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作者：Araujo, Aloisio; Berriel, Tiago; Santos, Rafael
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; Getulio Vargas Foundation; Central Bank of Brazil
摘要：In a global games setup with imperfect commitment technology, we show that low targetsthe ones close to the optimal inflation under perfect commitmentare unattainable, leading to a trade-off between low and credible targets. Moreover, since noisy public information helps to coordinate expectations around the announced target, our article supports unconventional policy prescriptions. First, weaker countries need to impose higher targets. Second, less transparency helps to make the announced tar...
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作者：Boileau, Martin; Moyen, Nathalie
作者单位：University of Colorado System; University of Colorado Boulder
摘要：We investigate the factors driving the unprecedented rise in corporate liquidities since the 1970s. We find that an economy-wide reduction in the cost of holding liquidities and an increase in risk best explain the rise in cash holdings and the widespread use of credit lines. The structural estimation results shed light on two widely acknowledged motives for holding cash. The precautionary motive and the liquidity motive translate risk exposure into cash holdings. Our results, however, do not ...
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作者：Cohen-Zada, Danny; Margalit, Yotam; Rigbi, Oren
作者单位：Ben-Gurion University of the Negev; Tel Aviv University
摘要：Does religiosity affect adherents' attitude toward political compromise? To address this question and overcome the potential simultaneity of religious activity and political attitudes, we exploit exogenous variation in the start date of the Selichot (Forgiveness), a period in which many Jews, including nonadherents, take part in an intense prayer schedule. Using a two-wave survey, we find that an increase in the salience of religiosity leads to the adoption of more hard-line positions against ...
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作者：Park, Joon Y.; Shintani, Mototsugu
作者单位：Indiana University System; Indiana University Bloomington; Sungkyunkwan University (SKKU); University of Tokyo; Vanderbilt University
摘要：This article develops a novel test for a unit root in general transitional autoregressive models, which is based on the infimum of t-ratios for the coefficient of a parametrized transition function. Our test allows for very flexible specifications of the transition function and short-run dynamics and is significantly more powerful than all the other existing tests. Moreover, we develop a large sample theory general enough to deal with randomly drifting parameter spaces, which is essential to p...
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作者：Blanchet, Adrien; Mossay, Pascal; Santambrogio, Filippo
作者单位：Newcastle University - UK; Universite Paris Saclay
摘要：We extend Beckmann's spatial model of social interactions to the case of a two-dimensional spatial economy with a large class of utility functions, accessing costs, and space-dependent amenities. We show that spatial equilibria derive from a potential functional. By proving the existence of a minimizer of the functional, we obtain that of spatial equilibrium. Under mild conditions on the primitives of the economy, the functional is shown to satisfy displacement convexity. Moreover, the strict ...
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作者：Hosono, Kaoru; Miyakawa, Daisuke; Uchino, Taisuke; Hazama, Makoto; Ono, Arito; Uchida, Hirofumi; Uesugi, Iichiro
作者单位：Gakushuin University; Hitotsubashi University; Chuo University; Kobe University; Hitotsubashi University
摘要：This article investigates the effect of banks' lending capacity on firms' investment. To identify exogenous shocks to loan supply, we utilize the natural experiment provided by Japan's Great Hanshin-Awaji earthquake in 1995. Using a unique data set that allows us to identify firms and banks in the earthquake-affected areas, we find that the investment ratio of firms located outside the earthquake-affected areas but having a main bank inside the areas was significantly smaller than that of firm...
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作者：Martimort, David; Straub, Stephane
作者单位：Paris School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We analyze how long-term uncertainty, for example, regarding future climate conditions, affects the design of concession contracts and organizational forms in a principal-agent context, with dynamic moral hazard, limited liability, and irreversibility constraints. The prospect of future, uncertain productivity shocks on the returns on the firm's effort creates an option value of delaying efforts, a course that exacerbates agency costs. Contracts and organizational forms are drafted to control ...
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作者：DeVaro, Jed; Guertler, Oliver
作者单位：California State University System; California State University East Bay; University of Cologne
摘要：We provide a new theory to explain why firms multitask workers instead of specializing them. Workers overperform in tasks they like and underperform in tasks they dislike to favorably influence future job assignments. Anticipating this, firms may find it optimal to commit to future multitasking to induce workers to appropriately allocate effort early in the employment relationship. We show that when the product market is volatile, so that future product prices are uncertain, the firm's ability...
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作者：Grieco, Paul L. E.; Li, Shengyu; Zhang, Hongsong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Durham University; University of Hong Kong
摘要：We propose a method to consistently estimate production functions in the presence of input price dispersion when intermediate input quantities are not observed. We find that the traditional approach to dealing with unobserved input quantitiesusing deflated expenditure as a proxysubstantially biases the production estimates. In contrast, our method controls for heterogeneous input prices by exploiting the first-order conditions of the firm's profit maximization problem and consistently recovers...
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作者：Basile, Achille; Graziano, Maria Gabriella; Pesce, Marialaura
作者单位：University of Naples Federico II
摘要：We study economies that involve both small and large traders as well as the choice of a public project. Within this framework, we establish two sufficient conditions under which the set of competitive allocations coincides with the core. Our first core equivalence result holds under the assumption that there is a countably infinite set of large traders similar to each other. The second result, independent of the number of large traders, requires the existence of a coalition of small traders wi...
