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作者：Hassan, Tarek A.; Mertens, Thomas M.; Zhang, Tony
作者单位：Boston University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We develop a novel, risk-based theory of the effects of exchange rate stabilization. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a country's currency to appreciate when the marginal utility of international investors is high lower the required rate of return on the country's currency and increase the world-market value of domestic f...
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作者：Berry, Steven T.; Compiani, Giovanni
作者单位：Yale University; National Bureau of Economic Research; University of Chicago
摘要：We present a new class of methods for identification and inference in dynamic models with serially correlated unobservables, which typically imply that state variables are econometrically endogenous. In the context of Industrial Organization, these state variables often reflect econometrically endogenous market structure. We propose the use of Generalized Instrument Variables methods to identify those dynamic policy functions that are consistent with instrumental variable (IV) restrictions. Ex...
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作者：Moraga-Gonzalez, Jose Luis; Sandor, Zsolt; Wildenbeest, Matthijs R.
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Sapientia Hungarian University of Transylvania; Babes Bolyai University from Cluj; University of Arizona
摘要：This article develops a discrete choice model of demand with optimal sequential consumer search. Consumers first choose a product to search; then, once they learn the utility they get from the searched product, they choose whether to buy it or to keep searching. We characterize the search problem as a standard discrete choice problem and propose a parametric search cost distribution that generates closed-form expressions for the probability of purchasing a product. We propose a method to estim...
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作者：L'Huillier, Jean-Paul; Singh, Sanjay R.; Yoo, Donghoon
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Brandeis University; Brandeis University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; Academia Sinica - Taiwan; University of Osaka
摘要：Diagnostic expectations constitute a realistic behavioural model of inference. This paper shows that this approach to expectation formation can be productively integrated into the New Keynesian framework. Diagnostic expectations generate endogenous extrapolation in general equilibrium. We show that diagnostic expectations generate extra amplification in the presence of nominal frictions; a fall in aggregate supply generates a Keynesian recession; fiscal policy is more effective at stimulating ...
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作者：Bachas, Pierre; Gadenne, Lucie; Jensen, Anders
作者单位：ESSEC Business School; University of London; London School Economics & Political Science; Queen Mary University London; Centre for Economic Policy Research - UK; Harvard University; National Bureau of Economic Research
摘要：Can taxes on consumption redistribute in developing countries? Contrary to consensus, we show that taxing consumption is progressive once we account for informal consumption. Using household expenditure surveys in 32 countries, we proxy for informal consumption using the type of store where purchases occur. We establish that the budget share spent in informal stores steeply declines with income, so that richer households pay a substantially larger share of their income in taxes. Our findings i...
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作者：Azar, Jose; Huet-Vaughn, Emiliano; Marinescu, Ioana; Taska, Bledi; von Wachter, Till
作者单位：University of Navarra; IESE Business School; Claremont Colleges; Pomona College; University of Pennsylvania; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：This paper shows that more highly concentrated labour markets experience more positive employment effects of the minimum wage. In the most concentrated labour markets, employment rises following a minimum wage increase. The paper establishes its main findings by studying the effects of local minimum wage increases on a key low-wage retail sector, and using data on labour market concentration that covers the entirety of the U.S. with fine spatial variation at the occupation level. The results c...
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作者：Bishop, Kelly C.; Ketcham, Jonathan D.; Kuminoff, Nicolai V.
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：We study whether long-term cumulative exposure to airborne small particulate matter (PM2.5) affects the probability that an individual receives a new diagnosis of Alzheimer's disease or related dementias. We track the health, residential location, and PM2.5 exposures of Americans aged sixty-five and above from 2001 through 2013. The expansion of Clean Air Act regulations led to quasi-random variation in individuals' subsequent exposures to PM2.5. We leverage these regulations to construct inst...
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作者：Favilukis, Jack; Mabille, Pierre; Van Nieuwerburgh, Stijn
作者单位：University of British Columbia; INSEAD Business School; Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Housing affordability is the main policy challenge for most large cities in the world. Zoning changes, rent control, housing vouchers, and tax credits are the main levers employed by policymakers. How effective are they at combatting the affordability crisis? We build a dynamic stochastic spatial equilibrium model to evaluate the effect of these policies on the well-being of its citizens. The model endogenizes house prices, rents, construction, labour supply, output, income, and wealth inequal...
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作者：Jiang, Zhengyang; Krishnamurthy, Arvind; Lustig, Hanno
作者单位：Northwestern University; National Bureau of Economic Research; Stanford University
摘要：We develop a model of the global financial cycle with one key ingredient: the international demand for safe dollar assets. The model matches patterns of dollar borrowing and currency mismatch, the U.S. external balance sheet, exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In doing so, we lay out a novel transmission mechanism through which the U.S. monetary policy affects the currency market and the global economy....
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作者：Luz, Vitor Farinha; Gottardi, Piero; Moreira, Humberto
作者单位：University of British Columbia; University of Essex; Universita Ca Foscari Venezia
摘要：This paper studies a competitive model of insurance markets in which consumers are privately informed about their risk and risk preferences. We provide a characterization of the equilibria, which depend non-trivially on consumers' type distribution, a desirable feature for policy analysis. The use of consumer characteristics for risk classification is modeled as the disclosure of a public informative signal. A novel property of signals, monotonicity, is shown to be necessary and sufficient for...
