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作者：Phelan, Christopher; Skrzypacz, Andrzej
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University
摘要：This paper develops new recursive, set based methods for studying repeated games with private monitoring. For any finite-state strategy profile, we find necessary and sufficient conditions for whether there exists a distribution over initial states such that the strategy, together with this distribution, form a correlated sequential equilibrium (CSE). Also, for any given correlation device for determining initial states (including degenerate cases where players' initial states are common knowl...
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作者：Duranton, Gilles; Turner, Matthew A.
作者单位：University of Toronto
摘要：We estimate the effects of interstate highways on the growth of U.S. cities between 1983 and 2003. We find that a 10% increase in a city's initial stock of highways causes about a 1.5% increase in its employment over this 20 year period. To estimate a structural model of urban growth and transportation, we rely on an instrumental variables estimation that uses a 1947 plan of the interstate highway system, an 1898 map of railroads, and maps of the early explorations of the U.S. as instruments f...
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作者：Beaman, Lori A.
作者单位：Northwestern University
摘要：This paper examines the dynamic implications of social networks for the labour market outcomes of refugees resettled in the U.S. A theoretical model of job information transmission shows that the relationship between social network size and labour market outcomes is heterogeneous and depends on the vintage of network members: an increase in network size can negatively impact some cohorts in a network while benefiting others. To test this prediction, I use new data on political refugees resettl...
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作者：Schoellman, Todd
作者单位：Arizona State University; Arizona State University-Tempe
摘要：This paper measures the role of quality-adjusted years of schooling in accounting for cross-country output per worker differences. While data on years of schooling are readily available, data on education quality are not. I use the returns to schooling of foreign-educated immigrants in the U.S. to measure the education quality of their birth country. Immigrants from developed countries earn higher returns than do immigrants from developing countries. I show how to incorporate this measure of e...
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作者：He, Zhigu; Krishnamurthy, Arvind
作者单位：University of Chicago; Northwestern University; National Bureau of Economic Research
摘要：We develop a model in which the capital of the intermediary sector plays a critical role in determining asset prices. The model is cast within a dynamic general equilibrium economy, and the role for intermediation is derived endogenously based on optimal contracting considerations. Low intermediary capital reduces the risk-bearing capacity of the marginal investor. We show how this force helps to explain patterns during financial crises. The model replicates the observed rise during crises in ...
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作者：Attanasio, Orazio P.; Meghir, Costas; Santiago, Ana
作者单位：University of London; University College London; National Bureau of Economic Research; Yale University
摘要：In this paper, we use an economic model to analyse data from a major randomized social experiment, namely PROGRESA in Mexico, and to evaluate its impact on school participation. We show the usefulness of using experimental data to estimate a structural economic model as well as the importance of a structural model in interpreting experimental results. The availability of the experiment also allows us to estimate the program's general equilibrium effects, which we then incorporate into our simu...
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作者：Gayle, George-Levi; Golan, Limor
作者单位：Carnegie Mellon University
摘要：This paper addresses two questions: What accounts for the gender gap in labour-market outcomes? What are the driving forces behind the changes in the gender labour-market outcomes over the period 1968-1997? It formulates a dynamic general equilibrium model of labour supply, occupational sorting, and human-capital accumulation in which gender discrimination and an earnings gap arise endogenously. It uses this model to quantify the driving forces behind the decline in the gender earnings gap and...
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作者：Von Thadden, Ernst-Ludwig; Zhao, Xiaojian
作者单位：University of Mannheim; Hong Kong University of Science & Technology
摘要：The paper introduces the problem of unawareness into principal-agent theory and discusses optimal incentive contracts when the agent may be unaware of her action space. Depending on the agent's default behaviour, it can be optimal for the principal to propose an incomplete contract (that keeps the agent unaware) or a complete contract. The key trade-off is that of enlarging the agent's choice set versus adding costly incentive constraints. If agents differ in their unawareness, optimal contrac...
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作者：Brown, Meta; Scholz, John Karl; Seshadri, Ananth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Wisconsin System; University of Wisconsin Madison
摘要：We discuss a simple model in which parents and children make investments in the children's education and investments for other purposes and parents can transfer cash to their children. We show that for an identifiable set of parent-child pairs, parents will rationally underinvest in their child's education. For these parent-child pairs, additional financial aid will increase educational attainment. The model highlights an important feature of higher education finance, the expected family contr...
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作者：Cespa, Giovanni; Vives, Xavier
作者单位：City St Georges, University of London
摘要：We investigate the dynamics of prices, information, and expectations in a competitive, noisy, dynamic asset pricing equilibrium model with long-term investors. We argue that the fact that prices can score worse or better than consensus opinion in predicting the fundamentals is a product of endogenous short-term speculation. For a given positive level of residual pay-off uncertainty, if liquidity trades display low persistence, rational investors act like market makers and accommodate the order...
