4期

最新文章

• Capital in the Twenty-First Century: A Review Essay AI翻译
  作者：Blume, Lawrence E.; Durlauf, Steven N.
  作者单位：The Santa Fe Institute; University of Wisconsin System; University of Wisconsin Madison
• Adverse Selection in the Annuity Market and the Role for Social Security AI翻译
  作者：Hosseini, Roozbeh
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：I study the role of social security in providing insurance when there is adverse selection in the annuity market. I calculate welfare gain from mandatory annuitization in the social security system relative to a laissez-faire benchmark, using a model in which individuals have private information about their mortality. I estimate large heterogeneity in mortality using the Health and Retirement Study. Despite that, I find small welfare gain from mandatory annuitization. Social security has a lar...
• Economic Effects of Runs on Early Shadow Banks: Trust Companies and the Impact of the Panic of 1907 AI翻译
  作者：Frydman, Carola; Hilt, Eric; Zhou, Lily Y.
  作者单位：Boston University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
  摘要：We study the effects of a contraction in financial intermediation on nonfinancial firms. The Panic of 1907 originated in the shadow banks of the time, New York's trust companies. The runs were caused by a shock unrelated to the trust companies' nonfinancial corporate clients. In the years following the panic, corporations affiliated with the worst-affected trusts made fewer capital investments, paid lower dividends, and suffered lower profitability and higher borrowing costs relative to firms ...
• Uncertainty and Disagreement in Equilibrium Models AI翻译
  作者：Al-Najjar, Nabil I.; Shmaya, Eran
  作者单位：Northwestern University; Tel Aviv University
  摘要：Leading equilibrium concepts require agents' beliefs to coincide with the model's true probabilities and thus be free of systematic errors. This implicitly assumes a criterion that tests beliefs against the observed outcomes generated by the model. We formalize this requirement in stationary environments. We show that there is a tension between requiring that beliefs can be tested against systematic errors and allowing agents to disagree or be uncertain about the long-run fundamentals. We disc...
• Poultry in Motion: A Study of International Trade Finance Practices AI翻译
  作者：Antras, Pol; Foley, C. Fritz
  作者单位：Harvard University; National Bureau of Economic Research
  摘要：This paper theoretically and empirically analyzes the financing terms that support international trade. The choice of trade finance terms balances the risk that an importer defaults on an exporter and the possibility that an exporter does not deliver goods as specified. Analysis of transaction-level data from a US exporter reveals that importers located in countries with weak enforcement of contracts typically finance transactions, but these firms are able to overcome the constraints of such e...
• Is Piketty's Second Law of Capitalism Fundamental? AI翻译
  作者：Krusell, Per; Smith, Anthony A., Jr.
  作者单位：University of Gothenburg; National Bureau of Economic Research; Yale University
• The Anatomy of French Production Hierarchies AI翻译
  作者：Caliendo, Lorenzo; Monte, Ferdinando; Rossi-Hansberg, Esteban
  作者单位：Yale University; Johns Hopkins University; Princeton University
  摘要：We study the internal organization of French manufacturing firms. We divide the employees of each firm into layers using occupational categories. Layers are hierarchical in that the typical worker in a higher layer earns more, and the typical firm occupies less of them. The probability of adding/dropping a layer is positively/negatively correlated with value added. Reorganization, through changes in layers, is essential to understanding how firms grow. Firms that expand substantially add layer...