-
作者：Hossain, Tanjim; Okui, Ryo
作者单位：University of Toronto; Kyoto University
摘要：We introduce a simple method for constructing a scoring rule to elicit an agent's belief about a random variable that is incentive compatible irrespective of her risk-preference. The agent receives a fixed prize when her prediction error, defined by a loss function specified in the incentive scheme, is smaller than an independently generated random number and earns a smaller prize otherwise. Adjusting the loss function according to the belief elicitation objective, the scoring rule can be used...
-
作者：Kryvtsov, Oleksiy; Midrigan, Virgiliu
作者单位：Bank of Canada; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
摘要：A growing consensus in New Keynesian macroeconomics is that nominal cost rigidities, rather than countercyclical markups, account for the bulk of the real effects of monetary policy shocks. We revisit these conclusions using theory and data on inventories. We study an economy with nominal rigidities in which goods are storable. Our theory predicts that if costs of production are sticky and markups do not vary much in response to, say, expansionary monetary policy, firms react by excessively ac...
-
作者：McMurray, Joseph C.
作者单位：Brigham Young University
摘要：This article analyzes participation and information aggregation in a common-value election with continuous private signals. In equilibrium, some citizens ignore their private information and abstain from voting, in deference to those with higher-quality signals. Even as the number of highly informed peers grows large, however, citizens with only moderate expertise continue voting, so that voter participation remains at realistic levels (e.g. 50 to 60 percent, for simple examples). The precise ...
-
作者：Browning, Martin; Chiappori, Pierre-Andre; Lewbel, Arthur
作者单位：University of Oxford; Columbia University; Boston College
摘要：How much income would a woman living alone require to attain the same standard of living that she would have if she were married? What percentage of a married couple's expenditures are controlled by the husband? How much money does a couple save on consumption goods by living together versus living apart? We propose and estimate a collective model of household behaviour that permits identification and estimation of concepts such as these. We model households in terms of the utility functions o...
-
作者：Bolton, Patrick; Brunnermeier, Markus K.; Veldkamp, Laura
作者单位：Columbia University; Princeton University; New York University
摘要：What is the role of leaders in large organizations? We propose a model in which a leader helps to overcome a misalignment of followers' incentives that inhibits coordination, while adapting the organization to a changing environment. Good leadership requires vision and special personality traits such as conviction or resoluteness to enhance the credibility of mission statements and to effectively rally agents around them. Resoluteness allows leaders to overcome a time-consistency problem that ...
-
作者：Doraszelski, Ulrich; Jaumandreu, Jordi
作者单位：University of Pennsylvania; Boston University
摘要：We develop a model of endogenous productivity change to examine the impact of the investment in knowledge on the productivity of firms. Our dynamic investment model extends the tradition of the knowledge capital model of Griliches (1979) that has remained a cornerstone of the productivity literature. Rather than constructing a stock of knowledge capital from a firm's observed R&D expenditures, we consider productivity to be unobservable to the econometrician. Our approach accounts for uncertai...
-
作者：Osikominu, Aderonke
作者单位：University of Zurich; University of Freiburg; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：This article investigates how precisely short-term, job search-oriented training programs as opposed to long-term, human capital intensive training programs work. We evaluate and compare their effects on time until job entry, stability of employment, and earnings. Further, we examine the heterogeneity of treatment effects according to the timing of training during unemployment as well as across different subgroups of participants. We find that participating in short-term training reduces the r...
-
作者：Bhuller, Manudeep; Havnes, Tarjei; Leuven, Edwin; Mogstad, Magne
作者单位：University of Oslo; University of London; University College London
摘要：Does internet use trigger sex crime? We use unique Norwegian data on crime and internet adoption to shed light on this question. A public program with limited funding rolled out broadband access points in 2000-2008, and provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use is associated with a substantial increase in both reports, charges and convictions of rape and other sex crimes. We present a conceptual framework that highlights...
-
作者：Knowles, John A.
作者单位：University of Southampton
摘要：Are macro-economists mistaken in ignoring bargaining between spouses? This article argues that models of intra-household allocation could be useful for understanding aggregate labour supply trends in the U.S. since the 1970s. A simple calculation suggests that the standard model without bargaining predicts a 19% decline in married-male labour supply in response to the narrowing of the gender gap in wages since the 1970s. However married-men's paid labour remained stationary over the period fro...
-
作者：Diebold, Francis X.; Strasser, Georg
作者单位：University of Pennsylvania; Boston College
摘要：We introduce the financial economics of market microstructure to the financial econometrics of asset return volatility estimation. In particular, we derive the cross-correlation function between latent returns and market microstructure noise in several leading microstructure environments. We propose and illustrate several corresponding theory-inspired volatility estimators, which we apply to stock and oil prices. Our analysis and results are useful for assessing the validity of the frequently ...
