanding the underlying forces behind people's choices may be of fundamental importance for a policymaker that wants to incentivize efficient behavior.
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作者：Gu, Chao; Han, Han; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; Peking University; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison
摘要：We analyze the impact of news (information shocks) in economies where liquidity matters, including those with endogenous credit limits, and those with assets serving as collateral or media of exchange. Although we also consider news about productivity and credit conditions, a leading case concerns monetary policy announcements. Real or monetary news has big effects on markets, potentially causing cyclic or boom-bust responses, even though we focus on the unique transition consistent with stati...
