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作者：Liu, Nianqing; Luo, Yao
作者单位：Shanghai University of Finance & Economics; University of Toronto
摘要：This article proposes a nonparametric test for comparing valuation distributions in first-price auctions. Our test is motivated by the fact that two valuation distributions are the same if and only if their integrated quantile functions are the same. Our method avoids estimating unobserved valuations and does not require smooth estimation of bid density. We show that our test is consistent against all fixed alternatives and has nontrivial power against root-N local alternatives. Monte Carlo ex...
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作者：Lanz, Bruno; Dietz, Simon; Swanson, Timothy
作者单位：University of Neuchatel; University of London; London School Economics & Political Science
摘要：We structurally estimate a two-sector Schumpeterian growth model with endogenous population and finite land reserves to study the long-run evolution of global population, technological progress, and the demand for food. The estimated model closely replicates trajectories for world population, GDP, sectoral productivity growth, and crop land area from 1960 to 2010. Projections from 2010 onward show a slowdown of technological progress, and, because it is a key determinant of fertility costs, si...
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作者：Seoane, Hernan D.
作者单位：Universidad Carlos III de Madrid
摘要：This article studies the role of endogenous markups in the transmission of volatility shocks in real models. I design a variant of a small open economy model with volatility shocks and firm dynamics that gives rise to endogenous markups. I calibrate this model to match the business cycle facts in emerging economies and show that the impact of volatility shocks is substantially amplified if markups are endogenously time varying. Volatility shocks increase savings, due to precautionary motives, ...
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作者：Ruhl, Kim J.; Willis, Jonathan L.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：We document that new exporters initially export small amounts, grow gradually, and are most likely to exit the export market in their first few years. We find that the standard sunk-cost model cannot replicate these new exporter dynamics: New exporters grow too large too quickly and live too long. In a modified sunk-cost model that can account for these facts, the entry costs needed to match the data are three times smaller than in the sunk-cost model. Dynamic models with richer plant-level he...
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作者：Trapeznikova, Ija
作者单位：University of London; Royal Holloway University London
摘要：Standard models of labor adjustment assume that firms can change only the size of their workforce (the extensive margin) and not the number of hours of their existing employees (the intensive margin) in response to shocks. I propose a general equilibrium search model that allows for adjustment on both of these margins. The model includes on-the-job search that generates different vacancy filling and attrition rates across firms. I calibrate the model to a unique matched employer-employee panel...
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作者：Eraslan, Hulya; Kosar, Gizem; Li, Wenli; Sarte, Pierre-Daniel
作者单位：Rice University; Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We build a structural model that captures salient features of personal bankruptcy under Chapter 13. We estimate our model using a novel data set that we construct from bankruptcies filed in Delaware between 2001 and 2002. Our estimation results highlight the importance of a debtor's choice of repayment plan length on other Chapter 13 outcomes. We use the estimated model to conduct policy experiments to evaluate the impact of more stringent laws that impose restrictions on the length of repayme...
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作者：Li, Fei; Weng, Xi
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Peking University
摘要：This article nests a continuous-time learning model a la Jovanovic (Journal of Political Economy 92 (1984), 108-22) into a directed on-the-job search framework. We prove that the socially efficient allocation is separable, that is, the workers' value functions and optimal controls are independent of both the distribution of workers across their current match qualities and the unemployment rate. We characterize the dynamics of job transitions in the efficient allocation. Furthermore, when the m...
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作者：Lewis, Vivien; Winkler, Roland
作者单位：KU Leuven; Deutsche Bundesbank; Dortmund University of Technology
摘要：This article documents empirically that net firm entry robustly rises after a U.S. government spending expansion. We use this new finding to test the empirical validity of various model features that have been proposed to generate consumption crowding-in after positive expenditure shocks. Endogenous-entry models typically fail to generate the observed joint increase in consumption and entry. Model features that dampen the wealth effect, such as rule-of-thumb households or complementarity betwe...
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作者：Gomis-Porqueras, Pedro; Julien, Benoit; Wang, Chengsi
作者单位：Deakin University; University of New South Wales Sydney; University of Mannheim; Monash University
摘要：Imperfect observability and costly informative advertising are introduced into a standard directed search framework. Capacity-constrained sellers send costly advertisements to direct buyers' uncoordinated search by specifying their location and terms of trade. We show that the equilibrium advertising intensity is nonmonotonic in the buyer-seller ratio. In addition, we also find that price posting dominates auctions since both mechanisms yield the same expected revenue, but the latter results i...
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作者：Chambers, Christopher P.; Hayashi, Takashi
作者单位：University of California System; University of California San Diego; University of Glasgow
摘要：In a social choice context, we ask whether there exists a rule in which nobody loses under trade liberalization. We consider a resource allocation problem in which the traded commodities vary. We propose an axiom stating that enlarging the set of tradable commodities hurts nobody. We show that if a rule satisfies this axiom, together with an allocative efficiency axiom and an institutional constraint axiom stating that only preferences over tradable commodities matter, gains from trade can be ...
