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作者：Davila, Eduardo; Schaab, Andreas
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：This paper introduces a decomposition of welfare assessments for general dynamic stochastic economies with heterogeneous individuals. The decomposition is based on constructing individual, dynamic, and stochastic weights that characterize how welfarist planners make trade-offs across individuals, dates, and histories. Guided by the compensation principle, it initially decomposes a welfare assessment into an efficiency and a redistribution component, while the efficiency component is further de...
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作者：Fan, Ying; Yang, Chenyu
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：This paper presents a method for estimating discrete games based on bounds of conditional choice probabilities. The bounds are probabilities that an action is dominant and that it is not dominated. Because the bounds are easy to compute, our method is scalable to models with many firms and discrete decisions. We apply the method to study the effects of a hypothetical merger on firm entry and product variety in local retail craft beer markets in California. We find that the merger induces firm ...
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作者：Krishnamurthy, Arvind; Li, Wenhao
作者单位：Stanford University; National Bureau of Economic Research; University of Southern California
摘要：We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. The model accounts for the entire crisis cycle, matching data on the frothy precrisis behavior of asset markets and credit; the sharp transition to a crisis where asset values fall, disintermediation occurs, and output falls; and the slow postcrisis recovery in output. Both the intermediation and the ...
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作者：Galdon-Sanchez, Jose Enrique; Gil, Ricard; Uriz-Uharte, Guillermo
作者单位：Universidad Publica de Navarra; University of Navarra; IESE Business School
摘要：We empirically investigate how the performance of small and medium-sized enterprises (SMEs) changes when gaining access to market information. To do so, we evaluate the impact of an information program diffused by a bank among its SME customers. Adopting firms gained access to reports with rich information about their own clientele and that of nearby establishments. While we find that adoption is associated with a 4.5% revenue increase, our instrumental variable results indicate that adoption ...
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作者：Elsby, Michael W. L.; Gottfries, Axel; Michaels, Ryan; Ratner, David
作者单位：University of Edinburgh; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Replacement hiring plays a central role in establishment dynamics. US establishments frequently report no net change in their employment, often for years, despite facing substantial gross turnover. We devise a tractable model in which replacement hiring is driven by a novel structure of frictions, combining firm dynamics, on-the-job search, and investments into job creation that are sunk at the point of replacement. A key implication is the emergence of vacancy chains. Quantitatively, the mode...
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作者：Wolf, Christian K.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I derive a general condition on consumer behavior ensuring that, in a standard model of demand-determined output, any path of inflation and output that is implementable via interest rate policy is also implementable through time-varying uniform transfers. In an analytical model with occasionally binding borrowing constraints, my condition holds generically. In a quantitative heterogeneous-agent model, the transfer policy that closes any given demand shortfall is furthermore well characterized ...
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作者：Rostek, Marzena; Yoon, Ji Hee
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of London; University College London
摘要：Decentralized trading motivates financial innovation, making synthetic products like derivatives nonredundant, even when all traders trade all assets. This nonredundancy arises because derivatives affect cross-security inference (information) and, in markets with large traders, equilibrium price impact (liquidity). The efficient securities differ from the underlying assets. While the market index/mutual funds are efficient in decentralized markets with competitive investors, heterogeneous port...
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作者：[Anonymous]
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作者：Delabastita, Vincent; Rubens, Michael
作者单位：Radboud University Nijmegen; University of California System; University of California Los Angeles
摘要：Empirical models of labor market competition usually assume that employers set wages noncooperatively, despite frequent allegations of collusive employer behavior. We propose an identification approach for labor market collusion that relies on production and cost data, and we use it to study how employer collusion affected wage markdowns of 227 Belgian coal firms between 1845 and 1913. We are able to detect collusion through the 1897 coal cartel without ex ante knowledge of its timing and find...
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作者：Marra, Marleen
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper develops and estimates a structural auction platform model with endogenous entry of buyers and sellers to study the welfare impacts of fee changes. Estimates from a new wine auction dataset illustrate the striking feature of two-sided markets that some users can be made better off despite paying higher fees. The results also underscore the importance of addressing seller selection when endogenizing (buyer) entry onto auction platforms. Quantifying the welfare effects from (anticompe...
