-
作者：Adams, Renee; Ferreira, Daniel
作者单位：University of Queensland; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：We use a large sample of guessed ice break-up dates for the Tanana River in Alaska to study differences between outcomes of decisions made by individuals versus groups. We estimate the distribution of guesses conditional on whether they were made by individual bettors or betting pools. We document two major distinctions between the two sets of guesses: (1) the distribution of guesses made by groups of bettors appears to conform more to the distribution of historical break-up dates than the dis...
-
作者：Buchinsky, Moshe; Fougere, Denis; Kramarz, Francis; Tchernis, Rusty
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS); University System of Georgia; Georgia State University
摘要：In this paper, we expand on the seminal work of Altonji and Shakotko (1987) and Topel (1991) and reinvestigate the returns to seniority in the United States. We begin with the same wage equation as in previous studies. We extend the model of Hyslop (1999) and explicitly model the participation/employment and inter-firm mobility decisions, which, in turn, define the individual's experience and seniority. We introduce into the wage equation a summary of the workers' entire career path. The three...
-
作者：Nakamura, Emi; Zerom, Dawit
作者单位：Columbia University; California State University System; California State University Fullerton
摘要：Recent theoretical work has suggested a number of potentially important factors in causing incomplete pass-through of exchange rates to prices, including markup adjustment, local costs and barriers to price adjustment. We empirically analyse the determinants of incomplete pass-through in the coffee industry. The observed pass-through in this industry replicates key features of pass-through documented in aggregate data: prices respond sluggishly and incompletely to changes in costs. We use micr...
-
作者：Bolton, Patrick; Faure-Grimaud, Antoine
作者单位：Columbia University; University of London; London School Economics & Political Science
摘要：We propose a model of equilibrium contracting between two agents who are boundedly rational in the sense that they face time costs of deliberating current and future transactions. We show that equilibrium contracts may be incomplete and assign control rights: they may leave some enforceable future transactions unspecified and instead specify which agent has the right to decide these transactions. Control rights allow the controlling agent to defer time-consuming deliberations on those transact...
-
作者：Acemoglu, Daron; Golosov, Mikhail; Tsyvinski, Aleh
作者单位：Massachusetts Institute of Technology (MIT); Yale University
摘要：We study the structure of non-linear taxes in a dynamic economy subject to political economy problems. In contrast to existing literature, taxes are set by a self-interested politician, without any commitment power, who is partly controlled by the citizens. We prove that: (1) a version of the revelation principle applies; and (2) the provision of incentives to politicians can be separated from the provision of incentives to individuals. Using these results, we provide conditions under which di...
-
作者：Fan, Yanqin; Wu, Jisong
作者单位：Vanderbilt University; Indiana University System; Indiana University Indianapolis
摘要：In this paper, we establish sharp bounds on the joint distribution of potential outcomes and the distribution of treatment effects in parametric switching regime models with normal mean-variance mixture errors and in the semi-parametric switching regime models of Heckman (1990). Our results for parametric switching regime models with normal mean-variance mixture errors extend some existing results for the Gaussian switching regime model and our results for semi-parametric switching regime mode...
-
作者：Basak, Suleyman; Yan, Hongjun
作者单位：University of London; London Business School; Yale University
摘要：This article analyses the implications of money illusion for investor behaviour and asset prices in a securities market economy with inflationary fluctuations. We provide a belief-based formulation of money illusion which accounts for the systematic mistakes in evaluating real and nominal quantities. The impact of money illusion on security prices and their dynamics is demonstrated to be considerable even though its welfare cost on investors is small in typical environments. A money-illusioned...
-
作者：Helpman, Elhanan; Itskhoki, Oleg
作者单位：Harvard University; Princeton University
摘要：We study a two-country, two-sector model of international trade in which one sector produces homogeneous products and the other produces differentiated products. Both sectors are subjected to search and matching frictions in the labour market and wage bargaining. As a result, some of the workers searching for jobs end up being unemployed. Countries are similar except for frictions in their labour markets, such as efficiency of matching and costs of posting vacancies, which can vary across the ...
