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作者：Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; National Bureau of Economic Research; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense ...
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作者：Andreyanov, Pasha; Sadzik, Tomasz
作者单位：HSE University (National Research University Higher School of Economics); University of California System; University of California Los Angeles
摘要：In this article, we provide mechanisms for exchange economies with private information and interdependent values, which are ex post individually rational, incentive compatible, generate budget surplus, and are ex post nearly efficient, with many agents. Our framework is entirely prior-free, and we make no symmetry restrictions. The mechanisms can be implemented using a novel discriminatory conditional double auction, without knowledge of information structure or utility functions. We also show...
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作者：Pitt, Mark M.; Rosenzweig, Mark R.; Hassan, M. Nazmul
作者单位：Brown University; Yale University; University of Dhaka
摘要：We exploit recent molecular genetics evidence on the genetic basis of arsenic excretion and unique information on family links among respondents living in different environments from a large panel survey to uncover the hidden costs of arsenic poisoning in Bangladesh. We provide for the first time estimates of the effects of the ingestion and retention of inorganic arsenic on direct measures of cognitive and physical capabilities as well as on the schooling attainment, occupational structure, e...
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作者：Khaw, Mel Win; Li, Ziang; Woodford, Michael
作者单位：Duke University; Princeton University; Columbia University
摘要：Observed choices between risky lotteries are difficult to reconcile with expected utility maximization, both because subjects appear to be too risk averse with regard to small gambles for this to be explained by diminishing marginal utility of wealth, as stressed by Rabin (2000), and because subjects' responses involve a random element. We propose a unified explanation for both anomalies, similar to the explanation given for related phenomena in the case of perceptual judgments: they result fr...
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作者：Heldring, Leander
作者单位：University of Bonn; Tilburg University
摘要：This article shows that the intensity of violence in Rwanda's recent past can be traced back to the initial establishment of its pre-colonial state. Villages that were brought under centralized rule one century earlier experienced a doubling of violence during the state-organized 1994 genocide. Instrumental variable estimates exploiting differences in the proximity to Nyanza-an early capital-suggest that these effects are causal. Before the genocide, when the state faced rebel attacks, with lo...
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作者：Farhi, Emmanuel; Tirole, Jean
作者单位：Harvard University; National Bureau of Economic Research
摘要：Traditional banking is built on four pillars: small and medium enterprise lending, insured deposit taking, access to lender of last resort (LOLR), and prudential supervision. This article unveils the logic of the quadrilogy by showing that it emerges naturally as an equilibrium outcome in a game between banks and the government. A key insight is that regulation and public insurance services (LOLR, deposit insurance) are complementary. The model also shows how prudential regulation must adjust ...
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作者：Corbae, Dean; D'Erasmo, Pablo
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：In this article, we ask how bankruptcy law affects the financial decisions of corporations and its implications for firm dynamics. According to current U.S. law, firms have two bankruptcy options: Chapter 7 liquidation and Chapter 11 reorganization. Using Compustat data, we first document capital structure and investment decisions of non-bankrupt, Chapter 11, and Chapter 7 firms. Using those data moments, we then estimate parameters of a general equilibrium firm dynamics model with endogenous ...
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作者：Bloom, Nicholas; Draca, Mirko; Van Reenen, John
作者单位：Stanford University; University of Warwick; University of London; London School Economics & Political Science
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作者：Blow, Laura; Browning, Martin; Crawford, Ian
作者单位：University of Surrey; University of Copenhagen; University of Oxford; University of Oxford
摘要：This article provides a revealed preference characterisation of quasi-hyperbolic discounting which is designed to be applied to readily available expenditure surveys. We describe necessary and sufficient conditions for the leading forms of the model and also study the consequences of the restrictions on preferences popularly used in empirical lifecycle consumption models. Using data from a household consumption panel dataset, we explore the prevalence of time-inconsistent behaviour. The quasi-...
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作者：Grossman, Gene M.; Helpman, Elhanan
作者单位：Princeton University; Harvard University; Canadian Institute for Advanced Research (CIFAR)
摘要：We characterize trade policies that result from political competition when assessments of well-being include both material and psychosocial components. The material component reflects, as usual, satisfaction from consumption. Borrowing from social identity theory, we take the psychosocial component as combining the pride and self-esteem an individual draws from the status of groups with which she identifies and a dissonance cost she bears from identifying with those that are different from her...
