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作者：Gottardi, Piero; Rahi, Rohit
作者单位：European University Institute; Universita Ca Foscari Venezia; University of London; London School Economics & Political Science
摘要：We study the value of public information in competitive economies with incomplete markets. We show that generically the welfare effect of a change in the information available prior to trading can be in any direction: There exist changes in information that make all agents better off and changes for which all agents are worse off. In contrast, for any change in information, a Pareto improvement is feasible, that is, attainable by a planner facing the same informational and asset market constra...
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作者：Bullard, James; Eusepi, Stefano
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Since the introduction of rational expectations, there have been issues with multiple equilibria and equilibrium selection. We study the connections between determinacy of rational expectations equilibrium and learnability of that equilibrium in a general class of purely forward-looking models. Our framework is sufficiently flexible to encompass lags in agents' information and either finite horizon or infinite horizon approaches to learning. We are able to isolate conditions under which determ...
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作者：Mitchener, Kris James; Yan, Se
作者单位：Santa Clara University; University of Warwick; Peking University
摘要：Newly assembled data show that, as China opened up to global trade during the early 20th century, its exports became more unskilled-intensive and its imports more skill-intensive. Difference-in-differences estimates show that World War I dramatically increased Chinese exports, raising the relative demand for the unskilled workers producing them. When the war ended, trade costs declined and China's terms of trade increased, further stimulating exports. A simulation of a dynamic general equilibr...
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作者：Zubairy, Sarah
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This article contributes to the debate on fiscal multipliers, in the context of an estimated dynamic stochastic general equilibrium model, featuring a rich fiscal policy block and a transmission mechanism for government spending shocks. I find the multiplier for government spending to be 1.07, which is largest on impact. The multipliers for labor and capital tax on impact are 0.13 and 0.34, respectively. The effects of tax cuts take time to build and exceed stimulative effects of spending by 1...
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作者：Sun, Bo
作者单位：Peking University
摘要：The article investigates stock return dynamics in an environment where executives have an incentive to maximize their compensation by artificially inflating earnings. A principal-agent model with financial reporting and managerial effort is embedded in a Lucas asset-pricing model with periodic revelations of the firm's underlying profitability. The return process generated from the model is consistent with a range of empirical regularities observed in the return data: volatility clustering, as...
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作者：Feng, Zhigang; Miao, Jianjun; Peralta-Alva, Adrian; Santos, Manuel S.
作者单位：Purdue University System; Purdue University; Boston University; Zhejiang University; Central University of Finance & Economics; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Miami
摘要：In this article, we propose a recursive equilibrium algorithm for the numerical simulation of nonoptimal dynamic economies. This algorithm builds upon a convergent operator over an expanded set of state variables. The fixed point of this operator defines the set of all Markovian equilibria. We study approximation properties of the operator. We also apply our recursive equilibrium algorithm to various models with heterogeneous agents, incomplete financial markets, endogenous and exogenous borro...
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作者：Gemici, Ahu; Wiswall, Matthew
作者单位：New York University; Arizona State University; Arizona State University-Tempe
摘要：Although women in the United States now complete more college degrees than men, the distribution of college majors among college graduates remains unequal, with women about two-thirds as likely as men to major in business or science. We develop and estimate a dynamic, overlapping generations model of human capital investments and labor supply. We allow for specific college major choices, instead of aggregating these choices to the education level. Results show that changes in skill prices, hig...
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作者：Yenokyan, Karine; Seater, John J.; Arabshahi, Maryam
作者单位：Nazarbayev University; North Carolina State University
摘要：We study the world trading equilibrium in a Ricardian model, where factors of production are produced and traded. Even in the absence of technology transfer, international investment, research and development, and aggregate scale effects, trade affects economic growth through comparative advantage. Trade may raise the growth rate or leave it unchanged, depending on the patterns of comparative and absolute advantage. Trade in factors of production can effectively equalize technology even when t...
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作者：Murto, Pauli; Tervio, Marko
作者单位：Aalto University
摘要：We introduce a post-entry liquidity constraint to the standard model of a firm with serially correlated profitability and an irreversible exit decision. We assume that firms with no cash holdings and negative cash flow must either exit or raise new cash at a transaction cost. This creates a precautionary motive for holding cash, which must be traded off against the liquidity cost of holding cash. We characterize the optimal exit and payout policy. The direct effect of financial frictions is to...
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作者：Chassamboulli, Andri; Palivos, Theodore
作者单位：University of Cyprus; Athens University of Economics & Business
摘要：We analyze the impact of the U.S. skill-biased immigration influx that took place between 2000 and 2009 within a search and matching model that allows for skill heterogeneity, differential search cost, and capital-skill complementarity. We find that although the skill-biased immigration raised the overall net income to natives, it had distributional effects. Specifically, unskilled native workers gained in terms of both employment and wages. Skilled native workers, however, gained in terms of ...
