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作者：Gourinchas, Pierre-Olivier; Werning, Ivan
作者单位：University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT)
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作者：Gavazza, Alessandro; Lanteri, Andrea
作者单位：University of London; London School Economics & Political Science; Duke University
摘要：This article studies equilibrium dynamics in consumer durable goods markets after aggregate credit shocks. We introduce two novel features into a general-equilibrium model of durable consumption with heterogeneous households facing idiosyncratic income risk and borrowing constraints: (1) indivisible durable goods are vertically differentiated in their quality and (2) trade on secondary markets at market-clearing prices, with households endogenously choosing when to trade or scrap their durable...
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作者：Dovis, Alessandro; Kirpalani, Rishabh
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：This article studies the optimal design of rules in a dynamic model when there is a time inconsistency problem and uncertainty about whether the policy maker can commit to follow the rule ex post. The policy maker can either be a commitment type, which can always commit to follow rules, or an optimizing type, which sequentially decides whether to follow rules or not. This type is unobservable to private agents, who learn about it through the actions of the policy maker. Higher beliefs that the...
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作者：Chang, Yongsung; Park, Yena
作者单位：Seoul National University (SNU)
摘要：We derive a fully non-linear optimal income tax schedule in the presence of private insurance. We fill the gap in the literature by studying the optimal tax formula with a comprehensive structure of the private markets-including incomplete markets models-both theoretically and quantitatively. As in the standard taxation literature without private insurance, the optimal tax formula can still be expressed in terms of standard sufficient statistics. With private insurance, however, the formula in...
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作者：Huberman, Gur; Leshno, Jacob D.; Moallemi, Ciamac
作者单位：Columbia University; University of Chicago
摘要：Bitcoin provides its users with transaction-processing services which are similar to those of traditional payment systems. This article models the novel economic structure implied by Bitcoin's innovative decentralized design, which allows the payment system to be reliably operated by unrelated parties called miners. We find that this decentralized design protects users from monopoly pricing. Competition among service providers within the platform and free entry imply no entity can profitably a...
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作者：Fanelli, Sebastian; Straub, Ludwig
作者单位：National Bureau of Economic Research
摘要：We study a real small open economy with two key ingredients (1) partial segmentation of home and foreign bond markets and (2) a pecuniary externality that makes the real exchange rate excessively volatile in response to capital flows. Partial segmentation implies that, by intervening in the bond markets, the central bank can affect the exchange rate and the spread between home- and foreign-bond yields. Such interventions allow the central bank to address the pecuniary externality, but they are...
