作者：Lise, Jeremy
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：In this article, I develop and estimate a model of on-the-job search in which risk averse workers choose search effort and can borrow or save using a single risk free asset. I derive the implications for optimal savings behaviour in this environment and relate this to the frictions that characterize the endogenous earnings process implied by on-the-job search. Savings behaviour depends in a very intuitive way on the rate at which offers are received, the rate at which jobs are destroyed, and a...
作者：Wong, Maisy
作者单位：University of Pennsylvania
摘要：This article estimates people's taste for living with own-ethnic-group neighbours using variation from a natural experiment in Singapore: ethnic housing quotas. I develop a location choice model that informs the use of policy variation from the quotas to address endogeneity issues well known in the social interactions literature. I assembled a dataset on neighbourhood-level ethnic proportions by matching more than 500,000 names in the phonebook to ethnicities. I find that all groups want to li...
作者：Gu, Chao; Mattesini, Fabrizio; Monnet, Cyril; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; University of Bern; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop a model where: (i) banks take deposits and make investments; (ii) their liabilities facilitate third-party transactions. Other models have (i) or (ii), not both, although we argue they are intimately connected: we show that they both emerge from limited commitment. We describe an environment, characterize desirable allocations, and interpret the outcomes as banking arrangements. Banks are essential: without them, the set of feasible allocations is inferior. As a technical contributi...
