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作者：Ortalo-Magne, Francois; Rady, Sven
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Munich
摘要：We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria that replicate the facts that credit constraints delay some households' first home purchase and force other households to buy a home smaller than they would like. The model helps us identify a powerful driver of the housing market: the ability of young households to afford the down payment on a starter home, and in particular their income. The model also highlights a chann...
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作者：Phelan, Christopher
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper argues that both unequal opportunity and social mobility are necessary implications of an efficient societal arrangement when incentives must be provided.
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作者：Calcagno, Riccardo; Lovo, Stefano
作者单位：Vrije Universiteit Amsterdam
摘要：This paper studies the effect of asymmetric information on the price formation process in a quote-driven market. One market-maker receives private information on the value of the quoted asset and repeatedly competes with market-makers who are uninformed. We show that despite the fact that the informed market-maker's quotes are public, the market is never strong-form efficient with certainty until the last stage. We characterize a reputational equilibrium in which the informed market-maker infl...
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作者：Ciccone, Antonio; Peri, Giovanni
作者单位：Pompeu Fabra University; University of California System; University of California Davis; National Bureau of Economic Research
摘要：The identification of aggregate human-capital externalities is still not fully understood. The existing (Mincerian) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a result, the Mincerian approach yields positive externalities even when wages equal marginal social products. We propose an approach that identifies human-capital externalities, whether or not aggregate demand for human capital slopes downward. Another advanta...
