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作者：McGrattan, ER; Prescott, EC
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
摘要：Many stock market analysts think that in 1929, at the time of the crash, stocks were overvalued. Irving Fisher argued just before the crash that fundamentals were strong and the stock market was undervalued. In this article, we use growth theory to estimate the fundamental value of corporate equity and compare it to actual stock valuations. Our estimate is based on values of productive corporate capital, both tangible and intangible, and tax rates on corporate income and distributions. The evi...
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作者：Besfamille, M
作者单位：Universidad Torcuato Di Tella
摘要：A hierarchical model of collusion in local public works is presented. A local authority plans to undertake a project, delegating its construction to a construction firm. Both of them know the project's cost. However, the federal government decides whether to subsidize the project without knowing its cost. Therefore, the local authority and the constructor may agree to misreport their private information, in order to benefit from the allocation of federal grants. We show that different collusiv...
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作者：Temzelides, T; Yu, JL
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Princeton University
摘要：We introduce lack-of-recall of past transactions as an alternative assumption to anonymity in a model where trade is centralized. In environments where there is an intertemporal lack-of-double-coincidence of wants problem and lack-of-commitment, lack-of-recall can give rise to monetary equilibria that dominate nonmonetary outcomes in terms of welfare.
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作者：Eichberger, J; Kelsey, D
作者单位：Ruprecht Karls University Heidelberg; University of Exeter; University of Birmingham
摘要：If players' beliefs are strictly nonadditive, the Dempster-Shafer updating rule can be used to define beliefs off the equilibrium path. We define an equilibrium concept in sequential two-person games where players update their beliefs with the Dempster-Shafer updating rule. We show that in the limit as uncertainty tends to zero, our equilibrium approximates Bayesian Nash equilibrium. We argue that our equilibrium can be used to define a refinement of Bayesian Nash equilibrium by imposing conte...
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作者：Barelli, P; Pessôa, SD
作者单位：University of Rochester
摘要：We show that Bailey's rule holds true in Cole and Stockman's (1992) model of endogenous specialization.
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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：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：Cordoba, JC; Ripoll, M
作者单位：Rice University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result holds under more standard assumptions. We find that collateral constraints typically generate small output amplification. Large amplification is obtained as a knife-edge type of result.
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作者：Sieg, H; Smith, VK; Banzhaf, HS; Walsh, R
作者单位：Carnegie Mellon University; National Bureau of Economic Research; North Carolina State University; Resources for the Future; University of Colorado System; University of Colorado Boulder
摘要：The purpose of this article is to report a new approach for measuring the general equilibrium willingness to pay for large changes in spatially delineated public goods such as air quality. We estimate the parameters of a locational equilibrium model and compute equilibria for alternative scenarios characterizing the availability of public goods within a system of communities. Welfare measures take into consideration the adjustments of households in equilibrium to nonmarginal changes in public ...
