6期

最新文章

• The International Diversification Puzzle Is Not as Bad as You Think AI翻译
  作者：Heathcote, Jonathan; Perri, Fabrizio
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
  摘要：The international diversification puzzle is the fact that country portfolios are on average biased toward domestic assets, while one-good international macro models with nondiversifiable labor income risk predict the opposite pattern of diversification. This paper embeds a portfolio choice decision in a two-good international business cycle model and provides a closed-form solution for equilibrium country portfolios. Equilibrium portfolios are biased toward domestic assets because endogenous i...
• Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity AI翻译
  作者：Khan, Aubhik; Thomas, Julia K.
  作者单位：University System of Ohio; Ohio State University
  摘要：We study the cyclical implications of credit market imperfections in a quantitative dynamic, stochastic general equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal capital reallocation is distorted by two frictions: collateralized borrowing and partial investment irreversibility. We find that a negative shock to borrowing conditions can, on its own, generate a large and persistent recession through disruptions to the di...
• The Money Pump as a Measure of Revealed Preference Violations: A Comment AI翻译
  作者：Smeulders, Bart; Cherchye, Laurens; De Rock, Bram; Spieksma, Frits C. R.
  作者单位：KU Leuven; Universite Libre de Bruxelles
• How Do Competitive Pressures Affect Incentives to Innovate When There Is a Market for Inventions? AI翻译
  作者：Spulber, Daniel F.
  作者单位：Northwestern University
  摘要：Competition and intellectual property (IP) protections are complements in stimulating innovation. When IP is appropriable, a market for inventions forms and competitive pressures increase incentives to innovate. Competition among producers, the demand side of the market for inventions, and competition among inventors, the supply side of the market for inventions, create incentives to innovate. When IP is not fully appropriable, markets for inventions are limited and competitive pressures can d...
• Why Blame? AI翻译
  作者：Gurdal, Mehmet Y.; Miller, Joshua B.; Rustichini, Aldo
  作者单位：Bogazici University; Bocconi University; University of Minnesota System; University of Minnesota Twin Cities
  摘要：We provide experimental evidence that subjects blame others on the basis of events they are not responsible for. In our experiment an agent chooses between a lottery and a safe asset; payment from the chosen option goes to a principal, who then decides how much to allocate between the agent and a third party. We observe widespread blame: regardless of their choice, agents are blamed by principals for the outcome of the lottery, an event they are not responsible for. We provide an explanation o...
• Taxation and Redistribution of Residual Income Inequality AI翻译
  作者：Golosov, Mikhail; Maziero, Pricila; Menzio, Guido
  作者单位：Princeton University; National Bureau of Economic Research; University of Pennsylvania
  摘要：This paper studies the optimal redistribution of income inequality caused by the presence of search and matching frictions in the labor market. We study this problem in the context of a directed search model of the labor market populated by homogeneous workers and heterogeneous firms. The optimal redistribution can be attained using a positive unemployment benefit and an increasing and regressive labor income tax. The positive unemployment benefit serves the purpose of lowering the search risk...