-
作者：Fella, Giulio; Frache, Serafin; Koeniger, Winfried
作者单位：University of London; Queen Mary University London; Universidad de Montevideo; University of St Gallen; Leibniz Association; Ifo Institut
摘要：We exploit information on the joint dynamics of household labor income, consumption, and wealth in the Italian Survey of Household Income and Wealth to structurally estimate a buffer-stock saving model. We compare the degree of consumption smoothing implied by the model to the corresponding empirical estimates based on the same data set. We estimate that Italian households smooth 12% of permanent income shocks in the data that is comparable to the model counterpart of 11% . This result contras...
-
作者：Zhu, Shenghao
作者单位：University of International Business & Economics
摘要：In this article, I first study an income fluctuation problem with endogenous labor supply. Let beta be the agent's time discount factor and R>0 be the constant gross rate of return on assets. For beta R=1, I show that the agent's wealth either approaches infinity almost surely or converges to a finite level almost surely. For beta R<1, I prove the existence, uniqueness, and stability of the stationary distribution of state variables. I then show the existence of the stationary general equilibr...
-
作者：Ko, Chiu Yu; Li, Duozhe
作者单位：Chinese University of Hong Kong; Chinese University of Hong Kong
摘要：We study a one-to-many bargaining model in which one active player bargains with every passive player on how to share the surplus of a joint project. The order of bargaining is not fixed and the active player decides whom to bargain with in each period. Our model admits a rich set of equilibria and we identify the upper and lower bounds of equilibrium payoffs. We also examine whether two natural ordering protocols often assumed in existing studies can sustain endogenously. Although the queuing...
-
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：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：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：Miao, Jianjun; Wang, Pengfei; Zha, Tao
作者单位：Boston University; Hong Kong University of Science & Technology; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research
摘要：The price-rent ratio in commercial real estate is highly volatile and its variation comoves with the business cycle. To account for these facts, we develop a dynamic general equilibrium model that introduces a rental market and incorporates the liquidity constraint on an individual firm's production as a key ingredient. Our estimation identifies the discount shock as the most important factor in driving price-rent dynamics and linking the dynamics in the real estate market to those in the real...
-
作者：Jeitschko, Thomas D.; Tremblay, Mark J.
作者单位：Michigan State University; University System of Ohio; Miami University
摘要：We consider two-sided markets in which consumers and firms endogenously determine whether they single-home, multi-home, or exit the market. We find that the competitive bottleneck allocation in which consumers single-home and firms multi-home is always an equilibrium. In addition, we find equilibria with multi-homing and single-homing on each side of the market. However, unlike the standard pricing result where the side that multi-homes faces higher prices, we find that lower prices coincide w...
