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作者：Nguyen, Thanh; Vohra, Rakesh
作者单位：Purdue University System; Purdue University; University of Pennsylvania
摘要：An obstacle to using market mechanisms to allocate indivisible goods is the lack of competitive equilibria (CEs). Arrow and Hahn introduced social-approximate equilibria: price vectors with small excess demands. We define preferences called Delta-substitutes, where social-approximate equilibria exist with good-by-good excess demand bounded by 2(Delta-1), independent of economy size. For Delta=1, CEs exist even with income effects. A Delta greater than 1 allows for richer substitutability and c...
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作者：Bolt, Wilko; Frost, Jon; Shin, Hyun Song; Wierts, Peter
作者单位：European Central Bank; De Nederlandsche Bank NV; Vrije Universiteit Amsterdam; Bank for International Settlements (BIS)
摘要：Central banks can operate with negative equity, and many have done so in history without undermining trust in fiat money. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global game approach capital in sustaining trust in fiat money.
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作者：Fudenberg, Drew; Lanzani, Giacomo; Strack, Philipp
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Yale University
摘要：We study agents who are more likely to remember some experiences than others but update beliefs as if the experiences they remember are the only ones that occurred. To understand the long-run effects of selective memory, we propose selective-memory equilibrium. We show that if the agent's behavior converges, their limit strategy is a selective-memory equilibrium, and we provide a sufficient condition for behavior to converge. We use this equilibrium concept to explore the consequences of sever...
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作者：Carneiro, Pedro; Loken, Katrine; Salvanes, Kjell G.
作者单位：University of London; University College London; London School Economics & Political Science; Norwegian School of Economics (NHH)
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作者：Castillo, Marco; List, John A.; Petrie, Ragan; Samek, Anya
作者单位：Texas A&M University System; Texas A&M University College Station; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Chicago; Australian National University; University of California System; University of California San Diego
摘要：We investigate how skills developed when children are 3-5 years old drive schooling outcomes in middle childhood and adolescence. We find that skills map onto three distinct factors-cognitive skills, executive functions, and economic preferences. Importantly, each of the three factors predict later schooling outcomes. While early executive function skills and cognitive scores are linked to future behavioral patterns and other key student outcomes, economic preferences have an independent effec...
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作者：Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig
作者单位：Stanford University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Northwestern University; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian cross for the dynamic output response to government spending and taxes in microfounded general equilibrium models. Intertemporal marginal propensities to consume (iMPCs) are sufficient statistics for this response, with fiscal multipliers depending only on the interaction between iMPCs and public deficits. We provide empirical estimates of iMPCs and argue that they are inconsistent with representative ...
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作者：Chang, Minsu; Chen, Xiaohong; Schorfheide, Frank
作者单位：Seoul National University (SNU); Yale University; University of Pennsylvania; National Bureau of Economic Research
摘要：We develop a state-space model with a transition equation that takes the form of a functional vector autoregression (VAR) and stacks macroeconomic aggregates and a cross-sectional density. The measurement equation captures the error in estimating log densities from repeated cross-sectional samples. The log densities and their transition kernels are approximated by sieves, which leads to a finite-dimensional VAR for macroeconomic aggregates and sieve coefficients. With this model, we study the ...
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作者：Lillebo, Otto Sevaldson; Markussen, Simen; Roed, Knut; Zhao, Yuejun
作者单位：University of Edinburgh
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作者：Reynoso, Ana
作者单位：University of Michigan System; University of Michigan
摘要：Does easier divorce affect who marries whom? I exploit time variation in the adoption of unilateral divorce across the United States and show that it increases assortative matching among newlyweds. To unravel the underlying mechanisms, I estimate a novel life-cycle equilibrium model of marriage, labor supply, consumption, and divorce under the baseline mutual consent divorce regime. By solving the model under unilateral divorce, I find that, consistent with the data, assortative matching incre...
