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作者：Ashlagi, Itai; Nikzad, Afshin; Strack, Philipp
作者单位：University of Southern California; Yale University
摘要：We study dynamic matching in exchange markets with easy- and hard-to-match agents. A greedy policy, which attempts to match agents upon arrival, ignores the positive externality that waiting agents provide by facilitating future matchings. We prove that the trade-off between a thicker market and faster matching vanishes in large markets; the greedy policy leads to shorter waiting times and more agents matched than any other policy. We empirically confirm these findings in data from the Nationa...
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作者：Caoui, El Hadi
作者单位：University of Toronto; University of Toronto
摘要：This article studies the decentralized adoption of a technology standard when network effects are present. If the new standard is incompatible with the current installed base, adoption may be inefficiently delayed. I quantify the magnitude of excess inertia in the switch of the movie distribution and exhibition industries from 35 mm film to digital. I specify and estimate a dynamic game of digital hardware adoption by theatres and digital movies supply by distributors. Counterfactual simulatio...
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作者：Farboodi, Maryam; Jarosch, Gregor; Shimer, Robert
作者单位：Massachusetts Institute of Technology (MIT); Princeton University; University of Chicago
摘要：We study a model of over-the-counter trading in which ex ante identical traders invest in a contact technology and participate in bilateral trade. We show that a rich market structure emerges both in equilibrium and in an optimal allocation. There is continuous heterogeneity in market access under weak regularity conditions. If the cost per contact is constant, heterogeneity is governed by a power law and there are middlemen, market participants with unboundedly high contact rates who account ...
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作者：Hvidberg, Kristoffer B.; Kreiner, Claus T.; Stantcheva, Stefanie
作者单位：University of Copenhagen; University of Copenhagen; Center for Economic & Policy Research (CEPR); Harvard University; Center for Economic & Policy Research (CEPR)
摘要：We link survey data on Danish people's perceived income positions and fairness views on inequality within various reference groups to administrative records on their reference groups, income histories, and life events. People are, on average, well-informed about the income levels of their reference groups. Yet, lower-ranked respondents in all groups tend to overestimate their own position among others because they believe others' incomes are lower than they actually are, whereas the opposite h...
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作者：Andrews, Isaiah; Roth, Jonathan; Pakes, Ariel
作者单位：Harvard University; Brown University
摘要：We show that moment inequalities in a wide variety of economic applications have a particular linear conditional structure. We use this structure to construct uniformly valid confidence sets that remain computationally tractable even in settings with nuisance parameters. We first introduce least favorable critical values which deliver non-conservative tests if all moments are binding. Next, we introduce a novel conditional inference approach which ensures a strong form of insensitivity to slac...
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作者：Engel, Charles; Wu, Steve Pak Yeung
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of California System; University of California San Diego
摘要：We find strong empirical evidence that the liquidity yield on government bonds in combination with standard economic fundamentals can well account for nominal exchange rate movements. We find impressive evidence that changes in the liquidity yield are significant in explaining exchange rate changes for all the G10 countries, and we stress that the US dollar is not special in this relationship. We show how these relationships arise out of a canonical two-country New Keynesian model with liquidi...
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作者：Ostrizek, Franz; Shishkin, Denis
作者单位：University of Bonn; University of California System; University of California San Diego
摘要：We study a decision-framing design problem: a principal faces an agent with frame-dependent preferences and designs an extensive form with a frame at each stage. This allows the principal to circumvent incentive compatibility constraints by inducing dynamically inconsistent choices of the sophisticated agent. We show that a vector of contracts can be implemented if and only if it can be implemented using a canonical extensive form, which has a simple high-low-high structure using only three st...
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作者：Adhvaryu, Achyuta; Nyshadham, Anant; Tamayo, Jorge
作者单位：National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; National Bureau of Economic Research; Harvard University
摘要：Do productivity and managerial quality vary within the firm? If so which managerial traits and practices matter most for team productivity? Combining granular garment production data with survey data on managers across 120 production lines in India, we document substantial productivity dispersion both across teams producing overlapping products and within team over the course of production runs, and structurally link this variation to a comprehensive assessment of supervisor quality. We find t...
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作者：Keister, Todd; Sanches, Daniel
作者单位：Rutgers University System; Rutgers University New Brunswick; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We study how introducing a central bank digital currency affects equilibrium allocations and welfare in an environment where both currency and bank deposits are used in exchange. We highlight an important policy tradeoff: while a digital currency tends to improve efficiency in exchange, it may also crowd out bank deposits, raise banks' funding costs, and decrease investment. We derive conditions under which targeted digital currencies, which compete only with physical currency or only with ban...
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作者：Alvarez, Fernando; Borovickova, Katarina; Shimer, Robert
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We develop an economic model of transitions in and out of employment. Heterogeneous workers switch employment status when the net benefit from working, a Brownian motion with drift, hits optimally chosen barriers. This implies that the duration of jobless spells for each worker has an inverse Gaussian distribution. We allow for arbitrary heterogeneity across workers and prove that the distribution of inverse Gaussian distributions is partially identified from the duration of two non-employment...
