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作者：Wolthoff, Ronald
作者单位：University of Toronto
摘要：I develop a directed search model to study the recruitment decisions of firms competing for workers who ex post differ in two dimensions: (1) their match productivity and (2) their probability of accepting a job offer, endogenously determined by their choice of application portfolio. To attract these workers, firms post a recruiting intensity and a hiring standard, in addition to terms of trade. Ahigher recruiting intensity is costly, but allows the firm to select more applicants for an interv...
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作者：Li, Shanjun
作者单位：Cornell University; National Bureau of Economic Research
摘要：Economists often favour market-based mechanisms over non-market based mechanisms to allocate scarce public resources on grounds of economic efficiency and revenue generation. When the usage of the resources in question generates type-dependent negative externalities, the welfare comparison can become ambiguous. Both types of allocation mechanisms are being implemented in China's major cities to distribute limited vehicle licences as a measure to combat worsening traffic congestion and air poll...
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作者：Foellmi, Reto; Hepenstrick, Christian; Josef, Zweimuller
作者单位：University of St Gallen; Center for Economic & Policy Research (CEPR); Swiss National Bank (SNB); University of Zurich; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：We incorporate consumption indivisibilities into the Krugman (1980) model and show that an importer's per capita income becomes a primary determinant of export zeros. Households in the rich North (poor South) are willing to pay high (low) prices for consumer goods; hence, unconstrained monopoly pricing generates arbitrage opportunities for internationally traded products. Export zeros arise because some northern firms abstain from exporting to the South, to avoid international arbitrage. Rich ...
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作者：Aruoba, S. Boragan; Cuba-Borda, Pablo; Schorfheide, Frank
作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic fundamental shocks. In this equilibrium, a sunspot shock can move the economy from a regime in which inflation is close to the central bank's target to a regime in which the central bank misses its target, inflation rates are negative, and interest rates are close to zero with high probability. A non-linear filter is us...
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作者：Beaudry, Paul; Galizia, Dana; Portier, Franck
作者单位：University of British Columbia; National Bureau of Economic Research; Carleton University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Center for Economic & Policy Research (CEPR)
摘要：Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect periods of needed liquidation resulting from past over-investment. According to the main proponents of this view, government spending or any other form of aggregate demand policy should not be used to mitigate such a liquidation process, as doing so would simply result in ...
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作者：Jensen, Martin Kaae
作者单位：University of Leicester
摘要：Distributional comparative statics is the study of how individual decisions and equilibrium outcomes vary with changes in the distribution of economic parameters (income, wealth, productivity, information, etc.). This article develops new tools to address such issues and illustrates their usefulness in applications. The central development is a condition called quasi-concave differences, which implies concavity of the policy function in optimization problems without imposing differentiability ...
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作者：Freyberger, Joachim
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This article studies non-parametric panel data models with multidimensional, unobserved individual effects when the number of time periods is fixed. I focus on models where the unobservables have a factor structure and enter an unknown structural function non-additively. The setup allows the individual effects to impact outcomes differently in different time periods and it allows for heterogeneous marginal effects. I provide sufficient conditions for point identification of all parameters of t...
