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作者：Lauermann, Stephan; Merzyn, Wolfram; Virag, Gabor
作者单位：University of Bonn; University of Toronto
摘要：We introduce learning into an otherwise standard two-sided search-and-bargaining market. There is uncertainty about the price distribution due to uncertainty about an underlying exogenous state of relative demand: in the high state, buyers are on the long side; otherwise, they are on the short side. In equilibrium, prices are on average higher in the high state. Individual agents learn about the distribution while searching. Agents typically start out by experimenting with a tough bargaining p...
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作者：Taubinsky, Dmitry; Rees-Jones, Alex
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of Pennsylvania
摘要：This article shows that accounting for variation in mistakes can be crucial for welfare analysis. Focusing on consumer under-reaction to not-fully-salient sales taxes, we show theoretically that the efficiency costs of taxation are amplified by differences in under-reaction across individuals and across tax rates. To empirically assess the importance of these issues, we implement an online shopping experiment in which 2,998 consumers purchase common household products, facing tax rates that va...
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作者：Varela, Liliana
作者单位：University of Warwick; University of Houston System; University of Houston
摘要：This article studies the impact of distortions in the access to international capital markets on competition and productivity. I show that a reduction in these distortions leads to an increase in aggregate productivity through two different channels. First, firms that were previously credit constrained respond to better financing terms by increasing their investment in technology, a reallocation effect. Secondly, non-constrained firms also expand their investment in technology because of incre...
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作者：Vidal, Jordi Blanes I.; Kirchmaier, Tom
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：Police agencies devote vast resources to minimizing the time that it takes them to attend the scene of a crime. Despite this, the long-standing consensus is that police response time has no meaningful effect on the likelihood of catching offenders. We revisit this question using a uniquely rich dataset from the Greater Manchester Police. To identify causal effects, we use a novel strategy that exploits discontinuities in distance to the response station across locations next to each other, but...
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作者：Bick, Alexander; Fuchs-Schundeln, Nicola
作者单位：Arizona State University; Arizona State University-Tempe; Goethe University Frankfurt; Center for Economic & Policy Research (CEPR)
摘要：We document contemporaneous differences in the aggregate labour supply of married couples across seventeen European countries and the U.S. Based on a model of joint household decision making, we quantify the contribution of international differences in non-linear labour income taxes and consumption taxes to the international differences in hours worked in the data. Through the lens of the model, taxes, together with wages and the educational composition, account for a significant part of the s...
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作者：Llull, Joan
作者单位：Autonomous University of Barcelona; Barcelona School of Economics
摘要：Recent literature analysing wage effects of immigration assumes labour supply is fixed across education-experience cells. This article departs from this assumption estimating a labour market equilibrium dynamic discrete choice model on U.S. micro-data for 1967-2007. Individuals adjust to immigration by changing education, participation, and/ or occupation. Adjustments are heterogeneous: 4.2-26.2% of prime-aged native males change their careers; of them, some switch to white-collar careers and ...
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作者：Fu, Chao; Wolpin, Kenneth, I
作者单位：University of Wisconsin System; University of Wisconsin Madison; Rice University; University of Pennsylvania
摘要：We develop a model of crime in which the number of police, the crime rate, the arrest rate, the employment rate, and the wage rate are joint outcomes of a subgame perfect Nash equilibrium. The local government chooses the size of its police force and citizens choose among work, home, and crime alternatives. We estimate the model using metropolitan statistical area (MSA)-level data. We use the estimated model to examine the effects on crime of targeted federal transfers to local governments to ...
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作者：Benigno, Gianluca; Fornaro, Luca
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Center for Economic & Policy Research (CEPR)
摘要：We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by high unemployment and weak growth. We refer to these episodes as stagnation traps, because they consist in the joint occurrence of a liquidity and a growth trap. In a stagnation trap, the central bank is unable to restore full employment because weak growth depresses aggregate demand and pushes the policy rate against the zero lower bound, while growth ...
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作者：Andreasen, Martin M.; Fernandez-Villaverde, Jesus; Rubio-Ramirez, Juan F.
作者单位：Aarhus University; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This article studies the pruned state-space system for higher-order perturbation approximations to dynamic stochastic general equilibrium (DSGE) models. We show the stability of the pruned approximation up to third order and provide closed-form expressions for first and second unconditional moments and impulse response functions. Our results introduce generalized method of moments (GMM) estimation and impulse-response matching for DSGE models approximated up to third order and provide a founda...
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作者：Armenter, Roc
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：A monetary authority can be committed to pursuing an inflation, price-level, or nominal-GDP target, yet systematically fail to achieve the prescribed goal. Constrained by the zero lower bound on the policy rate, the monetary authority is unable to implement its objectives when private sector expectations stray far enough from the target. Low-inflation expectations become self-fulfilling, resulting in an additional Markov equilibrium in which the monetary authority falls short of the nominal ta...
