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作者：Antic, Nemanja; Chakraborty, Archishman; Harbaugh, Rick
作者单位：Northwestern University; Yeshiva University; Indiana University System; Indiana University Bloomington
摘要：Two players with common interests exchange information to make a decision. But they fear scrutiny. Their unencrypted communications will be observed by another agent with different interests who can object to their decision. We show how the players can implement their ideal decision rule using a back-and-forth conversation. Such a subversive conversation reveals enough information for the players to determine their best decision but not enough information for the observer to determine whether ...
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作者：Bartelme, Dominick; Costinot, Arnaud; Donaldson, Dave; Rodriguez-Clare, Andres
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：The textbook case for industrial policy is well understood: sectors with relatively large external economies of scale should be subsidized at the expense of other sectors. Little is known, however, about the magnitude of the welfare gains from such interventions. We develop an empirical strategy that leverages commonly available trade data to estimate sector-level economies of scale and, in turn, to quantify the gains from optimal industrial policy in a general equilibrium environment. Our res...
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作者：Flinn, Christopher J.; Todd, Petra E.; Zhang, Weilong
作者单位：New York University; Collegio Carlo Alberto; University of Pennsylvania; National Bureau of Economic Research; IZA Institute Labor Economics; University of Cambridge
摘要：This paper examines the effects of the Big Five personality traits on labor market outcomes and gender wage gaps using a job search and bargaining model with parameters that vary at the individual level. The analysis, based on German panel data, reveals that both cognitive and noncognitive traits significantly influence wages and employment outcomes. Higher conscientiousness and emotional stability and lower agreeableness levels enhance earnings and job stability for both genders. Differences ...
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作者：Anderson, Axel; Rosen, Jeremy; Rust, John; Wong, Kin-Ping
作者单位：Georgetown University
摘要：Do the world's best tennis pros play Nash equilibrium mixed strategies? We answer this question using data on serve-direction choices (to the receiver's left, right, or body) from the Match Charting Project. Using a new approach, we test and reject a key implication of a mixed-strategy Nash equilibrium: that the probability of winning the service game is identical for all possible serve strategies. We calculate best-response serve strategies by dynamic programming (DP) and show that for most e...
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作者：Mekonnen, Teddy; Murra-Anton, Zeky; Pakzad-Hurson, Bobak
作者单位：Brown University
摘要：We consider sequential search by an agent who cannot observe the quality of goods but can acquire information from a profit-maximizing principal with limited commitment power. The principal can charge higher prices for more informative signals, but high future prices discourage continued search, thereby reducing the principal's profits. A unique stationary equilibrium outcome exists: the principal (i) sells the agent only partial information, (ii) induces the socially efficient stopping rule, ...
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作者：Johnson, Matthew S.; Lavetti, Kurt; Lipsitz, Michael
作者单位：Duke University; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We analyze how the legal enforceability of noncompete agreements (NCAs) affects labor markets. Using newly constructed panel data, we find that higher NCA enforceability diminishes workers' earnings and job mobility, with larger effects among workers most likely to sign NCAs. These effects are far-reaching: increasing enforceability imposes externalities on workers across state borders, suggesting broad effects on labor market dynamism. We show that enforceability affects wages by reducing out...
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作者：Hemous, David; Olsen, Morten; Zanella, Carlo; Dechezlepretre, Antoine
作者单位：University of Zurich; University of Copenhagen; Organisation for Economic Co-operation & Development (OECD)
摘要：Do higher wages induce more automation innovation? We identify automation patents in machinery. We show that a higher automation intensity predicts a decline in routine tasks across US sectors. Then, we estimate how innovating firms respond to changes in their downstream firms' low- and high-skill wages. We compute these wages by combining macroeconomic data on 41 countries with innovating firms' global market exposure. Higher low-skill wages increase automation innovation (but not other machi...
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作者：De Nardi, Mariacristina; French, Eric; Jones, John Bailey; Mcgee, Rory
作者单位：University of Minnesota System; Federal Reserve System - USA; University of Minnesota Twin Cities; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Richmond; Western University (University of Western Ontario)
摘要：We estimate a model of savings for retired couples and singles who face longevity and medical expense risks and in which couples can leave bequests both when the first spouse dies and when the last spouse dies. We show that saving motives vary by marital status, permanent income, and age. We find that most households save more for medical expenses than for bequests but that richer households and couples, who hold most of the wealth, save more for bequests. As a result, bequest motives are a ke...
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作者：Cui, Wei; Wright, Randall; Zhu, Yu
作者单位：University of London; University College London; University of Groningen; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison; Renmin University of China
摘要：This paper studies economies where firms acquire capital in primary markets and then, after idiosyncratic productivity shocks, retrade it in secondary markets that incorporate bilateral trade with search, bargaining, and liquidity frictions. We distinguish between full or partial sales (one firm gets all or some of the other's capital) and document several long- and short-run empirical patterns between these variables and the cost of liquidity, as measured by inflation. Quantitatively, the mod...
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作者：Ayres, Joao; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
作者单位：Inter-American Development Bank; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella; Universidade Catolica Portuguesa; Banco de Portugal; Centre for Economic Policy Research - UK
摘要：We assess the quantitative relevance of expectations-driven sovereign debt crises, focusing on the southern European crisis of the early 2010s and the Argentine default of 2001. The source of multiplicity is the one proposed by Calvo. Crucial for multiplicity is an output process characterized by long periods of either high growth or stagnation, which we estimate using data for these countries. Our analysis suggests that expectations-driven debt crises are quantitatively relevant but state dep...
