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作者：Del Negro, M; Schorfheide, F
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This article uses a simple New Keynesian dynamic stochastic general equilibrium model as a prior for a vector autoregression, and shows that the resulting model is competitive with standard benchmarks in terms of forecasting, and can be used for policy analysis.
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作者：Lang, K; Majumdar, S
作者单位：Boston University; National Bureau of Economic Research; Queens University - Canada
摘要：This article examines nonsequential search when jobs vary with respect to nonpecuniary characteristics. In the presence of frictions in the labor market, the equilibrium job distribution need not show evidence of compensating wage differentials. The model also generates several pervasive features of labor markets: unemployment and vacancies, apparent discrimination, and market segmentation. When workers are homogeneous, restrictions on the range of job offers decrease welfare and cannot reduce...
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作者：Boldrin, M; Levine, DK
作者单位：University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate should the prospect of monopoly power not be present. This theme of monopoly runs throughout the theory of growth, international trade, and industrial organization. We argue that monopoly is neither needed for, nor a necessary consequence of innovation. In particular, intellectual property is not necessary for, ...
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作者：Andersen, TG; Bollerslev, T; Meddahi, N
作者单位：Northwestern University; National Bureau of Economic Research; Duke University; Universite de Montreal
摘要：Estimation and forecasting for realistic continuous-time stochastic volatility models is hampered by the lack of closed-form expressions for the likelihood. In response, Andersen, Bollerslev, Diebold, and Labys (Econometrica, 71 (2003), 579-625) advocate forecasting integrated volatility via reduced-form models for the realized volatility, constructed by summing high-frequency squared returns. Building on the eigenfunction stochastic volatility models, we present analytical expressions for the...
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作者：Dolmas, J; Huffman, GW
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Vanderbilt University
摘要：In this article, we analyze an economy in which agents vote over immigration policy and redistributive tax policy. We show that natives' preferences over immigration are influenced by the prospect that immigrants will be voting over future tax policy. We also show that changes in the degree of international capital mobility, the distribution of initial capital among natives, the wealth or poverty of the immigrant pool, and the future voting rights and entitlements of immigrants can have dramat...
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作者：Bergin, J; Bernhardt, D
作者单位：Queens University - Canada; City University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We study economic environments in which agents make choices on the basis of relative performance criteria and call the associated class of dynamic adjustment rules comparative dynamics. We distinguish two classes of learning behavior: learning from the population experience (imitative dynamics) and learning only from one's own experience (introspective dynamics). Paradoxically, for a broad class of models, comparing stochastically stable states across dynamics, agent payoffs are lower for imit...
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作者：Choi, JP; Davidson, C
作者单位：Michigan State University; University of Nottingham
摘要：Multinationals often serve foreign markets by exporting as well as by investing directly in foreign production facilities. We argue that if the multinational competes in an oligopolistic market characterized by strategic complements then there are strategic reasons to use two production facilities--committing to a second source allows the firm to keep average cost low while increasing its marginal cost. The increase in marginal cost softens product market competition resulting in higher profit...
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作者：Burdett, K; Lagos, R; Wright, R
作者单位：University of Pennsylvania; New York University
摘要：We extend simple search models of crime, unemployment, and inequality to incorporate on-the-job search. This is valuable because, although simple models are useful, on-the-job search models are more interesting theoretically and more relevant empirically. We characterize the wage distribution, unemployment rate, and crime rate theoretically, and use quantitative methods to illustrate key results. For example, we find that increasing the unemployment insurance replacement rate from 53 to 65 per...
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作者：Calvó-Armengol, A; Zenou, Y
作者单位：Autonomous University of Barcelona; University of Southampton
摘要：Delinquents compete with each other in criminal activities but benefit from being friends with other criminals by learning and acquiring proper know-how on the crime business. We study the subgame-perfect Nash equilibrium of this game in which individuals decide first to work or to become a criminal and then the crime effort provided if criminals. We show that multiple equilibria with different numbers of active criminals and levels of involvement in crime activities may coexist and are only d...
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作者：Li, H; Suen, W
作者单位：University of Hong Kong; University of Toronto
摘要：In markets for entry-level professionals, the insurance motive drives some participants to sign early contracts. The rush to early contracting can be self-fulfilling, as both its effect on expectations about demand-supply balance in the subsequent spot market and the effect on it from changes in the demand-supply balance can be nonmonotone. Matching markets with more risk-averse participants, a greater uncertainty regarding relative supply of positions, or a more polarized distribution of appl...
