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作者：Gualdani, Cristina; Sinha, Shruti
作者单位：University of London; Queen Mary University London; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We study partial identification of the preference parameters in the one-to-one matching model with perfectly transferable utilities. We do so without imposing parametric distributional assumptions on the unobserved heterogeneity and with data on one large market. We provide a tractable characterization of the identified set under various classes of nonparametric distributional assumptions on the unobserved heterogeneity. We reexamine some of the relevant questions in the empirical literature o...
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作者：Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza; Jiang, Janet; Zhu, Yu
作者单位：Bank of Canada; Renmin University of China
摘要：This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks. If banks have market power in the deposit market, a CBDC can enhance competition, raising the deposit rate, expanding intermediation, and increasing output. A calibration to the US economy suggests that a CBDC can raise bank lending by 1.57% and output by 0.19%. These crowding-in effects remain robust, albeit with smaller ma...
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作者：Geromichalos, Athanasios; Herrenbrueck, Lucas; Lee, Sukjoon
作者单位：University of California System; University of California Davis; Simon Fraser University; New York University; NYU Shanghai
摘要：Many economists assume that safer assets are more liquid, and some have practically used safe and liquid as synonyms. But these terms are not synonyms, and mixing them up can lead to confusion and wrong policy recommendations. We build a multiasset model where an asset's safety and liquidity are well defined and distinct, and we examine their relationship in general equilibrium. We show that the common belief that safety implies liquidity is generally justified but also identify conditions und...
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作者：[Anonymous]
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作者：Kiarsi, Mehrab
作者单位：Henan University
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作者：Arseneau, David M.; Chugh, Sanjay K.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Ohio; Ohio State University
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作者：Auerbach, Alan J. J.; Kotlikoff, Laurence J. J.; Koehler, Darryl
作者单位：University of California System; University of California Berkeley; Boston University
摘要：This study measures spending power inequality within age cohorts and estimates fiscal progressivity via lifetime net tax rates. We find, first, that inequality in income and especially wealth dramatically overstates inequality in spending power. Second, inequality in current spending power differs from that in lifetime spending power because of credit constraints, in-kind government benefits, and other factors. Third, the US fiscal system is highly progressive once cohorts are old enough to ha...
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作者：Anton, Miguel; Ederer, Florian; Gine, Mireia; Schmalz, Martin
作者单位：University of Navarra; IESE Business School; Yale University; National Bureau of Economic Research; European Corporate Governance Institute; University of Oxford; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intraindustry and intrafirm cross-market variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher...
