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作者：Coimbra, Nuno; Rey, Helene
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作者：Sun, Tiancheng
作者单位：University of Edinburgh
摘要：I build a macroeconomic model that features chronic excess capacity. Firms can use their capacity to compete for buyers who are not fully attentive to prices. If one firm expands capacity while other firms do not, it steals or attracts profitable demand from others. Theoretically, I show that this capacity competition can cause an over-accumulation of capacity. In the presence of chronic excess capacity, capital resources can be slack, and demand shocks can have large effects on output. The mo...
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作者：Bronsoler, Ari; Gruber, Jonathan; Seira, Enrique
作者单位：Alphabet Inc.; Google Incorporated; Massachusetts Institute of Technology (MIT); Instituto Tecnologico Autonomo de Mexico
摘要：Public health systems are dominant in much of the world but often face fiscal constraints that lead to rationing of care. As a result, private sector healthcare providers could in theory beneficially supplement public systems, but evaluating the benefits of private alternatives has been challenging. We evaluate a private supplement to the free public health system for one of the world's deadliest health problems, diabetes. We estimate enormous impacts of the private supplement, increasing the ...
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作者：Chodorow-Reich, Gabriel; Guren, Adam M.; McQuade, Timothy J.
作者单位：Harvard University; National Bureau of Economic Research; Boston University; University of California System; University of California Berkeley
摘要：With 2020 hindsight, the 2000s housing cycle is not a boom-bust but a boom-bust-rebound. Using a spatial equilibrium regression in which house prices are determined by income, amenities, urbanization, and supply, we show that long-run city-level fundamentals predict not only 1997-2019 price and rent growth but also the amplitude of the boom-bust-rebound. This evidence motivates our model of a cycle rooted in fundamentals. Households learn about fundamentals by observing dividends but become ov...
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作者：Acemoglu, Daron; Ozdaglar, Asuman; Siderius, James
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Dartmouth College
摘要：We present a model of online content sharing where agents sequentially observe an article and decide whether to share it with others. This content may or may not contain misinformation. Each agent starts with an ideological bias and gains utility from positive social media interactions but does not want to be called out for propagating misinformation. We characterize the (Bayesian-Nash) equilibria of this social media game and establish that it exhibits strategic complementarities. Under this ...
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作者：Jagadeesan, Ravi; Vocke, Karolina
作者单位：Stanford University; University of Innsbruck
摘要：In matching models, pairwise-stable outcomes do not generally exist without substantial restrictions on both preferences and the topology of the network of contracts. We address the foundations of matching markets by developing a matching model with a continuum of agents that allows for arbitrary preferences and network structures. We show that pairwise-stable outcomes are guaranteed to exist. When agents can interact with multiple other counterparties, pairwise stability is too weak of a solu...
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作者：Aizawa, Naoki; Kim, Soojin; Rhee, Serena
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University System of Georgia; Georgia State University; Chung Ang University
摘要：This article studies how firms' screening incentives in the labour market affect the optimal design of social insurance programs and quantitatively assesses the U.S. disability policies accounting for firms' screening of the disabled. We develop an equilibrium search model where workers with different productivities have heterogeneous preferences over non-wage benefits and firms cannot offer an employment contract that explicitly depends on worker types. In this environment, firms may use cont...
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作者：Cunat, Alejandro; Zymek, Robert
作者单位：University of Vienna; Leibniz Association; Ifo Institut; International Monetary Fund
摘要：If sectoral trade flows obey structural gravity, countries' bilateral trade imbalances are the result of macro trade imbalances, triangular trade, or pairwise asymmetric trade barriers. Using data for 40 major economies and the Rest of the World, we show that large and pervasive asymmetries in trade barriers are required to account for most of the observed variation in bilateral imbalances. A dynamic quantitative trade model suggests that eliminating these asymmetries would significantly reduc...
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作者：Ferrero, Andrea; Harrison, Richard; Nelson, Benjamin
作者单位：Centre for Economic Policy Research - UK; University of Oxford; Bank of England
摘要：This paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions. The analysis accounts for both an effective lower bound on the nominal interest rate and an upper bound on the ability of LTV limits to stimulate credit demand. The welfare-based loss function features a role for macro-prudential policy to enhance risk-sharing. Optimal LTV limits are strongly co...
