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作者：Kalouptsidi, Myrto
作者单位：Harvard University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This article provides a model-based empirical strategy to, (1) detect the presence and gauge the magnitude of government subsidies and (2) quantify their impact on production reallocation across countries, industry prices, costs and consumer surplus. I construct and estimate an industry model that allows for dynamic agents in both demand and supply and apply my strategy to world shipbuilding, a classic target of industrial policy. I find strong evidence consistent with China having intervened ...
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作者：Gaballo, Gaetano
作者单位：European Central Bank; Bank of France
摘要：This article shows that when agents learn from prices, large private uncertainty may result from a small amount of heterogeneity. As in a Phelps-Lucas island model, final producers look at the prices of their local inputs to infer aggregate conditions. However, market linkages between islands make the informativeness of local prices endogenous to general equilibrium relations. In this context, I show that a vanishingly small heterogeneity in local conditions is enough to generate an equilibriu...
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作者：Bianchi, Francesco; Ilut, Cosmin L.; Schneider, Martin
作者单位：Duke University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Stanford University
摘要：This article estimates a business cycle model with endogenous financial asset supply and ambiguity averse investors. Firms' shareholders choose not only production and investment, but also capital structure and payout policy subject to financial frictions. An increase in uncertainty about profits lowers stock prices and leads firms to substitute away from debt as well as reduce shareholder payout. This mechanism parsimoniously accounts for the postwar comovement in investment, stock prices, le...
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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：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：Barczyk, Daniel; Kredler, Matthias
作者单位：McGill University; Universite de Montreal; Universidad Carlos III de Madrid
摘要：We propose a dynamic non-cooperative framework for long-term-care (LTC) decisions of families and use it to evaluate LTC policy options for the U.S. We first document the importance of informal caregiving and economic determinants of care arrangements. We then build a heterogeneous-agents model with imperfectly-altruistic overlapping generations to account for the patterns we find. A key innovation is the availability of informal care (IC), which is determined through intra-family bargaining. ...
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作者：Dal Bo, Ernesto; Dal Bo, Pedro; Eyster, Erik
作者单位：University of California System; University of California Berkeley; Brown University; University of London; London School Economics & Political Science
摘要：Most of the political economy literature blames inefficient policies on institutions or politicians' motives to supply bad policy, but voters may themselves be partially responsible by demanding bad policy. In this article, we posit that voters may systematically err when assessing potential changes in policy by underappreciating how new policies lead to new equilibrium behaviour. This biases voters towards policy changes that create direct benefits-welfare would rise if behaviour were held co...
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作者：Allcott, Hunt; Keniston, Daniel
作者单位：New York University; National Bureau of Economic Research
摘要：Do natural resources benefit producer economies, or is there a Natural Resource Curse, perhaps as the crowd-out of manufacturing productivity spillovers reduces long-term growth? We combine new data on oil and gas endowments with Census of Manufactures microdata to estimate how oil and gas booms affect local economies in the U.S. Local wages rise during oil and gas booms, but manufacturing is not crowded out-in fact, the sector grows overall, driven by upstream and locally-traded subsectors. T...
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作者：Burdett, Kenneth; Menzio, Guido
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：We introduce menu costs in the search-theoretic model of imperfect competition of Burdett and Judd. When menu costs are not too large, the equilibrium is such that sellers follow a (Q,S,s) pricing rule. According to the rule, a seller lets inflation erode the real value of its nominal price until it reaches some point s. Then, the seller pays the menu cost and resets the real value of its nominal price to a point randomly drawn from a distribution with support [S, Q], where s< S < Q. A (Q, S, ...
