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作者：Bajari, Patrick; Hahn, Jinyong; Hong, Han; Ridder, Geert
作者单位：University of California System; University of California Los Angeles; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Stanford University; University of Southern California
摘要：We view a game abstractly as a semiparametric mixture distribution and study the semiparametric efficiency bound of this model. Our results suggest that a key issue for inference is the number of equilibria compared to the number of outcomes. If the number of equilibria is sufficiently large compared to the number of outcomes, root-n consistent estimation of the model will not be possible. We also provide a simple estimator in the case when the efficiency bound is strictly above zero.
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作者：Fisher, Jonas D. M.; Gervais, Martin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Southampton; University of Iowa
摘要：We document that home ownership of households with heads aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-5 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities seemingly made it easier to purchase a home. This article uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand these developments. A trend toward marrying later mechanically lowers young h...
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作者：Bellemare, Charles; Shearer, Bruce
作者单位：Laval University; Laval University
摘要：We investigate the economic relevance and the composition of gifts within a firm where output is contractible. We develop a structural behavioral model that identifies workers' optimal reaction to monetary gifts received from their employer. We estimate the model using data from two separate field experiments conducted within a tree-planting firm. We use the estimated structural parameters to generalize beyond the experiment, simulating how workers would react to different gifts on the part of...
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作者：Smith, Katherine A.
作者单位：United States Department of Defense; United States Navy; United States Naval Academy
摘要：General Equilibrium asset pricing models have a difficult time simultaneously delivering a sizable equity premium, a low and counter cyclical real risk free rate, and cyclical variation in return volatility. To explain these stylized facts, this article introduces occasionally binding financing constraints that impede producers' ability to invest. The financial frictions drive a wedge between the marginal rate of substitution and firms' internal stochastic discount factors so that the shadow v...
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作者：Runkel, Marco; Schjelderup, Guttorm
作者单位：Technical University of Berlin
摘要：This paper investigates the choice of apportionment factors under a corporate tax system of Formula Apportionment. In contrast to perceived wisdom, we show that the apportionment formula contains both mobile (capital) and immobile (labor) factors, regardless of whether the formula is determined decentrally by jurisdictions or centrally by a central planner. The central planner uses the formula as a corrective instrument to internalize fiscal externalities. We calibrate the model to the Europea...
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作者：Danielsson, Jon; Penaranda, Francisco
作者单位：University of London; London School Economics & Political Science; Pompeu Fabra University
摘要：We develop a coordination game to model interactions between fundamentals and liquidity during unstable periods in financial markets. We then propose a flexible econometric framework for estimation of the model and analysis of its quantitative implications. The specific empirical application is carry trades in the yen-dollar market, including the turmoil of 1998. We find a generally very deep market, with low information disparities among agents. We observe occasional episodes of market fragil...
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作者：Araujo, Luis; Minetti, Raoul
作者单位：Michigan State University; Getulio Vargas Foundation
摘要：We compare allocations sustained by credit with allocations sustained by bank notes (inside money) in a search model with decentralized trade and limited monitoring. We demonstrate that there exists a credit arrangement that is superior to inside money. However, in contrast with inside money, this arrangement is not robust to an expansion of trade that is not accompanied by an adequate increase in the degree of monitoring. Therefore, banks are essential when trade is intense and monitoring is ...
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作者：Aruoba, Boragan
作者单位：University System of Maryland; University of Maryland College Park
摘要：Monetary models that specify explicit frictions to generate money demand have been developed over the last 20 years and have been used to address many questions. In this article, I investigate the short-run properties of a particular model considering a number of versions based on some modeling choices. All versions feature flexible prices. I find that in many aspects, both real and nominal, the model resembles other, more reduced-form models. Some variations of the model come closer to matchi...
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作者：Coles, Melvyn G.; Francesconi, Marco
作者单位：University of Essex
摘要：We explore how gender bias in career opportunities affects matching in a marriage market with search frictions and where an individual's fitness decays with age. We document a being left on the shelf effect where young singles, who find the marriage market rapidly thins with age, rush into early partnership. Singles with stronger career opportunities, however, have a greater option value to defer marriage. More equal career opportunities for women (captured by greater schooling and better occu...
