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作者：Chen, Heng; Lu, Yang K.; Suen, Wing
作者单位：University of Hong Kong; Hong Kong University of Science & Technology
摘要：We study how rumors mobilize individuals who take collective action. Rumors may or may not be informative, but they create public topics on which people can exchange their views. Individuals with diverse private information rationally evaluate the informativeness of rumors about regime strength. A rumor against the regime can coordinate a larger mass of attackers if individuals can discuss its veracity than if they cannot. Communication can be so effective that a rumor can have an even greater...
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作者：Dardati, Evangelina
作者单位：Universidad Alberto Hurtado
摘要：I use a firm dynamics model to compare two permit allocation schemes commonly used in pollution permit systems. In the first, closing plants keep their permits, and new entrants do not get them, whereas in the second, closing plants lose their permits, and new entrants get free allowances. Calibrating the model with data from power plants participating in the U.S. program, I find that, compared to the first scheme, in the second arrangement, (i) plants stay, on average, 3.6 years longer and (i...
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作者：Kubota, Kohei; Fukushige, Mototsugu
作者单位：Yamagata University; University of Osaka
摘要：The life cycle/permanent income hypothesis (LCPIH) entails two postulates: People have rational expectations and people do not have problems with self-control. If either or both of these postulates do not apply, we cannot obtain a testable implication for the LCPIH. We use Japanese representative panel data that include responses to self-reported and retrospective questions in order to elicit behavior such as forward-looking and self-control problems. We test the rational expectations hypothes...
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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：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：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：Fujiwara-Greve, Takako; Greve, Henrich R.; Jonsson, Stefan
作者单位：Keio University; INSEAD Business School; Uppsala University
摘要：This article is inspired by real-world phenomena that firms lose customers based on imprecise information and take a long time to recover. If consumers are playing an ordinary repeated game with fixed partners, there is no clear reason why recovery happens slowly. However, if consumers are playing an endogenously repeated game, a class of simple efficient equilibria exhibits the asymmetry of fast loss and slow recovery of customers after a bad signal. Exit is systematic, but formation of a new...
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作者：Imrohoroglu, Selahattin; Kitao, Sagiri; Yamada, Tomoaki
作者单位：University of Southern California; Keio University; Meiji University
摘要：Japan is aging and has the highest government debt-to-output ratio among advanced economies. In this article, we build a micro data-based, large-scale overlapping generations model for Japan in which individuals differ in age, gender, employment type, income, and asset holdings, and incorporate the Japanese pension rules. Using existing pension law, current fiscal policy, and medium variants of demographic projections, we produce future paths for government expenditures and tax revenues, with ...
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作者：Foerster, Andrew T.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：This article considers the determinacy and distributional consequences of regime switching in monetary policy. Although switching in the inflation target does not affect determinacy, switches in the inflation response can cause indeterminacy. Satisfying the Taylor principle period by period is neither necessary nor sufficient for determinacy when inflation responses switch; indeterminacy can arise if monetary policy responds too aggressively to inflation in the active regime. Inflation target ...
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作者：Rho, Youngwoo; Rodrigue, Joel
作者单位：Vanderbilt University
摘要：This article characterizes the complementarity between exporting and investment in physical capital. We argue that new investment allows young exporters to grow faster and survive longer in export markets while reducing their vulnerability to productivity or demand shocks across markets. We structurally estimate our model using detailed firm-level data. We find that the choice of cost structure has a large impact on model performance and the estimated costs of exporting or investment. Using de...
