-
作者：Chen, Yongmin; Hua, Xinyu
作者单位：Hong Kong University of Science & Technology; University of Colorado System; University of Colorado Boulder; Zhejiang University
摘要：A firm can increase product safety through ex ante investment and can remedy quality problems after sales. An increase in product liability raises returns to ex ante investment through higher consumer demand, but may also negatively affect the investment incentive due to more ex post remedial activities. The trade-off between these output and substitution effects can result in an inverted U-shaped relationship between product liability and ex ante investment. We find that the firm prefers full...
-
作者：Anderson, James E.
作者单位：Boston College; National Bureau of Economic Research
摘要：Trade subject to predation generates externalities within and between markets. Efficient tax, infrastructure, and enforcement policies internalize the net externalitymore trade implies fewer predators but drawn to trade at rising cost. The balance is positive (negative) as enforcement is weak (strong). Dual economies pair weak Periphery and strong Core enforcement markets. Efficient taxation and infrastructure promote the Core at the expense of the Periphery. Efficient enforcement promotes bot...
-
作者：Ino, Hiroaki; Matsumura, Toshihiro
作者单位：Kwansei Gakuin University; University of Tokyo
摘要：This article investigates the relationship between the HerfindahlHirschman Index (HHI) and welfare in multiple-leader Stackelberg models. We formulate two long-run models of free entry of followers; in the first (second) model, leaders select their output before (after) the entry of the followers. We find that in both models, in contrast to the short-run models, the Stackelberg model yields a larger welfare and HHI than the Cournot model does regardless of the number of leaders; that is, benef...
-
作者：Carrillo, Paul E.
作者单位：George Washington University
摘要：This article specifies and estimates a computationally tractable stationary equilibrium model of the housing market. The model is rich and incorporates many of its unique features: buyers and sellers simultaneous search behavior, heterogeneity in their motivation to trade, transaction costs, a trading mechanism with posting prices and bargaining, and the availability of an exogenous advertising technology that induces endogenous matching. Estimation uses Maximum Likelihood methods and Multiple...
-
作者：Antoniades, Alexis
作者单位：Georgetown University
摘要：The pricing behavior of firms is a central issue in international macroeconomics. Using the introduction of the euro as a natural experiment I find that year-to-year volatility in import prices among Eurozone members diminished by 4% on average after the introduction of the euro. Additionally, I show that the magnitude of the drop was commensurate with the drop in exchange rate volatility. On the other hand, when looking at exports, I find that the introduction of the euro had no impact on exp...
-
作者：Carare, Octavian
摘要：This article uses daily data on the ranking by sales of the top 100 apps sold through Apples App Store to provide evidence of the causal impact of todays bestseller rank information on tomorrows demand. The estimates indicate that the willingness to pay of consumers is about $4.50 greater for a top ranked app than for the same unranked app. The results also indicate that the effects of bestseller status on willingness to pay decline steeply with rank at the top ranks, but remain economically s...
-
作者：van Ommeren, Jos; Wentink, Derk
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：It has been argued that distortionary tax policies, which stipulate that employer parking is not taxed as a benefit in kind, as well as minimum parking requirements induce welfare losses. Using Dutch data, we show that current tax policies induce welfare losses of about 10% of employer parking resource costs. Hypothetical minimum parking requirements for employers, at levels currently applied in the United States, induce an additional deadweight loss of 18% of employer parking resource costs.
-
作者：Chong, Yanping; Jorda, Oscar; Taylor, Alan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Minnesota State Colleges & Universities; Winona State University; University of California System; University of California Davis; University of Virginia; National Bureau of Economic Research
摘要：Frictions and perturbations may influence currency values in the short run, but it is generally acknowledged that real-exchange rates eventually settle toward equilibrium. The puzzle then is how gradually this parity is reached given the fluidity in foreign exchange markets. Persistent differences in the relative productivity of countriesa broad characterization of the HarrodBalassaSamuelson hypothesismay help explain this puzzle. This article introduces methods to estimate equilibrium adjustm...
-
作者：Herrendorf, Berthold; Schmitz, James A., Jr.; Teixeira, Arilton
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We return to two questions concerning the 19th century U.S. transportation revolution. First, to what extent were transportation improvements responsible for the large changes in the regional distribution of population in the United States and, within regions, for the changes in industry structure? Second, how important were transportation improvements for welfare gains? We find that transport improvements were the key factor driving where people lived and what industry they worked in. We also...
-
作者：Benhabib, Jess; Jovanovic, Boyan
作者单位：New York University
摘要：We ask what level of migration would maximize world welfare. Welfare is assumed to be a weighted average of the utilities of the worlds various citizens, but the weights are also country specific. Using a calibrated one-sector model, we find that unless the weights are heavily biased toward the natives of rich countries, the extent of migration that would be optimal far exceeds the levels observed today. The claim remains true in a two-sector extension of the model. All versions of the model a...
