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作者：Brunnermeier, Markus K.; Sockin, Michael; Xiong, Wei
作者单位：Princeton University; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：China's economic model involves regular and intensive government interventions in financial markets, while Western policymakers often refrain from substantial interventions outside crisis periods. We develop a theoretical framework to rationalize the approaches of both China and the West to managing the financial system as being optimal given the differences in their respective economies. In this framework, a government leans against trading of noise traders but at the expense of introducing p...
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作者：Dugast, Jerome; Uslu, Semih; Weill, Pierre-Olivier
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite PSL; Universite Paris-Dauphine; Johns Hopkins University; University of California System; University of California Los Angeles; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a model in which banks make costly decisions to participate in an OTC market, a centralized market, or both markets at the same time. Banks differ in their ability to take large positions, what we call their trading capacity. In equilibrium, intermediate-capacity banks find it optimal to participate in the centralized market. In contrast, low- and high-capac...
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作者：Feger, Fabian; Pavanini, Nicola; Radulescu, Doina
作者单位：University of Bern; Tilburg University; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Bern
摘要：An increasing number of households installing solar panels and consuming the energy thus produced raises two challenges for regulators: network financing and vertical equity. We propose alternative tariff and subsidy designs for policymakers to incentivize solar panel adoptions and guarantee that network costs are recovered, while trading off efficiency, equity, and welfare motives. We estimate a structural model of energy demand and solar panel adoption, using a unique matched dataset on ener...
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作者：Fried, Stephie
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：Can we reduce the damage from climate change by investing in seawalls, stilts, or other forms of adaptation? Focusing on the case of severe storms in the US, I develop a macro heterogeneous-agent model to quantify the interactions between adaptation, federal disaster policy, and climate change. The model departs from the standard climate damage function and incorporates the damage from storms as the realization of idiosyncratic shocks. Using the calibrated model, I infer that adaptation capita...
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作者：Adda, Jerome; Dustmann, Christian; Gorlach, Joseph-Simon
作者单位：Bocconi University; Bocconi University; University of London; University College London; University of London; University College London
摘要：This article develops and estimates a dynamic model where individuals differ in ability and location preference to evaluate the mechanisms that affect the evolution of immigrants' careers in conjunction with their re-migration plans. Our analysis highlights a novel form of selective return migration where those who plan to stay longer invest more into skill acquisition, with important implications for the assessment of immigrants' career paths and the estimation of their earnings profiles. Our...
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作者：Bonnet, Odran; Galichon, Alfred; Hsieh, Yu-Wei; O'Hara, Keith; Shum, Matt
作者单位：Institut Polytechnique de Paris; ENSAE Paris; New York University; Institut d'Etudes Politiques Paris (Sciences Po); Amazon.com; California Institute of Technology
摘要：The problem of demand inversion-a crucial step in the estimation of random utility discrete-choice models-is equivalent to the determination of stable outcomes in two-sided matching models. This equivalence applies to random utility models that are not necessarily additive, smooth, nor even invertible. Based on this equivalence, algorithms for the determination of stable matchings provide effective computational methods for estimating these models. For non-invertible models, the identified set...
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作者：Alexander, Diane; Schwandt, Hannes
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University
摘要：In 2008, Volkswagen introduced a new generation of Clean Diesel cars and heavily marketed them to environmentally conscious US consumers. Unknown to the public, these cars were anything but clean, emitting pollutants up to 150 times the level of comparable gas-fuelled cars. We study the rollout of these emissions-cheating diesel cars across the United States from 2008 to 2015 as a natural experiment to examine the impact of moderate levels of car pollution on infant and child health in the gen...
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作者：Hufe, Paul; Kanbur, Ravi; Peichl, Andreas
作者单位：University of Bristol; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Cornell University; Leibniz Association; Ifo Institut; University of Munich
摘要：Empirical evidence on distributional preferences shows that people do not judge inequality as problematic per se but that they take into account the fairness or unfairness of the outcome. This article conceptualizes a view of unfair inequality and introduces a new measure of inequality based on two widely held fairness principles: equality of opportunity and freedom from poverty. It develops a method for decomposing inequality and its trends into an unfair and a fair component. We provide two ...
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作者：Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; Wohlfart, Johannes
作者单位：International Monetary Fund; University of Colorado System; University of Colorado Boulder; University of Copenhagen
摘要：We study people's subjective models of the macroeconomy and shed light on their attentional foundations. To do so, we measure beliefs about the effects of macroeconomic shocks on unemployment and inflation, providing respondents with identical information about the parameters of the shocks and previous realizations of macroeconomic variables. Within samples of 6,500 US households and 1,500 experts, beliefs are widely dispersed, even about the directional effects of shocks, and there are large ...
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作者：Allen, Treb; Arkolakis, Costas
作者单位：Dartmouth College; National Bureau of Economic Research; Yale University
摘要：Each year in the US, hundreds of billions of dollars are spent on transportation infrastructure and billions of hours are lost in traffic. We develop a quantitative general equilibrium spatial framework featuring endogenous transportation costs and traffic congestion and apply it to evaluate the welfare impact of transportation infrastructure improvements. Our approach yields analytical expressions for transportation costs between any two locations, the traffic along each link of the transport...
