-
作者：Boissay, Frederic; Collard, Fabrice; Smets, Frank
作者单位：Bank for International Settlements (BIS); University of Bern; European Central Bank; KU Leuven
摘要：Banking crises are rare events that break out in the midst of credit-intensive booms and bring about deep and long-lasting recessions. This paper presents a textbook dynamic stochastic general equilibrium model to explain these phenomena. The model features a nontrivial banking sector, where bank heterogeneity gives rise to an interbank market. Moral hazard and asymmetric information in this market may lead to sudden market freezes, banking crises, credit crunches, and severe financial recessi...
-
作者：Horner, Johannes; Skrzypacz, Andrzej
作者单位：Yale University; Stanford University
摘要：A firm considers hiring an agent who may be competent for a potential project or not. The agent can prove her competence but faces a holdup problem. We propose a model of persuasion and show how gradualism helps mitigate the holdup problem. We show when it is optimal to give away part of the information at the beginning of the bargaining and sell the remainder in dribs and drabs. The agent can appropriate only part of the value of information. Introducing a third party allows her to extract th...
-
作者：Kaplan, Greg; Menzio, Guido
作者单位：Princeton University; National Bureau of Economic Research; University of Pennsylvania
摘要：We propose a theory of self-fulfilling unemployment fluctuations. When a firm increases its workforce, it raises demand and weakens competition facing other firms, as employed workers spend more and have less time to search for low prices than unemployed workers. These effects induce other firms to hire more labor in order to scale up their presence in the product market. The feedback between employment and product market conditions generates multiple equilibriaand the possibility of self-fulf...
-
作者：Benabou, Roland; Tirole, Jean
作者单位：Princeton University; Canadian Institute for Advanced Research (CIFAR); National Bureau of Economic Research; IZA Institute Labor Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：To analyze the impact of labor market competition on the structure of compensation, we embed multitasking and screening within a Hotelling framework. Competition for talent leads to an escalation of performance pay, shifting effort away from long-term investments, risk management, and cooperation. Efficiency losses can exceed those from a single principal, who dulls incentives to extract rents. As competition intensifies, monopsonistic underincentivization of low-skill agents first decreases a...
-
作者：Che, Yeon-Koo; Koh, Youngwoo
作者单位：Columbia University; Hanyang University
摘要：We study decentralized college admissions with uncertain student preferences. Colleges strategically admit students likely to be overlooked by competitors. Highly ranked students may receive fewer admissions or have a higher chance of receiving no admissions than those ranked below. When students' attributes are multidimensional, colleges avoid head-on competition by placing excessive weight on school-specific attributes such as essays. Restricting the number of applications or wait-listing al...
-
作者：Sutton, John; Trefler, Daniel
作者单位：University of London; London School Economics & Political Science; University of Toronto; Canadian Institute for Advanced Research (CIFAR); National Bureau of Economic Research
摘要：We explore the relation between a country's income and the mix of products it exports. Both are simultaneously determined by countries' capabilities, that is, by countries' productivity and quality levels for each good. Our theoretical setup has two features. (1) Some goods have fewer high-quality producers/countries than others, meaning that there is comparative advantage. (2) Imperfect competition allows high- and low-quality producers to coexist. These two features generate an inverted-U, g...
-
作者：Alesina, Alberto; Michalopoulos, Stelios; Papaioannou, Elias
作者单位：Harvard University; National Bureau of Economic Research; Brown University; University of London; London Business School
摘要：This study explores the consequences and origins of between-ethnicity inequality for a large sample of countries. First, combining satellite images of nighttime luminosity with the homelands of ethnolinguistic groups, we construct measures of ethnic inequality. Second, we uncover a strong inverse association between ethnic inequality and contemporary development above and beyond its relationship with cross-region and cross-administrative unit inequality. Third, we establish that differences in...
-
作者：Costinot, Arnaud; Donaldson, Dave; Smith, Cory
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University
摘要：A large agronomic literature models the implications of climate change for a variety of crops and locations around the world. The goal of the present paper is to quantify the macro-level consequences of these micro-level shocks. Using an extremely rich micro-level data set that contains information about the productivity-both before and after climate change-of each of 10 crops for each of 1.7 million fields covering the surface of the earth, we find that the impact of climate change on these a...
-
作者：Chan, David C.
作者单位：Stanford University
摘要：I investigate how teamwork may reduce moral hazard by joint monitoring and management. I study two organizational systems differing in the extent to which physicians may mutually manage work: Physicians are assigned patients in a nurse-managed system but divide patients between themselves in a self-managed system. The self-managed system increases throughput productivity by reducing a foot-dragging moral hazard, in which physicians prolong patient stays as expected future work increases. I fin...
-
作者：Gilchrist, Duncan Sheppard; Sands, Emily Glassberg
摘要：We exploit the randomness of weather and the relationship between weather and moviegoing to quantify social spillovers in movie consumption. Instrumenting for early viewership with plausibly exogenous weather shocks captured in LASSO-chosen instruments, we find that shocks to opening weekend viewership are doubled over the following five weekends. Our estimated momentum arises almost exclusively at the local level, and we find no evidence that it varies with either ex post movie quality or the...
