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作者：Kocherlakota, Narayana R.
作者单位：University of Rochester; National Bureau of Economic Research
摘要：Since the collapse of the Bretton Woods monetary system, the monies of the developed world have been unbacked by any formal promise of convertibility. Yet, inflation has typically undershot, not overshot, central bank targets over the past couple decades. The low, while generally positive, inflation rate has (more arguably) been associated with low output and low growth. In this article, I consider these observations through the lens of a class of representative agent rational expectations mod...
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作者：Aryal, Gaurab; Ciliberto, Federico; Leyden, Benjamin T.
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Cornell University; Leibniz Association; Ifo Institut
摘要：We investigate the allegation that legacy US airlines communicated via earnings calls to coordinate with other legacy airlines in offering fewer seats on competitive routes. To this end, we first use text analytics to build a novel dataset on communication among airlines about their capacity choices. Estimates from our preferred specification show that the number of offered seats is 2% lower when all legacy airlines in a market discuss the concept of capacity discipline. We verify that this re...
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作者：Galichon, Alfred; Salanie, Bernard
作者单位：New York University; New York University; Institut d'Etudes Politiques Paris (Sciences Po); Columbia University
摘要：We investigate a model of one-to-one matching with transferable utility and general unobserved heterogeneity. Under a separability assumption that generalizes Choo and Siow (2006, Journal of Political Economy, 114, 175-201), we first show that the equilibrium matching maximizes a social gain function that trades off exploiting complementarities in observable characteristics and matching on unobserved characteristics. We use this result to derive simple closed-form formulae that identify the jo...
