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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：Blake, Andrew P.; Kirsanova, Tatiana
作者单位：University of Glasgow
摘要：We study stationary discretionary equilibria in dynamic linear-quadratic rational expectations models. Past papers have assumed that this is uniquely determined; we show that such models can have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria using a number of examples of increasing complexity and discuss their potential to explain interesting economic phenomena. We investigate the general properties of discretionary equilibria and dis...
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作者：Harstad, Bard
作者单位：Northwestern University; University of Oslo; National Bureau of Economic Research
摘要：The paper presents a dynamic game where players contribute to a public bad, invest in technologies, and write incomplete contracts. Despite the n + 1 stocks in the model, the analysis is tractable and the symmetric Markov perfect equilibrium unique. If only the contribution levels are contractible, then investments are suboptimally small if the contract is short term or close to its expiration date. To encourage investments, the optimal contract is more ambitious if it is short term, and it is...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Wieland, Johannes
作者单位：William & Mary; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and solve for the optimal level of inflation in the model. For plausible calibrations with costly but infrequent episodes at the zero lower bound, the optimal inflation rate is low, typically < 2% even after considering a variety of extensions, including o...
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作者：Ferrall, Christopher
作者单位：Queens University - Canada
摘要：This paper studies the self-sufficiency project (SSP), a controlled randomized experiment concerning welfare, by estimating a model of endogenous skill accumulation, multidimensional job opportunities, and time-varying opportunity costs of labour market time. Methods for estimating dynamic programming models with unobserved heterogeneity are extended to account for unexpected policy interventions and endogenous sample selection and initial conditions. Parameters are identified and consistently...
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作者：Head, Allen; Lloyd-Ellis, Huw
作者单位：Queens University - Canada
摘要：We study the interactions among geographical mobility, unemployment, and home-ownership in an economy with heterogeneous locations, endogenous construction, and search frictions in the markets for both labour and housing. The decision of home-owners to accept job offers from other cities depends on how quickly they can sell their houses (i.e. the houses' liquidity), which in turn depends on local labour market conditions. Consequently, home-owners accept job offers from other cities at a lower...
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作者：Maccheroni, Fabio; Marinacci, Massimo; Rustichini, Aldo
作者单位：Bocconi University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study the behavioural foundation of interdependent preferences, where the outcomes of others affect the welfare of the decision maker. These preferences are taken as given, not derived from more primitive ones. Our aim is to establish an axiomatic foundation providing the link between observation of choices and a functional representation which is convenient, free of inconsistencies and can provide the basis for measurement. The dependence among preferences may take place in two conceptuall...
