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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...
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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...
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作者：Galenianos, Manolis; Kircher, Philipp
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of London; London School Economics & Political Science
摘要：We provide a unified directed search framework with general production and matching specifications that encompass most of the existing literature. We prove the existence of subgame perfect Nash equilibria in pure firm strategies in a finite version of the model. We use this result to derive a more complete characterization of the equilibrium set for the finite economy and to extend convergence results as the economy becomes large to general production and matching specifications. The latter ex...
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作者：Judd, Kenneth L.; Schmedders, Karl; Yeltekin, Sevin
作者单位：University of Zurich; Carnegie Mellon University
摘要：There are two important rules to patent races: minimal accomplishment necessary to receive the patent and the allocation of the innovation benefits. We study the optimal combination of these rules. A planner, who cannot distinguish between competing firms in a multistage innovation race, chooses the patent rules by maximizing either consumer or social surplus. We show that efficiency cost of prizes is a key consideration. Races are undesirable only when efficiency costs are low, firms are simi...
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作者：Mumtaz, Haroon; Zanetti, Francesco
作者单位：Bank of England
摘要：This article studies the dynamic response of labor input to neutral technology shocks. It uses benchmark dynamic, stochastic, general equilibrium models enriched with labor market search and matching frictions and investment-specific technological progress that enables a new, agnostic, identification scheme based on sign restrictions on a structural vector autoregression (SVAR). The estimation supports an increase of labor input in response to neutral technology shocks. This finding is robust ...
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作者：Celen, Bogachan; Oezertuerk, Saltuk
作者单位：Columbia University; Southern Methodist University
摘要：Are hedging transactions that diversify a managers compensation risk detrimental to incentives, or can they improve contracting efficiency? If hedging provides efficiency benefits, should the manager or the firm undertake it? In our model, both the firm and the manager can trade financial portfolios to diversify the managers compensation risk. Prior to the portfolio selection, the parties need to acquire information on how different financial portfolios fit their diversification purposes. We i...
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作者：Gawande, Kishore; Krishna, Pravin; Olarreaga, Marcelo
作者单位：Johns Hopkins University; Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research; University of Geneva
摘要：Competition between opposing lobbies is an important factor in the endogenous determination of trade policy. This article investigates the consequences of lobbying competition between upstream and downstream producers. The theoretical structure underlying the empirical analysis is the well-known GrossmanHelpman model of trade policy determination, modified to account for the cross-sectoral use of inputs (itself a quantitatively significant phenomenon, with around 50% of manufacturing output be...
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作者：He, Yin; Maskus, Keith E.
作者单位：University of Colorado System; University of Colorado Boulder; University of International Business & Economics
摘要：We develop a general equilibrium model of endogenous innovation and foreign direct investment (FDI). In the benchmark model, Northern firms innovate with the help of localized spillovers, and a share of new products is transferred to Southern production via FDI. An increase in Southern imitation risk reduces this share. In the extended model, we permit higher-cost Southern innovation, which yields inefficient specialization in both regions and reduces global growth. However, it generates a U-s...
