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作者：Bergemann, Dirk; Brooks, Benjamin; Morris, Stephen
作者单位：Yale University; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：Consider a market with identical firms offering a homogeneous good. For any given ex ante distribution of the price count (the number of firms from which a consumer obtains a quote), we derive a tight upper bound on the equilibrium distribution of sales prices. The bound holds across all models of firms' common-prior higher-order beliefs about the price count, including the extreme cases of full information and no information. One implication of our results is that a small ex ante probability ...
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作者：Gollin, Douglas; Hansen, Casper Worm; Wingender, Asger Mose
作者单位：University of Oxford; University of Copenhagen
摘要：We estimate the impact of the Green Revolution in the developing world by exploiting exogenous heterogeneity in the timing and extent of the benefits derived from high-yielding crop varieties (HYVs). We find that HYVs increased yields by 44% between 1965 and 2010, with further gains coming through reallocation of inputs. Higher yields increased income and reduced population growth. A 10-year delay of the Green Revolution would in 2010 have cost 17% of GDP (gross domestic product) per capita an...
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作者：Fan, Yiran
作者单位：University of Chicago
摘要：This paper develops a dynamic general equilibrium model on the interaction of bankers' asset and liability management with liquidity concerns. Bankers screen real production projects and issue deposit contracts. Liquidity concerns stem from endogenized early withdrawals of deposits. To fulfill early withdrawals, bankers sell assets in a secondary market. The paper argues that ex post asymmetric information in the secondary market distorts bankers' incentive to screen ex ante, as bad assets are...
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作者：Itskhoki, Oleg; Mukhin, Dmitry
作者单位：University of California System; University of California Los Angeles; University of Wisconsin System; University of Wisconsin Madison
摘要：We propose a dynamic general equilibrium model of exchange rate determination that accounts for all major exchange rate puzzles, including Meese-Rogoff, Backus-Smith, purchasing power parity, and uncovered interest rate parity puzzles. We build on a standard international real business cycle model with home bias in consumption, augmented with shocks in the financial market that result in a volatile near-martingale behavior of exchange rates and ensure their empirically relevant comovement with...
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作者：Blomquist, Soren; Newey, Whitney K.; Kumar, Anil; Liang, Che-Yuan
作者单位：Uppsala University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The elasticity of taxable income is vital when predicting the effect of taxes. Bunching at kinks/notches has been used to estimate this elasticity. We show that when the preference distribution is unrestricted, bunching at a kink or a notch is not informative about the size of the elasticity, and neither is the entire distribution of taxable income. Bunching identifies the taxable income elasticity when the preference distribution is correctly specified across the kink and provides bounds unde...
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作者：Prat, Julien; Walter, Benjamin
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; Institut Polytechnique de Paris; Ecole Polytechnique; Universite Paris Saclay
摘要：We propose a model that uses the exchange rate of Bitcoin against the US dollar to predict the computing power of Bitcoin's network. We show that free entry places an upper bound on mining revenues and explain how it can be identified. Calibrating the model's parameters allows us to accurately forecast the evolution of the network computing power over time. We find that a significant share of mining rewards was invested in mining equipment and that the seigniorage income of miners was limited.
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作者：Banzhaf, H. Spencer
作者单位：University System of Georgia; Georgia State University; National Bureau of Economic Research
摘要：Cross-sectional estimates of hedonic price functions theoretically recover marginal values for characteristics but face endogeneity problems. Consequently, economists have introduced difference-in-differences and other quasi-experimental econometric methods into hedonic models. Unfortunately, the welfare interpretation of these estimands has not been clear. This paper shows that quasi-experimental hedonics can identify the movement along the ex post price function. It further shows that this e...
