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作者：Jones, Larry E.; Schoonbroodt, Alice
作者单位：University of Southampton; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Demographers emphasize decreased mortality and economic development as the main contributors generating the demographic transition. Contrary to previous findings, we show that simple dynastic models a la Barro-Becker can reproduce observed changes in fertility in response to decreased mortality and increased productivity growth if the intertemporal elasticity of substitution is low enough. We show that this is largely due to number and welfare of children being substitutes in the utility of pa...
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作者：Liu, Qing; Shi, Shouyong
作者单位：University of Toronto; Tsinghua University
摘要：We integrate a monetary search model into open-economy macro to analyze the gains from coordinating on inflation. Search frictions and local congestion lead to a determinate exchange rate between two currencies. Relative prices deviate from the law of one price. Because the deviations depend on the cross-country differential in money growth, each country is tempted to inflate to exploit the deviations. Policy coordination reduces inflation and improves welfare for all countries. In contrast to...
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作者：Townsend, Robert M.; Ueda, Kenichi
作者单位：International Monetary Fund; Massachusetts Institute of Technology (MIT)
摘要：Financial liberalization has been a controversial issue, as empirical evidence for growth enhancing effects is mixed. Here, we find sizable welfare gains from liberalization (cost to repression), although the gain in economic growth is ambiguous. We take the view that financial liberalization is a government policy that alters the path of financial deepening, whereas financial deepening is endogenously chosen by agents given a policy and occurs in transition toward a distant steady state. This...
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作者：Choi, Jay Pil; Kristiansen, Eirik Gaard; Nahm, Jae
作者单位：Korea University; University of New South Wales Sydney; Yonsei University
摘要：It is a widely adopted practice for firms to announce new products well in advance of actual market availability, especially in the computer industry. In this article, a firm makes pre-announcements on its product, which are cheap talk. We develop a reputation model of vaporware where the product pre-announcement can partially convey information about the product's quality. We discuss its implications for social welfare.
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作者：Magill, Michael; Quinzii, Martine
作者单位：University of California System; University of California Davis; University of Southern California
摘要：This article uses Taylor series expansions and the assumption of small risks to derive a comoment criterion that firms should maximize so that the resulting equilibrium is Pareto optimal. This is done in two models of production under uncertainty: the state-of-nature (SN) model in which the firms' outputs depend on states of nature and financial markets are complete with respect to these states of nature and the probability (P) model in which the firms' risky outputs are modeled by their joint...
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作者：Flabbi, Luca
作者单位：Georgetown University
摘要：This article develops a search model of the labor market with matching, bargaining, and employers' taste discrimination in which-under necessary but standard distributional assumption-it is possible to separately identify gender discrimination and unobserved productivity differences. The equilibrium shows that both prejudiced and unprejudiced employers wage discriminate. Maximum likelihood estimates on CPS data indicate that half of the employers are prejudiced, average female productivity is ...
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作者：Duffy, John; Feltovich, Nick
作者单位：University of Aberdeen; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We report results from an experiment that explores the empirical validity of correlated equilibrium, an important generalization of Nash equilibrium. Specifically, we examine the conditions under which subjects playing the game of Chicken will condition their behavior on private third-party recommendations drawn from publicly announced distributions. We find that when recommendations are given, behavior differs from both a mixed-strategy Nash equilibrium and behavior without recommendations. I...
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作者：Amaral, Pedro S.; Quintin, Erwan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We present a model of economic development where the importance of financial differences caused by limited enforcement can be measured. Economies where enforcement is poor direct less capital to the production sector and employ less efficient technologies. Calibrated simulations reveal that the resulting effect on output is large. Furthermore, the model correctly predicts that the average scale of production should rise with the quality of enforcement. Finally, we find that the importance of l...
