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作者：Niehaus, Paul
作者单位：University of California System; University of California San Diego
摘要：Knowledge sharing is economically important but also typically incomplete: we filter our communication. This paper analyzes the consequences of filtering. In the model, homogeneous agents share knowledge with their peers whenever the private benefits exceed communication costs. The welfare implications of this transmission mechanism hinge on whether units of knowledge complement, substitute for, or are independent of each other. Both substitutability and complementarity generate externalities;...
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作者：Foerster, Andrew T.; Sarte, Pierre-Daniel G.; Watson, Mark W.
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Princeton University; National Bureau of Economic Research
摘要：Using factor methods, we decompose industrial production (IP) into components arising from aggregate and sector-specific shocks. An approximate factor model finds that nearly all of IP variability is associated with common factors. We then use a multisector growth model to adjust for the effects of input-output linkages in the factor analysis. Thus, a structural factor analysis indicates that the Great Moderation was characterized by a fall in the importance of aggregate shocks while the volat...
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作者：Papanikolaou, Dimitris
作者单位：Northwestern University
摘要：I explore the implications for asset prices and macroeconomic dynamics of shocks that improve real investment opportunities and thus affect the representative household's marginal utility. These investment shocks generate differences in risk premia due to their heterogeneous impact on firms: they benefit firms producing investment relative to firms producing consumption goods and increase the value of growth opportunities relative to the value of existing assets. Using data on asset returns, I...
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作者：Wei, Shang-Jin; Zhang, Xiaobo
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR); CGIAR; International Food Policy Research Institute (IFPRI)
摘要：The high and rising household savings rate in China is not easily reconciled with the traditional explanations that emphasize life cycle factors, the precautionary saving motive, financial development, or habit formation. This paper proposes a new competitive saving motive: as the sex ratio rises, Chinese parents with a son raise their savings in a competitive manner in order to improve their son's relative attractiveness for marriage. The pressure on savings spills over to other households. B...
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作者：Christiano, Lawrence; Eichenbaum, Martin; Rebelo, Sergio
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger the fraction of government spending that occurs while the nominal interest rate is zero, the larger the value of the multiplier. After providing intuition for these results, we investigate the size of the multiplier in a dynamic, stochastic, general equilibrium model. In this model the multiplier effect is substantially larger than one when the z...
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作者：Berman, Eli; Shapiro, Jacob N.; Felter, Joseph H.
作者单位：University of California System; University of California San Diego; Princeton University; Stanford University
摘要：We develop and test an economic theory of insurgency motivated by the informal literature and by recent military doctrine. We model a three-way contest between violent rebels, a government seeking to minimize violence by mixing service provision and coercion, and civilians deciding whether to share information about insurgents. We test the model using panel data from Iraq on violence against Coalition and Iraqi forces, reconstruction spending, and community characteristics (sectarian status, s...
