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作者：Walden, Johan
作者单位：University of California System; University of California Berkeley
摘要：We introduce a dynamic noisy rational expectations model in which information diffuses through a general network of agents. In equilibrium, agents who are more closely connected have more similar period-by-period trades, and an agent's profitability is determined by a centrality measure that is related to Katz centrality. Volatility after an information shock is more persistent in less central networks, and volatility and trading volume are also influenced by the network's asymmetry and irregu...
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作者：Michaillat, Pascal; Saez, Emmanuel
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作者：Chernozhukov, Victor; Chetverikov, Denis; Kato, Kengo
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Los Angeles; Cornell University
摘要：This article considers the problem of testing many moment inequalities where the number of moment inequalities, denoted by , is possibly much larger than the sample size . There is a variety of economic applications where solving this problem allows to carry out inference on causal and structural parameters; a notable example is the market structure model of Ciliberto and Tamer (2009) where p = 2(m+1) with m being the number of firms that could possibly enter the market. We consider the test s...
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作者：Corbi, Raphael; Papaioannou, Elias; Surico, Paolo
作者单位：Universidade de Sao Paulo; University of London; London Business School; Center for Economic & Policy Research (CEPR)
摘要：A series of discontinuities in the allocation mechanism of federal transfers to municipal governments in Brazil allow us to identify the causal effect of public spending on local labour markets, using a fuzzy Regression Discontinuity Design (RDD). Our estimates imply a cost per job of about 8,000 US dollars per year and a local income multiplier around two. The effect comes mostly from employment in services and is more pronounced among less financially developed municipalities.
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作者：D'Haultfoeuille, Xavier; Durrmeyer, Isis; Fevrier, Philippe
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：In markets where sellers are able to price discriminate, individuals pay different prices that may be unobserved by the econometrician. This article considers the structural estimation of a demand and supply model of differentiated products with such price discrimination and limited information on prices taking the form of, e.g., observing list prices from catalogues or average prices. Within this framework, identification is achieved not only with usual moment conditions on the demand side, b...
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作者：Lise, Jeremy; Yamada, Ken
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Kyoto University
摘要：In this article, we analyse the dynamics of intra-household allocations using unique panel data on individual-specific consumption expenditures and time used for leisure, market production, and home production. Cross-sectional differences at the time of marriage in expected wage profiles between a husband and wife strongly affect the allocation of private consumption expenditures and time use by households in the cross section. There are substantial gender asymmetries in these allocations. Eve...
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作者：Cai, Jie; Li, Nan
作者单位：Shanghai University of Finance & Economics; International Monetary Fund
摘要：The majority of innovations are developed by multi-sector firms. The knowledge needed to invent new products is more easily adapted from some sectors than from others. We study this network of knowledge linkages between sectors and its impact on firm innovation and aggregate growth. We first document a set of sectoral-level and firm-level observations on knowledge applicability and firms' multi-sector patenting behaviour. We then develop a general equilibrium model of firm innovation in which ...
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作者：Dustmann, Christian; Vasiljeva, Kristine; Damm, Anna Piil
作者单位：University of London; University College London; Aarhus University
摘要：To estimate the causal effect of refugee migration on voting outcomes in parliamentary and municipal elections in Denmark, our study is the first that addresses the key problem of immigrant sorting by exploiting a policy that assigned refugee immigrants to municipalities on a quasi-random basis. We find that in all but the most urban municipalities, allocation of larger refugee shares between electoral cycles leads to an increase in the vote share for right-leaning parties with an anti-immigra...
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作者：Dilme, Francesc; Li, Fei
作者单位：University of Bonn; University of North Carolina; University of North Carolina Chapel Hill
摘要：A seller has a fixed number of goods to sell by a deadline. At each time, he posts a regular price and decides whether to hold a flash sale. Over time, buyers privately enter the market and strategically time their purchases. If a buyer does not purchase when she arrives, she can pay an attention cost to recheck the regular price afterwards, or she can wait for future flash sales where she may obtain a good at a discounted price. In the unique Markov perfect equilibrium, the seller sporadicall...
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作者：Haggag, Kareem; Pope, Devin G.; Bryant-Lees, Kinsey B.; Bos, Maarten W.
作者单位：Carnegie Mellon University
摘要：When judging the value of a good, people may be overly influenced by the state in which they previously consumed it. For example, someone who tries out a new restaurant while very hungry may subsequently rate it as high quality, even if the food is mediocre. We produce a simple framework for this form of attribution bias that embeds a standard model of decision making as a special case. We test for attribution bias across two consumer decisions. First, we conduct an experiment in which we rand...
