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作者：Matsuyama, Kiminori
作者单位：Northwestern University
摘要：In contrast to domestic trade, international trade inherently requires more intensive use of skilled labour with expertise in areas such as international business, language skills, and maritime insurance, and the transoceanic transportation is more capital intensive than the local transportation. In the presence of such bias in factor demands, globalization caused by an improvement in the export technologies can lead to a worldwide increase in the relative prices of the factors used intensivel...
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作者：Fuster, Luisa; Imrohoroglu, Ayse; Imrohoroglu, Selahattin
作者单位：University of Toronto; University of Southern California
摘要：Much of the existing literature on social security has taken the extreme assumption that individuals have little or no altruism; this paper takes an opposite assumption that there is full two-sided altruism. When households insure members that belong to the same family line, privatizing social security can gain public support. In our benchmark model calibrated to the U.S. economy, privatization without compensation is favoured by 52% of the population. If social security participants are fully...
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作者：Bloom, Nick; Bond, Stephen; Van Reenen, John
作者单位：Stanford University; National Bureau of Economic Research; University of Oxford; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper shows that with (partial) irreversibility higher uncertainty reduces the responsiveness of investment to demand shocks. Uncertainty increases real option values making firms more cautious when investing or disinvesting. This is confirmed both numerically for a model with a rich mix of adjustment costs, time-varying uncertainty, and aggregation over investment decisions and time and also empirically for a panel of manufacturing firms. These cautionary effects of uncertainty are large...
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作者：Nagypal, Eva
作者单位：Northwestern University
摘要：Understanding the accumulation of match-specific capital is crucial in shedding light on the reasons for the prevalence of long-term employment relationships and on the welfare consequences of turnover in the labour market. One of the most important sources of match-specific capital is human capital acquired through match-specific learning. Such learning can take on two distinct forms. In the first case, workers accumulate match-specific human capital through learning by doing. In the second c...
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作者：Chetty, Raj
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper studies the effect of interest rates on investment in an environment where firms make irreversible investments with uncertain pay-offs. In this setting, changes in the interest rate affect both the cost of capital and the cost of delaying investment to acquire information. These two forces combine to generate an aggregate investment demand curve that is a backward-bending function of the interest rate. At low rates, increasing the interest rate raises investment by increasing the co...
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作者：Bansal, Ravi; Gallant, A. Ronald; Tauchen, George
作者单位：Duke University
摘要：The paper estimates and examines the empirical plausibility of asset pricing models that attempt to explain features of financial markets such as the size of the equity premium and the volatility of the stock market. In one model, the long-run risks (LRR) model of Bansal and Yaron, low-frequency movements, and time-varying uncertainty in aggregate consumption growth are the key channels for understanding asset prices. In another, as typified by Campbell and Cochrane, habit formation, which gen...
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作者：Iyigun, Murat; Walsh, Randall P.
作者单位：University of Colorado System; University of Colorado Boulder; University of Colorado System; University of Colorado Boulder
摘要：We develop a transferable utility model of the household in which the marriage market is characterized by (negative or positive) assortative matching, and spousal allocations are determined by premarital investments. We demonstrate that all sharing rules along the assortative order support efficient outcomes both in terms of premarital investments and intra-household allocations. The efficiency of premarital choices and household allocations then enables us to show that, for each couple, the m...
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作者：Albuquerque, Rui; Bauer, Gregory H.; Schneider, Martin
作者单位：Boston University; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper considers the role of foreign investors in developed country equity markets. It presents a quantitative model of trading that is built around two new assumptions about investor sophistication: (i) both the foreign and domestic populations contain investors with superior information sets; and (ii) these knowledgeable investors have access to both public equity markets and private investment opportunities. The model delivers a unified explanation for three stylized facts about U.S. in...
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作者：Hyndman, Kyle; Ray, Debraj
作者单位：Southern Methodist University; New York University
摘要：We study coalition formation in real time, a situation in which coalition formation is intertwined with the ongoing receipt of pay-offs. Agreements are assumed to be permanently binding: They can only be altered with the full consent of existing signatories. For characteristic function games we prove that equilibrium processes-whether or not these are history dependent-must converge to efficient absorbing states. For three-player games with externalities each player has enough veto power that ...
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作者：Mazzocco, Maurizio
作者单位：University of California System; University of California Los Angeles; University of Wisconsin System; University of Wisconsin Madison
摘要：In this paper, a formal test of intra-household commitment is derived and performed. To that end, two models of household intertemporal behaviour are developed. In both models, household members are characterized by individual preferences. In the first formulation, household decisions are always on the ex ante Pareto frontier. In the second model, the assumption of intra-household commitment required by ex ante efficiency is relaxed. It is shown that the full-efficiency household Euler equatio...
