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作者：Lombardo, Giovanni; Uhlig, Harald
作者单位：Bank for International Settlements (BIS); University of Chicago
摘要：Often, numerical simulations for dynamic, stochastic models in economics are needed. Kim et al. (Journal of Economic Dynamics and Control 32 2008, 3397-414) proposed pruning to deal with the challenge of generating explosive paths when employing second-order approximations. In this article, we provide a theory of pruning and formulas for pruning of any order. Our approach builds on Judd's Numerical Methods in Economics (1998), chapter 13. We provide a comparison to existing methods.
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作者：Tabuchi, Takatoshi; Thisse, Jacques-Francois; Zhu, Xiwei
作者单位：University of Tokyo; HSE University (National Research University Higher School of Economics); Center for Economic & Policy Research (CEPR); Zhejiang University
摘要：We study how technological progress in manufacturing and migration costs interact to shape the space economy. Rising labor productivity in the manufacturing sector fosters the agglomeration of activities, whereas falling transport costs associated with technological and organizational innovations foster their dispersion. Since these two forces have been at work for a long time, the final outcome must depend on how drops in the costs of producing and trading goods interact with the various cost...
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作者：Cooper, Russell; Nikolov, Kalin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European Central Bank
摘要：This article studies the interaction of government debt and financial markets. This interaction, termed a diabolic loop, is driven by government choice to bail out banks and the resulting incentives for banks to hold government debt instead of self-insure through equity buffers. We highlight the role of bank equity issuance in determining whether the diabolic loop is a Nash equilibrium of the interaction between banks and the government. When equity is issued, no diabolic loop exists. In equil...
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作者：Kim, Young-Chul; Loury, Glenn C.
作者单位：Sogang University; Brown University
摘要：Economists have developed theoretical models identifying self-fulfilling expectations as an important source of statistical discrimination practices. The static models dominating the literature, however, may leave the false impression that a bad equilibrium is as fragile as a bubble and can burst at any moment when expectations flip. By developing a dynamic version of the model, we clarify the limits of expectations-related fragility. Even if group members can coordinate their expectations abo...
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作者：Lagerlof, Johan N. M.; Schottmueller, Christoph
作者单位：University of Copenhagen; Tilburg University
摘要：We study a monopoly insurance model with endogenous information acquisition. Through a continuous effort choice, consumers can determine the precision of a privately observed signal that is informative about their accident risk. The equilibrium effort is, depending on parameter values, either zero (implying symmetric information) or positive (implying privately informed consumers). Regardless of the nature of the equilibrium, all offered contracts, also at the top, involve underinsurance, whic...
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作者：Athreya, Kartik; Sanchez, Juan M.; Tam, Xuan S.; Young, Eric R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; City University of Hong Kong; University of Virginia; Zhejiang University
摘要：This article documents and interprets a fact central to the dynamics of informal consumer debt default. We observe that for individuals 60- 90 days late on payments, (i) 85% make payments during the next quarter, and (ii) 40% reduce their debt. To understand these facts, we develop a quantitative model of debt delinquency and bankruptcy. Our model reproduces the dynamics of delinquency and suggests an interpretation of the data in which lenders frequently reset loan terms for delinquent borrow...
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作者：Geromichalos, Athanasios; Jung, Kuk Mo
作者单位：University of California System; University of California Davis; Hanyang University
摘要：The foreign exchange (FOREX) market is an over-the-counter market characterized by intermediation and significant bid-ask spreads. However, most of the existing international macroeconomics literature models the FOREX as a standard Walrasian market. This article constructs a dynamic general equilibrium model of intermediation in the FOREX market. We use our framework to compute standard measures of FOREX liquidity, such as bid-ask spreads and trade volume, and study how they are affected by ma...
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作者：Krishna, Kala; Lychagin, Sergey; Frisancho, Veronica
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; Central European University; Inter-American Development Bank
摘要：Placement, both in university and in the civil service, according to performance in competitive exams is the norm in much of the world. Repeat taking of such exams is common despite the private and social costs it imposes. We develop and estimate a structural model of exam retaking using data from Turkey's university placement exam. Limiting retaking results in all agents gaining ex ante and most gaining ex post. This result comes from a general equilibrium effect: Retakers crowd the market an...
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作者：Chan, Tat; Murphy, Alvin; Wang, Li
作者单位：Washington University (WUSTL); Arizona State University; Arizona State University-Tempe; Shanghai University of Finance & Economics
摘要：We investigate the economic determinants of contract structure and entry with transfer contracts, which specify that manufacturers directly sell their products in retail stores while retailers collect sales revenue and return a transfer to the manufacturers. Using a unique data set describing entry decisions of clothing manufacturers into a retail department store, we estimate a two-sided, asymmetric-information entry model. We compare profit estimates under transfer contracts to counterfactua...
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作者：Koehne, Sebastian
作者单位：University of Kiel; Leibniz Association; Ifo Institut
摘要：This article proposes a dynamic Mirrleesian theory of commodity taxation in the presence of durable goods. A uniform taxation across all goods is suboptimal even when the consumption preferences are separable from labor. If the consumption utility function is strictly concave and durable stocks are adjustable without friction, durable investment should be taxed at a higher rate than the purchase of nondurable goods. With adjustment frictions, the wedge on durable investment depends on substitu...
