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作者：Wong, Tsz-Nga
作者单位：Bank of Canada
摘要：This article studies an economy with both centralized and decentralized monetary exchanges under search frictions. A degenerate asset distribution is featured under a broad class of preferences including, for example, constant return to scale, constant elasticity of substitution, CARA and others from a range of macroeconomic literatures. Some novel applications impossible under quasi-linear preferences, for example endogenous growth, are illustrated under this class of preferences. This articl...
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作者：Livshits, Igor; Mac Gee, James C.; Tertilt, Michele
作者单位：Western University (University of Western Ontario); University of Mannheim
摘要：Financial innovations are a common explanation for the rise in credit card debt and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers' risk of default and a fixed cost of developing each contract lenders offer. Innovations that ameliorate asymmetric information or reduce this fixed cost have large extensive margin effects via the entry of new lending contracts targeted at riskier borrowers. This results i...
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作者：Vogl, Tom S.
作者单位：Princeton University; National Bureau of Economic Research
摘要：Using micro-data from 48 developing countries, this article studies changes in cross-sectional patterns of fertility and child investment over the demographic transition. Before 1960, children from larger families obtained more education, in large part because they had richer and more educated parents. By century's end, these patterns had reversed. Consequently, fertility differentials by income and education historically raised the average education of the next generation, but they now reduce...
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作者：Chiu, Jonathan; Koeppl, Thorsten V.
作者单位：Bank of Canada; Victoria University Wellington; Queens University - Canada
摘要：We study trading dynamics in an asset market where the quality of assets is private information and finding a counterparty takes time. When trading ceases in equilibrium as a response to an adverse shock to asset quality, a government can resurrect trading by buying up lemons which involves a financial loss. The optimal policy is centred around an announcement effect where trading starts already before the intervention for two reasons. First, delaying the intervention allows selling pressure t...
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作者：Menzel, Konrad
作者单位：New York University
摘要：We develop an asymptotic theory for static discrete-action games with a large number of players, and propose a novel inference approach based on stochastic expansions around the limit of the finite-player game. Our analysis focuses on anonymous games in which payoffs are a function of the agent's own action and the empirical distribution of her opponents' play. We establish a law of large numbers and central limit theorem which can be used to establish consistency of point or set estimators an...
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作者：Nurski, Laura; Verboven, Frank
作者单位：KU Leuven; Center for Economic & Policy Research (CEPR)
摘要：Exclusive dealing contracts between manufacturers and retailers force new entrants to set up their own costly dealer networks to enter the market. We ask whether such contracts may act as an entry barrier, and provide an empirical analysis of the European car market. We first estimate a demand model with product and spatial differentiation, and quantify consumers' valuations for dealer proximity and dealer exclusivity. We then perform policy counterfactuals to assess the profit incentives and ...
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作者：Hansen, Stephen; Mcmahon, Michael
作者单位：Pompeu Fabra University; Barcelona School of Economics; University of Warwick
摘要：We provide the first direct empirical support for the importance of signalling in monetary policy by testing two key predictions from a novel structural model. First, all policymaker types should become less tough on inflation over time and secondly, types that weigh output more should have a more pronounced shift. Voting data from the Bank of England's Monetary Policy Committee strongly support both predictions. Counterfactual results indicate signalling has a substantial impact on interest r...
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作者：Rothschild, Casey; Scheuer, Florian
作者单位：Wellesley College; Stanford University; National Bureau of Economic Research
摘要：We develop a framework for optimal taxation when agents can earn their income both in traditional activities, where private and social products coincide, and in rent-seeking activities, where private returns exceed social returns either because they involve the capture of pre-existing rents or because they reduce the returns to traditional work. We characterize Pareto optimal income taxes that do not condition on how much of an individual's income is earned in each of the two activities. These...
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作者：Armstrong, Mark; Zhou, Jidong
作者单位：University of Oxford; Yale University
摘要：We study sales techniques which discourage consumer search by making it harder or more expensive to return to buy after a search for alternatives. It is unilaterally profitable for a seller to deter search under mild conditions, but sellers can suffer when all do so. When a seller cannot commit to its policy, it exploits the inference that those consumers who try to buy later have no good alternative, and in many cases the outcome is as if the seller must make an exploding offer. Search deterr...
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作者：Iskhakov, Fedor; Rust, John; Schjerning, Bertel
作者单位：University of New South Wales Sydney; Georgetown University; University of Copenhagen
摘要：We define a class of dynamic Markovian games, directional dynamic games (DDG), where directionality is represented by a strategy-independent partial order on the state space. We show that many games are DDGs, yet none of the existing algorithms are guaranteed to find any Markov perfect equilibrium (MPE) of these games, much less all of them. We propose a fast and robust generalization of backward induction we call state recursion that operates on a decomposition of the overall DDG into a finit...
