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作者：Preonas, Louis
作者单位：University System of Maryland; University of Maryland College Park
摘要：Economists have widely endorsed pricing CO2 emissions to internalize climate change-related externalities. Doing so would significantly affect coal, the most carbon-intensive energy source. However, U.S. coal markets exhibit an additional distortion: the railroads that transport coal to power plants can exert market power. This article estimates how coal-by-rail markups respond to changes in coal demand. I identify markups in a major intermediate goods market using both reduced-form and struct...
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作者：Liu, Qingmin; Wong, Yu Fu
作者单位：Columbia University; University of Warwick
摘要：This paper analyses a model of strategic exploration in which competing players independently explore a set of alternatives. The model features a multiple-player multiple-armed bandit problem and captures a strategic trade-off between pre-emption-covert exploration of alternatives that the opponent will explore in the future-and prioritization-exploration of the most promising alternatives. Our results explain how the strategic trade-off shapes equilibrium behaviours and outcomes, for example,...
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作者：Caramp, Nicolas; Singh, Sanjay R.
作者单位：University of California System; University of California Davis
摘要：Safe asset shortages can expose an economy to liquidity traps. The nature of these traps is determined by the cyclicality of the bond premium. A counter-cyclical bond premium opens the possibility of expectations-driven liquidity traps in which small issuances of government debt crowd out private debt and reduce output. In contrast, when the bond premium is pro-cyclical and the economy is in a liquidity trap, government debt is expansionary. In the data, we find evidence of a counter-cyclical ...
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作者：Iovino, Luigi; Sergeyev, Dmitriy
作者单位：Bocconi University
摘要：We study the effects of central bank balance sheet policies-namely, quantitative easing and foreign exchange interventions-in a model where people form expectations through an iterative level-k thinking process. We emphasize two main theoretical results. First, under a broad set of conditions, central bank interventions are effective under level-k thinking, while they are neutral in the rational expectations equilibrium. Second, when preferences exhibit constant relative risk aversion, asset p...
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作者：Pycia, Marek; Yenmez, M. Bumin
作者单位：University of Zurich; Boston College
摘要：We incorporate externalities into the stable matching theory of two-sided markets. Extending the classical substitutes condition to markets with externalities, we establish that stable matchings exist when agent choices satisfy substitutability. We show that substitutability is a necessary condition for the existence of a stable matching in a maximal-domain sense and provide a characterization of substitutable choice functions. In addition, we extend the standard insights of matching theory, l...
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作者：Broadbent, Ben; Di Pace, Federico; Drechsel, Thomas; Harrison, Richard; Tenreyro, Silvana
作者单位：Bank of England; University of London; London School Economics & Political Science
摘要：The U.K. economy experienced significant macroeconomic adjustments following the 2016 referendum on its withdrawal from the European Union. To understand these adjustments, this paper presents empirical facts using novel U.K. macroeconomic data and estimates a small open economy model with tradable and non-tradable sectors. We demonstrate that the referendum outcome can be interpreted as news about a future decline in productivity growth in the tradable sector. An immediate fall in the relativ...
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作者：Banerjee, Abhijit; Breza, Emily; Chandrasekhar, Arun G.; Duflo, Esther; Jackson, Matthew O.; Kinnan, Cynthia
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University; Stanford University; Universite PSL; College de France; The Santa Fe Institute; Tufts University
摘要：We show that the entry of formal financial institutions can have far-reaching and long-lasting impacts on informal lending and social networks more generally. We first study the introduction of microfinance in 75 villages in Karnataka, India, 43 of which were exposed to microfinance. Using difference-in-differences, we show that networks shrank more in exposed villages. Moreover, links between households that were both unlikely to borrow from microfinance were at least as likely to disappear a...
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作者：Rambachan, Ashesh; Roth, Jonathan
作者单位：Microsoft; Massachusetts Institute of Technology (MIT); Brown University
摘要：This paper proposes tools for robust inference in difference-in-differences and event-study designs where the parallel trends assumption may be violated. Instead of requiring that parallel trends holds exactly, we impose restrictions on how different the post-treatment violations of parallel trends can be from the pre-treatment differences in trends (pre-trends). The causal parameter of interest is partially identified under these restrictions. We introduce two approaches that guarantee unifor...
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作者：Valmari, Nelli
摘要：Multiproduct firms constitute a considerable share of firms and account for an even greater share of production. Nevertheless, the vast majority of production function estimates are based on the assumption that firms are single-product manufacturers. This assumption is due to a lack of data on how firms allocate their inputs across their various product lines. I provide a strategy for estimating product-specific input allocations and production functions of multiproduct firms involved in monop...
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作者：Kekre, Rohan
作者单位：National Bureau of Economic Research
摘要：I study unemployment insurance (UI) in general equilibrium with incomplete markets, search frictions, and nominal rigidities. An increase in generosity raises the aggregate demand for consumption if the unemployed have a higher marginal propensity to consume than the employed or if agents precautionary save in light of future income risk. This raises output and employment unless monetary policy raises the nominal interest rate. In an analysis of the U.S. economy over 2008-2014, UI benefit exte...
