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作者：Del Negro, Marco; Primiceri, Giorgio E.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Northwestern University
摘要：This note shows how to apply the procedure of Kim et al. (1998) to the estimation of VAR, DSGE, factor, and unobserved components models with stochastic volatility. In particular, it revisits the estimation algorithm of the time-varying VAR model of Primiceri (2005). The main difference of the new algorithm is the ordering of the various MCMC steps, with each individual step remaining the same.
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作者：Gayle, George-Levi; Miller, Robert A.
作者单位：Washington University (WUSTL); Carnegie Mellon University
摘要：This article analyses the identification and empirical content of the pure moral hazard (PMH) and the hybrid moral hazard (HMH) principal-agent models. The PMH model has hidden actions, while the HMH model has hidden information in addition to hidden actions. In both models, agents are risk averse and principals are risk neutral. The article derives the equilibrium restrictions from the optimal contract and uses the restrictions to show that the models have empirical content. For any given ris...
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作者：Yamashita, Takuro
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study the mechanism design problem of guaranteeing desirable performances whenever agents are rational in the sense of not playing weakly dominated strategies. We first provide an upper bound for the best performance we can guarantee among all feasible mechanisms. The bound is represented as the maximized value of the designer's objective subject to the inequality version of the standard envelope incentive conditions. We then prove the bound to be tight under certain conditions on the desig...
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作者：Wiswall, Matthew; Zafar, Basit
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This article studies the determinants of college major choice using an experimentally generated panel of beliefs, obtained by providing students with information on the true population distribution of various major-specific characteristics. Students logically revise their beliefs in response to the information, and their subjective beliefs about future major choice are associated with beliefs about their own earnings and ability. We estimate a rich model of college major choice using the panel...
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作者：Mackowiak, Bartosz; Wiederholt, Mirko
作者单位：European Central Bank; Centre for Economic Policy Research - UK
摘要：We develop a dynamic stochastic general equilibrium (DSGE) model with rational inattention and compare its predictions to data. Households and decision-makers in firms have limited attention and optimally allocate their attention. Rational inattention is the only source of slow adjustment. The model matches the empirical impulse responses to monetary policy shocks and aggregate technology shocks. At the same time, profit losses and utility losses from inattention are very small. Furthermore, i...
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作者：Groes, Fane; Kircher, Philipp; Manovskii, Iourii
作者单位：Copenhagen Business School; University of Edinburgh; University of Pennsylvania
摘要：Using administrative panel data on the entire Danish population we document a new set of facts characterizing occupational mobility. For most occupations, mobility is U-shaped and directional: not only low but also high wage earners within an occupation have a particularly large probability of leaving their occupation, and the low (high) earners tend to switch to new occupations with lower (higher) average wages. Exceptions to this pattern of two-sided selection are occupations with steeply ri...
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作者：Flory, Jeffrey A.; Leibbrandt, Andreas; List, John A.
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University; Monash University; University of Chicago
摘要：An important line of research using laboratory experiments has provided a new potential reason for gender imbalances in labour markets: men are more competitively inclined than women. Whether, and to what extent, gender differences in attitudes toward competition lead to differences in naturally occurring labour markets remains an open question. To examine this, we run a natural field experiment on job-entry decisions where we randomize almost 9000 job-seekers into different compensation regim...
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作者：Frankel, David M.; Jin, Yu
作者单位：Iowa State University; Shanghai University of Finance & Economics
摘要：We study the effects of securitization on interbank lending competition. An applicant's observable features are seen by a remote bank, while her true credit quality is known only to a local bank. Without securitization, the remote bank does not compete because of a winner's curse. With securitization, in contrast, ignorance is bliss: the less a bank knows about its loans, the less of a lemons problem it faces in selling them. This enables the remote bank to compete successfully in the lending ...
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作者：Georgiadis, George
作者单位：Boston University; California Institute of Technology
摘要：I study a dynamic problem in which a group of agents collaborate over time to complete a project. The project progresses at a rate that depends on the agents' efforts, and it generates a pay-off upon completion. I show that agents work harder the closer the project is to completion, and members of a larger team work harder than members of a smaller team-both individually and on aggregate-if and only if the project is sufficiently far from completion. I apply these results to determine the opti...
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作者：Doepke, Matthias; Hazan, Moshe; Maoz, Yishay D.
作者单位：Northwestern University; Tel Aviv University; Open University Israel
摘要：We argue that one major cause of the U.S. post-war baby boom was the rise in female labour supply during World War II. We develop a quantitative dynamic general equilibrium model with endogenous fertility and female labour force participation decisions. We use the model to assess the impact of the war on female labour supply and fertility in the decades following the war. For the war generation of women, the high demand for female labour brought about by mobilization leads to an increase in la...
