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作者：Goldberg, Pinelopi Koujianou; Hellerstein, Rebecca
作者单位：Yale University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The inertia of the local currency prices of traded goods in the face of exchange rate changes is a well-documented phenomenon in International Economics. This paper develops a structural model to identify the sources of this local currency price stability and applies it to micro-data from the beer market. The empirical procedure exploits manufacturers' and retailers' first-order conditions in conjunction with detailed information on the frequency of price adjustments following exchange rate ch...
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作者：Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano
作者单位：Stanford University; National Bureau of Economic Research; University of Cagliari
摘要：We use variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. We find that firms operating in less financially developed markets offer lower entry wages but faster wage growth than firms in more financially developed markets. This helps firms finance their operations by implicitly raising funds from workers. We control for local market fixed effects and only exploit time variation in the deg...
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作者：Edmond, Chris
作者单位：University of Melbourne
摘要：This article presents a model of information manipulation and political regime change. There is a regime that can be overthrown but only if enough citizens participate in an uprising. Citizens are imperfectly informed about the regime's ability to resist an uprising and the regime can engage in propaganda that, taken at face-value, makes the regime seem stronger than it truly is. This coordination game with endogenous information manipulation has a unique equilibrium and the article gives a co...
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作者：Ramondo, Natalia; Rappoport, Veronica; Ruhl, Kim J.
作者单位：University of California System; University of California San Diego; University of London; London School Economics & Political Science; New York University
摘要：In this article, we analyse the firm's choice between serving a foreign market through exports or through foreign affiliate sales in an environment characterized by country-specific shocks to the cost of production. Our model predicts that country pairs with less-correlated output fluctuations trade more, relative to affiliate sales, whereas countries with more-volatile fluctuations are served relatively more by exporters than by foreign affiliates selling abroad. Using detailed data on trade ...
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作者：Beaulieu, Marie-Claude; Dufour, Jean-Marie; Khalaf, Lynda
作者单位：Laval University; McGill University; Carleton University
摘要：We propose exact simulation-based procedures for: (i) testing mean-variance efficiency when the zero-beta rate is unknown; (ii) building confidence intervals for the zero-beta rate. On observing that this parameter may be weakly identified, we propose likelihood-ratio-type tests as well as Fieller-type procedures based on a Hotelling-HAC statistic, which are robust to weak identification and allow for non-Gaussian distributions including parametric GARCH structures. The Fieller-Hotelling-HAC p...
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作者：Hugonnier, Julien; Pelgrin, Florian; St-Amour, Pascal
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); University of Lausanne; Swiss Finance Institute (SFI); University of Lausanne
摘要：Despite clear evidence of correlations between financial and medical statuses and decisions, most models treat financial and health-related choices separately. This article bridges this gap by proposing a tractable dynamic framework for the joint determination of optimal consumption, portfolio holdings, health investment, and health insurance. We solve for the optimal rules in closed form and capitalize on this tractability to gain a better understanding of the conditions under which separatio...
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作者：Boulatov, Alex; Hendershott, Terrence; Livdan, Dmitry
作者单位：University of Houston System; University of Houston; University of California System; University of California Berkeley
摘要：We solve a multi-period model of strategic trading with long-lived information in multiple assets with correlated innovations in fundamental values. Market makers in each asset can only condition their pricing functions on trading in each asset. Using daily non-public data from the New York Stock Exchange, we test the model's predictions on the conditional and unconditional lead-lag relations of institutional order flow and returns within portfolios. We find support for the model prediction of...
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作者：Che, Yeon-Koo; Gale, Ian; Kim, Jinwoo
作者单位：Columbia University; Georgetown University; Seoul National University (SNU)
摘要：This article studies different methods of assigning a good to budget-constrained agents. Schemes that assign the good randomly and allow resale may outperform the competitive market in terms of Utilitarian efficiency. The socially optimal mechanism involves random assignment at a discount-an in-kind subsidy-and a cash incentive to discourage low-valuation individuals from claiming the good.
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作者：Dube, Oeindrila; Vargas, Juan F.
作者单位：New York University; Universidad del Rosario
摘要：How do income shocks affect armed conflict? Theory suggests two opposite effects. If labour is used to appropriate resources violently, higher wages may lower conflict by reducing labour supplied to appropriation. This is the opportunity cost effect. Alternatively, a rise in contestable income may increase violence by raising gains from appropriation. This is the rapacity effect. Our article exploits exogenous price shocks in international commodity markets and a rich dataset on civil war in C...
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作者：Van Weelden, Richard
作者单位：University of Chicago
摘要：I study elections between citizen-candidates who cannot make binding policy commitments before taking office, but who are accountable to voters due to the possibility of re-election. In each period a representative voter chooses among heterogeneous candidates with known policy preferences. The elected candidate chooses the policy to implement, and how much rent-seeking to engage in, when in office. As the voter decides both which candidate to elect and, subsequently, whether the candidate is r...
