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作者：Guren, Adam M.; Mcquade, Timothy J.
作者单位：Boston University; National Bureau of Economic Research; Stanford University
摘要：This article uses a structural model to show that foreclosures played a crucial role in exacerbating the recent housing bust and to analyse foreclosure mitigation policy. We consider a dynamic search model in which foreclosures freeze the market for non-foreclosures and reduce price and sales volume by eroding lender equity, destroying the credit of potential buyers, and making buyers more selective. These effects cause price-default spirals that amplify an initial shock and help the model fit...
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作者：Jeanne, Olivier; Korinek, Anton
作者单位：Johns Hopkins University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Virginia; University of Virginia
摘要：How should macroprudential policy be designed when policymakers also have access to liquidity provision tools to manage crises? We show in a tractable model of systemic banking risk that there are three factors at play: first, ex post liquidity provision mitigates financial crises, and this reduces the need for macroprudential policy. In the extreme, if liquidity provision is untargeted and costless or if it completely forestalls crises by credible out-of-equilibrium lending-of-last-resort, th...
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作者：Andersson, Tommy; Kratz, Jorgen
作者单位：Lund University; University of York - UK
摘要：Advances in medical technology have made kidney transplants over the blood group barrier feasible. This article investigates how such technology should be implemented when designing pairwise kidney exchange programs. The possibility to receive a kidney transplant from a blood group incompatible donor motivates an extension of the preference domain, allowing patients to distinguish between compatible donors and half-compatible donors (i.e. blood group incompatible donors that only become compat...
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作者：Guembel, Alexander; Sussman, Oren
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Oxford
摘要：We study a two-country setting in which leveraged investors generate fire-sale externalities, leading to financial crises and contagion. Governments can affect the incidence of financial crisis and the degree of contagion by injecting public liquidity and, additionally, by segmenting the countries' liquidity markets. We show that segmentation allows a country to avoid contagion and fend off mild financial crises caused by a small shock to its liquidity demand, at the cost of exposing it to mor...
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作者：Helm, Ines
作者单位：Stockholm University
摘要：Using a broad set of national industry trade shocks, I employ a novel approach to estimate agglomeration effects by exploiting within industry variation in indirect exposure to the other local industries' (national) trade shocks across local labour markets. This variation stems from differences in local industry composition and allows to test for the existence of heterogeneous agglomeration effects across industries. I find considerable employment spillovers from other tradable industries' tra...
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作者：Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We extend Duffie et al.'s (2005) search-theoretic model of over-the-counter (OTC) asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers' valuations (or, equivalently, inventory costs). We develop a solution technique that makes the model fully tractable and allows us to derive, in closed form, theoretical formulas for key statistics analysed in empirical studies of the intermediation process in OTC markets. A calibration to the market for munic...
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作者：Devereux, Michael B.; Yu, Changhua
作者单位：University of British Columbia; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Peking University
摘要：International financial integration helps to diversify risk but also may spread crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with collateral-constrained borrowing using a global solution method. Borrowing constraints bind occasionally, depending upon the state of the economy and levels of inherited debt. We examine different degrees of international financial integration, moving from financial autarky, to bond and equi...
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作者：Hahn, Jinyong; Kuersteiner, Guido; Mazzocco, Maurizio
作者单位：University of California System; University of California Los Angeles; University System of Maryland; University of Maryland College Park
摘要：Aggregate shocks affect most households' and firms' decisions. Using three stylized models, we show that inference based on cross-sectional data alone generally fails to correctly account for decision making of rational agents facing aggregate uncertainty. We propose an econometric framework that overcomes these problems by explicitly parameterizing the agents' decision problem relative to aggregate shocks. Our framework and examples illustrate that the cross-sectional and time-series aspects ...
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作者：Fajgelbaum, Pablo D.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：I study the aggregate effects of labour market frictions in a small open economy where firms grow slowly and make fixed export investments. The model features interactions between dynamic investments in exporting and search frictions with job-to-job mobility. Acalibration to Argentina's economy matching data on firm growth, worker transitions between firms, and export dynamics suggests that the real income gains from lowering frictions in job-to-job transitions are about seven times larger tha...
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作者：Fujiwara, Thomas; Sanz, Carlos
作者单位：National Bureau of Economic Research; Banco de Espana
摘要：Theories of multilateral bargaining and coalition formation applied to legislatures predict that parties' seat shares determine their bargaining power. We present findings that are difficult to reconcile with this prediction, but consistent with a norm prescribing that the most voted party should form the government. We first present case studies from several countries and regression discontinuity design-based evidence from twenty-eight national European parliaments. We then focus on 2,898 Spa...
