-
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...
-
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...
-
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...
-
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.
-
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：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：Dustmann, Christian; Frattini, Tommaso; Preston, Ian P.
作者单位：University of London; University College London; University of Milan
摘要：This paper analyses the effect immigration has on the wages of native workers. Unlike most previous work, we estimate wage effects along the distribution of native wages. We derive a flexible empirical strategy that does not rely on pre-allocating immigrants to particular skill groups. In our empirical analysis, we demonstrate that immigrants downgrade considerably upon arrival. As for the effects on native wages, we find a pattern of effects whereby immigration depresses wages below the 20th ...
-
作者：Costinot, Arnaud; Vogel, Jonathan; Wang, Su
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Columbia University
摘要：This article develops an elementary theory of global supply chains. We consider a world economy with an arbitrary number of countries, one factor of production, a continuum of intermediate goods and one final good. Production of the final good is sequential and subject to mistakes. In the unique free trade equilibrium, countries with lower probabilities of making mistakes at all stages specialize in later stages of production. Using this simple theoretical framework, we offer a first look at h...
-
作者：Ramalho, Esmeralda A.; Smith, Richard J.
作者单位：University of Evora; University of Cambridge
摘要：Missing values are endemic in the data sets available to econometricians. This paper suggests a semiparametrically efficient likelihood-based approach to deal with general non-ignorable missing data problems for discrete choice models. Our concern is when the dependent variable and/or covariates are unobserved for some sampling units. A supplementary random sample of observations on all covariates may be available. The key insight of this paper is the recognition of non-response as a modificat...
