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作者：Kohn, David; Leibovici, Fernando; Szkup, Michal
作者单位：Universidad Torcuato Di Tella; York University - Canada; University of British Columbia
摘要：This article studies the role of financial frictions as a barrier to international trade. We study new exporter dynamics to identify how these frictions affect export decisions. We introduce a borrowing constraint and working capital requirements into a standard model of international trade, with exports more working capital intensive than domestic sales. Our model can quantitatively account for new exporter dynamics in contrast to a model with sunk export entry costs. We provide additional ev...
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作者：Santos, Cezar; Weiss, David
作者单位：Getulio Vargas Foundation; Tel Aviv University
摘要：A striking change in American society in the last 40 years has been the decline and delay in marriage. The fraction of young adults who have never been married increased significantly between 1970 and 2000. Idiosyncratic labor income volatility also rose. We establish a quantitatively important link between these facts. If marriage involves consumption commitments, then a rise in income volatility delays marriage. We quantitatively assess this hypothesis vis-a-vis others in the literature. Inc...
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作者：Cahuc, Pierre; Charlot, Olivier; Malherbet, Franck
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Ecole Polytechnique; CY Cergy Paris Universite; Institut Polytechnique de Paris; ENSAE Paris; Universite de Rouen Normandie
摘要：This article provides a simple model that explains the choice between permanent and temporary jobs. This model, which incorporates important features of actual employment protection legislations neglected by the economic literature so far, reproduces the main stylized facts about entries into permanent and temporary jobs observed in Continental European countries. We find that job protection has very small effects on total employment but induces large substitution of temporary jobs for permane...
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作者：Giustinelli, Pamela
作者单位：University of Michigan System; University of Michigan
摘要：Predicting group decisions under uncertainty requires disentangling individual members' utilities over the consequences of choice, their expectations for uncertain outcomes, and their choice process as a group. I estimate simple Bayesian models of child-parent choice of high school track with subjective risk and unilateral or bilateral, nonstrategic decisions, by combining families' actual choices with novel survey information about children's and parents' subjective probabilities over choice ...
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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：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...
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作者：Kormilitsina, Anna; Nekipelov, Denis
作者单位：Southern Methodist University; University of Virginia
摘要：The Laplace-type estimator has become popular in applied macroeconomics, in particular for estimation of dynamic stochastic general equilibrium (DSGE) models. It is often obtained as the mean and variance of a parameter's quasi-posterior distribution, which is defined using a classical estimation objective. We demonstrate that the objective must be properly scaled; otherwise, arbitrarily small confidence intervals can be obtained if calculated directly from the quasi-posterior distribution. We...
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作者：Bianchi, Francesco; Melosi, Leonardo
作者单位：Cornell University; Duke University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop methods to solve general equilibrium models in which forward-looking agents are subject to waves of pessimism, optimism, and uncertainty that turn out to critically affect macroeconomic outcomes. Agents in the model are fully rational and conduct Bayesian learning, and they know that they do not know. Therefore, agents take into account that their beliefs will evolve according to what they will observe. This framework accommodates both gradual and abrupt changes in beliefs and allow...
