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作者：Herrendorf, Berthold; Rogerson, Richard; Valentinyi, Akos
作者单位：Arizona State University; Arizona State University-Tempe; Princeton University; National Bureau of Economic Research; University of Manchester; Centre for Economic Policy Research - UK
摘要：The structural-change literature typically assumes that investment is produced in manufacturing. We establish that this assumption is counterfactual: in the postwar U.S., the share of services value added in investment expenditure has been steadily growing. We develop a new model that features structural change in investment and consumption, characterize its equilibrium properties, and provide empirical support for it. We establish that modelling structural change in investment leads to three ...
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作者：Akcigit, Ufuk; Hanley, Douglas; Serrano-Velarde, Nicolas
作者单位：University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Bocconi University; Bocconi University
摘要：This article introduces a general equilibrium model of endogenous technical change through basic and applied research. Basic research differs from applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically identifying these spillovers and embed them in a framework with private firms and a public research sector. After characterizing the equilibrium, we estimate our model using micro-level data on research expenditures by French firms. Ou...
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作者：Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto; Ventura, Jaume
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI)
摘要：What is the role of monetary policy in a bubbly world? To address this question, we study an economy in which financial frictions limit the supply of assets. The ensuing scarcity generates a demand for unbacked assets, i.e., assets that are backed only by the expectation of their future value. We consider two types of unbacked assets: bubbles, which are created by the private sector, and money, which is created by the central bank. Bubbles and money share many features, but they also differ in...
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作者：Landais, Camille; Spinnewijn, Johannes
作者单位：University of London; London School Economics & Political Science
摘要：Due to the absence of unemployment insurance (UI) choices, the traditional approach to estimating the value of UI is to infer it from the observed consumption response to job loss under some assumption on risk preferences. Exploiting the rich data and unique policy context in Sweden, we propose two alternative approaches that relax this assumption and we implement all three methods on the same sample of workers. The first approach considers the difference in marginal propensity to consume (MPC...
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作者：Henderson, J. Vernon; Regan, Tanner; Venables, Anthony J.
作者单位：University of London; London School Economics & Political Science; University of Oxford; Monash University
摘要：We model the building of a city, estimate parameters of the model, and calculate welfare losses from institutional frictions encountered in changing land-use. We distinguish formal and slum construction technologies; in contrast to slums, formal structures can be built tall, are durable, and non-malleable. As the city grows areas are initially developed informally, then formally, and then redeveloped periodically. Slums are modelled as a technology choice; however, institutional frictions in l...
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作者：Kryvtsov, Oleksiy; Vincent, Nicolas
作者单位：Bank of Canada; Universite de Montreal; HEC Montreal
摘要：Macroeconomists traditionally ignore temporary price markdowns (sales) under the assumption that they are unrelated to aggregate phenomena. We revisit this view. First, we provide robust evidence from the U.K. and U.S. CPI micro data that the frequency of sales is strongly countercyclical, as much as doubling during the Great Recession. Second, we build a general equilibrium model in which cyclical sales arise endogenously as retailers try to attract bargain hunters. The calibrated model fits ...
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作者：Newton, Jonathan
作者单位：Kyoto University
摘要：Strategies of players in a population are updated according to the behavioural rules of agents, where each agent is a player or a coalition of players. It is known that classic results on the stochastic stability of conventions are due to an asymmetry property of the strategy updating process. We show that asymmetry can be defined at the level of the behavioural rule and that asymmetric rules can be mixed and matched whilst retaining asymmetry of the aggregate process. Specifically, we show ro...
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作者：Bonatti, Alessandro; Cisternas, Gonzalo
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作者：Fogli, Alessandra; Veldkamp, Laura
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Columbia University
摘要：Does the pattern of social connections between individuals matter for macroeconomic outcomes? If so, where do differences in these patterns come from and how large are their effects? Using network analysis tools, we explore how different social network structures affect technology diffusion and thereby a country's rate of growth. The correlation between high-diffusion networks and income is strongly positive. But when we use a model to isolate the effect of a change in social networks on growt...
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作者：Asriyan, Vladimir
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; Centre for Economic Policy Research - UK
摘要：This article develops a theory of the balance sheet channel that places a central emphasis on the liquidity of secondary markets for macro-contingent claims. We show that the presence of dispersed information and imperfect competition in secondary markets, interacted with financial constraints, results in mispricing and misallocation of aggregate risk, distorts aggregate investment, and exacerbates asset price and output volatility. The magnitude of balance sheet amplification effects becomes ...
