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作者：Stavrakeva, Vania
作者单位：University of London; London Business School
摘要：Financial regulation is harmonized across countries even though countries vary in their ability to bail-out their banking sector in the event of a crisis. This article addresses the question of whether countries with different fiscal capacity should optimally have different bank regulation, implemented-among other tools-through capital requirements-a question so far ignored by the theoretical banking literature. I show that countries with larger fiscal capacity should have lower ex ante minimu...
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作者：Aguirregabiria, Victor; Magesan, Arvind
作者单位：University of Toronto; Center for Economic & Policy Research (CEPR); University of Calgary
摘要：This article deals with the identification and estimation of dynamic games when players' beliefs about other players' actions are biased, that is, beliefs do not represent the probability distribution of the actual behaviour of other players conditional on the information available. First, we show that an exclusion restriction, typically used to identify empirical games, provides testable non-parametric restrictions of the null hypothesis of equilibrium beliefs in dynamic games with either fin...
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作者：Bonatti, Alessandro; Cisternas, Gonzalo
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We study the implications of aggregating consumers' purchase histories into scores that proxy for unobserved willingness to pay. A long-lived consumer interacts with a sequence of firms. Each firm relies on the consumer's current score-a linear aggregate of noisy purchase signals-to learn about her preferences and to set prices. If the consumer is strategic, she reduces her demand to manipulate her score, which reduces the average equilibrium price. Firms in turn prefer scores that overweigh p...
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作者：Bethune, Zachary; Choi, Michael; Wright, Randall
作者单位：University of Virginia; University of California System; University of California Irvine; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison
摘要：We analyse dynamic general equilibrium models with more-or-less directed search by informed buyers and random search by uninformed buyers. This nests existing specifications and generates new insights. A quantitative application concerns the welfare cost of inflation, which is known to be quite high with pure random search and low with pure directed search. Our calibration implies the impact of inflation is fairly low, in part because, in addition to the usual costs, it provides benefits by mo...
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作者：Acemoglu, Daron; De Feo, Giuseppe; De Luca, Giacomo Davide
作者单位：Massachusetts Institute of Technology (MIT); University of Leicester; University of York - UK; KU Leuven
摘要：We document that the spread of the Mafia in Sicily at the end of the 19th century was in part caused by the rise of socialist Peasant Fasci organizations. In an environment with weak state presence, this socialist threat triggered landowners, estate managers, and local politicians to turn to the Mafia to resist and combat peasant demands. We show that the location of the Peasant Fasci is significantly affected by a severe drought in 1893, and using information on rainfall, we estimate the impa...
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作者：Bertrand, Marianne; Burgess, Robin; Chawla, Arunish; Xu, Guo
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Berkeley
摘要：Bureaucracies are configured differently to private sector and political organizations. Across a wide range of civil services entry is competitive, promotion is constrained by seniority, jobs are for life, and retirement occurs at a fixed age. This implies that older entering officers, who are less likely to attain the glittering prize of reaching the top of the bureaucracy before they retire, may be less motivated to exert effort. Using a nationwide stakeholder survey and rich administrative ...
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作者：Blader, Steven; Gartenberg, Claudine; Prat, Andrea
作者单位：New York University; University of Pennsylvania; Columbia University
摘要：This article investigates how the success of a management practice depends on the underlying values articulated by the management. A large U.S. transportation company is in the process of fitting its trucks with an electronic on-board recorder (EOBR) to provide drivers with information on their driving performance. The company also has commenced a multi-year initiative to remake its internal operations, the first phase of which focuses exclusively on changing values toward a greater emphasis o...
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作者：Davila, Eduardo
作者单位：Yale University; National Bureau of Economic Research
摘要：This article studies the optimal determination of bankruptcy exemptions for risk averse borrowers who use unsecured contracts but have the possibility of defaulting. In a large class of economies, knowledge of four variables is sufficient to determine whether a bankruptcy exemption level is optimal or should be increased or decreased. These variables are 1. the composition of households' liabilities, 2. the sensitivity of the credit supply schedule to exemption changes, 3. the probability of f...
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作者：Dalton, Christina M.; Gowrisankaran, Gautam; Town, Robert J.
作者单位：Wake Forest University; University of Arizona; Universite de Montreal; HEC Montreal; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：The standard Medicare Part D drug insurance contract is non-linear-with reduced subsidies in a coverage gap-resulting in a dynamic purchase problem. We consider enrolees who arrived near the gap early in the year and show that they should expect to enter the gap with high probability, implying that, under a benchmark model with neoclassical preferences, the gap should impact them very little. We find that these enrolees have flat spending in a period before the doughnut hole and a large spendi...
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作者：Defusco, Anthony A.; Johnson, Stephanie; Mondragon, John
作者单位：Northwestern University; Rice University
摘要：This article studies how credit markets respond to policy constraints on household leverage. Exploiting a sharp policy-induced discontinuity in the cost of originating certain high-leverage mortgages, we study how the Dodd-Frank Ability-to-Repay rule affected the price and availability of credit in the U.S. mortgage market. Our estimates show that the policy had only moderate effects on prices, increasing interest rates on affected loans by 10-15 basis points. The effect on quantities, however...
