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作者：Kashyap, Anil K.; Tsomocos, Dimitrios P.; Vardoulakis, Alexandros P.
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We modify the 1983 Diamond and Dybvig model so that banks offer liquidity services to depositors, raise equity funding, make risky loans, and invest in safe, liquid assets. Banks monitor borrowers to ensure that they repay loans and they are susceptible to depositor runs. We model the run decision by solving a novel global game. Relative to a social planner, banks opt for a more deposit-intensive capital structure, their assets may be more or less lending intensive, and the level of lending ma...
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作者：Resnjanskij, Sven; Ruhose, Jens; Wiederhold, Simon; Woessmann, Ludger; Wedel, Katharina
作者单位：University of Konstanz; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; University of Kiel; IZA Institute Labor Economics; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Ifo Institut; Martin Luther University Halle Wittenberg; IZA Institute Labor Economics; University of Munich; Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut
摘要：We study a mentoring program that aims to improve the labor market prospects of disadvantaged adolescents. Our randomized controlled trial investigates its effectiveness on three outcomes highly predictive of later labor market success: math grades, patience/social skills, and labor market orientation. For low-SES (socioeconomic status) adolescents, the mentoring increases a combined index of the outcomes by over half a standard deviation after 1 year, with significant increases in each outcom...
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作者：Jeenas, Priit; Lagos, Ricardo
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; New York University
摘要：We study the effects of monetary policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment.
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作者：Oberfield, Ezra; Rossi-Hansberg, Esteban; Sarte, Pierre-Daniel; Trachter, Nicholas
作者单位：Princeton University; University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：To decide the number, size, and location of its plants, a firm balances the benefit of delivering goods from multiple plants with the cost of setting up and managing these plants and the potential for cannibalization among them. Modeling the decisions of heterogeneous firms in an economy with a vast number of distinct locations involves a large combinatorial problem. Using insights from discrete geometry, we study a tractable limit case of this problem in which these forces operate at a local ...
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作者：Conley, Timothy G.; Mehta, Nirav; Stinebrickner, Ralph; Stinebrickner, Todd
作者单位：Western University (University of Western Ontario)
摘要：We develop and estimate a model of student study time choices on a social network. The model is designed to exploit unique data in the Berea Panel Study. Study time data allow us to quantify an intuitive mechanism for academic social interactions: own study time may depend on friend study time in a heterogeneous manner. Social network data allow us to embed study time and resulting academic achievement in an estimable equilibrium framework. We develop a specification test that exploits the equ...
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作者：Assad, Stephanie; Clark, Robert; Ershov, Daniel; Xu, Lei
作者单位：Queens University - Canada; University of London; University College London; University of Navarra; IESE Business School
摘要：We provide the first empirical analysis of the relationship between algorithmic pricing (AP) and competition by studying the impact of adoption in Germany's retail gasoline market, where software became widely available in 2017. Because adoption dates are unknown, we identify adopting stations by testing for structural breaks in AP markers, finding most breaks to be around the time of widespread AP introduction. Because station adoption is endogenous, we instrument using headquarter adoption. ...
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作者：Jagelka, Tomas
作者单位：University of Bonn; Institut Polytechnique de Paris; ENSAE Paris
摘要：I propose a method for mapping psychological personality traits to economic preferences. I use factor analysis to extract information on individuals' cognitive ability and personality and embed it within a random preference model to estimate distributions of risk and time preferences and parameters related to choice inconsistency. I explain up to 60% of variation in average risk and time preferences and individuals' capacity to make consistent choices using factors related to cognitive ability...
