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作者：Dioikitopoulos, Evangelos V.; Turnovsky, Stephen J.; Wendner, Ronald
作者单位：University of London; King's College London; Athens University of Economics & Business; University of Washington; University of Washington Seattle; University of Graz
摘要：This article advances the hypothesis that the intensity of status preferences depends negatively on the average wealth of society (endogenous dynamic status effect), in accordance with empirical evidence. Our theory replicates the contradictory historical facts of an increasing saving rate along with declining returns to capital over time. By affecting the dynamics of the saving rate, the dynamic status effect raises inequality, thereby providing a behavioral mechanism for the observed diverse...
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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：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：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...
