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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：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：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...
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作者：Azzimonti, Marina
作者单位：State University of New York (SUNY) System; Stony Brook University
摘要：I examine the role of political instability and fractionalization as potential explanations for the lack of capital flows from rich countries to poor countries (i.e., the Lucas Paradox). Using panel data from 1984 to 2014, I document that (i) developed countries exhibit larger inflows of foreign direct investment (FDI), (ii) countries subject to high investment risk (IR) receive low FDI inflows, and (iii) IR is higher in fractionalized and politically unstable economies. These findings suggest...
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作者：Gilboa, Itzhak; Postlewaite, Andrew; Samuelson, Larry; Schmeidler, David
作者单位：Hautes Etudes Commerciales (HEC) Paris; Tel Aviv University; University of Pennsylvania; Yale University
摘要：We suggest that one way in which economic analysis is useful is by offering a critique of reasoning. According to this view, economic theory may be useful not only by providing predictions, but also by pointing out weaknesses of arguments. It is argued that when a theory requires a nontrivial act of interpretation, its roles in producing predictions and offering critiques vary in a substantial way. We offer a formal model in which these different roles can be captured.
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作者：Weiss, Yoram; Yi, Junjian; Zhang, Junsen
作者单位：Tel Aviv University; National University of Singapore; Chinese University of Hong Kong
摘要：This article analyzes cross-border marriages between mainland China and Hong Kong (HK). We examine the effects of a reduction in cross-border marriage costs following an increase in marriage-migration quotas and the handover of HK to China. We find that cross-border marriages mainly involve men from the low tail of the HK attribute distribution. We also find that HK women's position in the marriage market and within households deteriorated following the reduction in cross-border marriage costs...
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作者：Maican, Florin G.; Orth, Matilda
作者单位：KU Leuven; University of Gothenburg; Research Institute of Industrial Economics (IFN)
摘要：Welfare effects of entry regulations are theoretically ambiguous in differentiated product markets. We use a dynamic oligopoly model of entry and exit with store-type differentiation and static price setting to evaluate how entry regulations affect long-run profitability, market structure, and welfare. Based on unique data for all retail food stores in Sweden, we estimate demand, recover variable profits, and estimate entry costs and fixed costs by store type. Counterfactual policy experiments...
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作者：Rachedi, Omar
作者单位：Banco de Espana
摘要：Can households' inattention to the stock market quantitatively account for the inertia in portfolio rebalancing? I address this question by introducing an observation cost into a production economy with heterogeneous agents. In this environment, inattention changes endogenously over time and across agents. I find that inattention explains the inertia in portfolio rebalancing and its heterogeneity across households. Inattention also rationalizes the limited stock market participation observed i...
