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作者：Amiti, Mary; Itskhoki, Oleg; Konings, Jozef
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Princeton University; University of Liverpool; KU Leuven
摘要：How strong are strategic complementarities in price setting across firms? In this article, we provide a direct empirical estimate of firms' price responses to changes in competitor prices. We develop a general theoretical framework and an empirical identification strategy, taking advantage of a new micro-level dataset for the Belgian manufacturing sector. We find strong evidence of strategic complementarities, with a typical firm adjusting its price with an elasticity of 0.4 in response to its...
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作者：Callen, Michael; De Mel, Suresh; Mcintosh, Craig; Woodruff, Christopher
作者单位：University of California System; University of California San Diego; University of Peradeniya; University of Oxford
摘要：The world's poor are seeing a rapid expansion in access to formal savings accounts. What is the source of savings when households are connected to a formal account? We combine a high-frequency panel survey spanning two and a half years with an experiment in which a Sri Lankan bank used mobile Point-of-Service (POS) terminals to collect deposits directly from households each week. We find that the headwaters of formal savings lie in sacrificed leisure time: households work more, and improved sa...
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作者：Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; Scott, Andrew
作者单位：University of Cambridge; Center for Economic & Policy Research (CEPR); University of London; University College London; Barcelona School of Economics; Universite Catholique Louvain; University of London; London Business School
摘要：Standard optimal Debt Management (DM) models prescribe a dominant role for long bonds and advocate against issuing short bonds. They require very large positions in order to complete markets and assume each period that governments repurchase all outstanding bonds and reissue (r/r) new ones. These features of DM are inconsistent with U.S. data. We introduce incomplete markets via small transaction costs which serves to make optimal DM more closely resemble the data : r/r are negligible, short b...
