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作者：Brunner, Antje; Krahnen, Jan Pieter
作者单位：Humboldt University of Berlin; Goethe University Frankfurt
摘要：Multiple banking is a common characteristic of the corporate lending, particularly of medium-sized and large firms. However, if the firms are facing distress, multiple lenders may have serious coordination problems, as has been argued in the theoretical literature. In this paper we analyse the problems of multiple banking in borrower distress empirically. We rely on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particu...
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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
摘要：This paper shows that standard international business cycle models can be reconciled with the empirical evidence on the lack of consumption risk sharing. First, we show analytically that with incomplete asset markets productivity disturbances can have large uninsurable effects on wealth, depending on the value of the trade elasticity and shock persistence. Second, we investigate these findings quantitatively in a model calibrated to the U.S. economy. With the low trade elasticity estimated via...
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作者：Blow, Laura; Browning, Martin; Crawford, Ian
作者单位：University of Oxford
摘要：Characteristics models have been found to be useful in many areas of economics. However, their empirical implementation tends to rely heavily on functional form assumptions. In this paper we develop a revealed preference approach to characteristics models. We derive the necessary and sufficient empirical conditions under which data on the market behaviour of heterogeneous, price-taking consumers are non-parametrically consistent with the consumer characteristics model. Where these conditions h...
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作者：Nocke, Volker; Yeaple, Stephen
作者单位：University of Oxford; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research
摘要：We develop an assignment theory to analyse the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border acquisitions. Cross-border acquisitions involve firms trading heterogeneous corporate assets to exploit complementarities, while greenfield FDI involves setting up a new production division in the foreign country. In equilibrium, greenfield FDI and cross-border acquisitions coexist within the same industry, bu...
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作者：Bandi, F. M.; Russell, J. R.
作者单位：University of Chicago
摘要：A recent and extensive literature has pioneered the summing of squared observed intra-daily returns, realized variance, to estimate the daily integrated variance of financial asset prices, a traditional object of economic interest. We show that, in the presence of market microstructure noise, realized variance does not identify the daily integrated variance of the frictionless equilibrium price. However, we demonstrate that the noise-induced bias at very high sampling frequencies can be approp...
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作者：Horner, Johannes; Jamison, Julian
作者单位：Northwestern University; University of California System; University of California Berkeley; University of Southern California
摘要：We study an infinitely repeated first-price auction with common values. We focus on one-sided incomplete information, in which one bidder learns the objects' value, which itself does not change over time. Learning by the uninformed bidder occurs only through observation of the bids. The proprietary information is eventually revealed, and the seller extracts essentially the entire rent (for large discount factors). Both players' pay-offs tend to 0 as the discount factor tends to 1. However, the...
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作者：Myatt, David P.; Wallace, Chris
作者单位：University of Oxford; University of Oxford; University of Oxford
摘要：This paper studies collective-action games in which the production of a public good requires teamwork. A leading example is a threshold game in which provision requires the voluntary participation of m out of n players. Quantal-response strategy revisions allow play to move between equilibria in which a team successfully provides, and an equilibrium in which the collective action fails. A full characterization of long-run play reveals the determinants of success; these include the correlation ...
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作者：Postlewaite, Andrew; Samuelson, Larry; Silverman, Dan
作者单位：University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison; Yale University; University of Michigan System; University of Michigan
摘要：We examine an economy in which the cost of consuming some goods can be reduced by making commitments that reduce flexibility. We show that such consumption commitments can induce consumers with risk-neutral underlying utility functions to be risk averse over small variations in income, but sometimes to seek risk over large variations. As a result, optimal employment contracts will smooth wages conditional on being employed, but may incorporate a possibility of unemployment.
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作者：Board, Simon
作者单位：University of California System; University of California Los Angeles; University of Toronto
摘要：This paper solves for the profit-maximizing strategy of a durable-goods monopolist when incoming demand varies over time. We first characterize the consumers' optimal purchasing decision by a cut-off rule. We then show that, under a monotonicity condition, the profit-maximizing cut-offs can be derived through a myopic algorithm, which has an intuitive marginal revenue interpretation. Consumers' ability to delay creates an asymmetry in the optimal price path, which exhibits fast increases and s...
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作者：Telyukova, Irina A.; Wright, Randall
作者单位：University of California System; University of California San Diego; University of Pennsylvania
摘要：Many individuals simultaneously have significant credit card debt and money in the bank. The credit card debt puzzle is as follows: given high interest rates on credit cards and low rates on bank accounts, why not pay down debt? While some economists go to elaborate lengths to explain this, we argue it is a special case of the rate of return dominance puzzle from monetary economics. We extend standard monetary theory to incorporate consumer debt, which is interesting in its own right since dev...
