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作者：Luttmer, Erzo G. J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The Pareto-like tail of the size distribution of firms can arise from random growth of productivity or stochastic accumulation of capital. If the shocks that give rise to firm growth are perfectly correlated within a firm, then the growth rates of small and large firms are equally volatile, contrary to what is found in the data. If firm growth is the result of many independent shocks within a firm, it can take hundreds of years for a few large firms to emerge. This paper describes an economy w...
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作者：Rodriguez-Lopez, Jose Antonio
作者单位：University of California System; University of California Irvine
摘要：I present a sticky-wage model of exchange rate pass-through with heterogeneous producers and endogenous markups. The model shows that low levels of exchange rate pass-through to firm-and aggregate-level import prices coexist with large movements in trade flows. After an exchange rate shock, aggregate import prices are subject to a composition bias due to changes in the extensive margin of trade (the number of goods traded between countries). At the firm level, each producer adjusts its markups...
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作者：Eeckhout, Jan; Kircher, Philipp
作者单位：University of Pennsylvania; University of Oxford
摘要：Assortative matching between workers and firms provides evidence of the complementarities or substitutes in production. The presence of complementarities is important for policies that aim to achieve the optimal allocation of resources, e. g. unemployment insurance. We argue that using wage data alone, it is virtually impossible to identify whether assortative matching is positive or negative. Even though we cannot identify the sign of the sorting, we can identify the strength, i.e. the magnit...
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作者：Condie, Scott; Ganguli, Jayant V.
作者单位：Brigham Young University; University of Cambridge
摘要：This paper demonstrates the existence and robustness of partially revealing rational expectations equilibria in general exchange economies when some traders have non-smooth ambiguity-averse preferences. This finding illustrates that models with non-smooth ambiguity aversion provide a relatively tractable framework through which partial information revelation may be studied in a general equilibrium setting without relying on particular distributional or von Neumann-Morgenstern utility assumptio...
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作者：Chiang, Chun-Fang; Knight, Brian
作者单位：National Taiwan University; Brown University
摘要：This paper investigates the relationship between media bias and the influence of the media on voting in the context of newspaper endorsements. We first develop a simple econometric model in which voters choose candidates under uncertainty and rely on endorsements from better informed sources. Newspapers are potentially biased in favour of one of the candidates and voters thus rationally account for the credibility of any endorsements. Our primary empirical finding is that endorsements are infl...
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作者：Park, Jee-Hyeong
作者单位：Seoul National University (SNU)
摘要：To analyse the role that the World Trade Organization (WTO) plays in enforcing international trade agreements, this paper first explores what countries can achieve alone by characterizing optimal private trigger strategies (PTS) under which each country triggers a punishment phase by imposing an explicit tariff based on privately observed imperfect signals of the other country's concealed trade barriers. It identifies the condition under which countries can restrain the use of concealed barrie...
