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作者：Corbae, Dean; D'Erasmo, Pablo
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We develop a model of banking industry dynamics to study the quantitative impact of regulatory policies on bank risk-taking and market structure. Since our model is matched to U.S. data, we propose a market structure where big banks with market power interact with small, competitive fringe banks as well as non-bank lenders. Banks face idiosyncratic funding shocks in addition to aggregate shocks which affect the fraction of performing loans in their portfolio. A nontrivial bank size distributio...
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作者：Weidmann, Ben; Deming, David J.
作者单位：Harvard University; National Bureau of Economic Research
摘要：Most jobs require teamwork. Are some people good team players? In this paper, we design and test a new method for identifying individual contributions to team production. We randomly assign people to multiple teams and predict team performance based on previously assessed individual skills. Some people consistently cause their team to exceed its predicted performance. We call these individuals team players. Team players score significantly higher on a well-established measure of social intelli...
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作者：Board, Simon; Meyer-ter-Vehn, Moritz
作者单位：University of California System; University of California Los Angeles
摘要：This paper proposes a tractable model of Bayesian learning on large random networks where agents choose whether to adopt an innovation. We study the impact of the network structure on learning dynamics and product diffusion. In directed networks, all direct and indirect links contribute to agents' learning. In comparison, learning and welfare are lower in undirected networks and networks with cliques. In a rich class of networks, behavior is described by a small number of differential equation...
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作者：Levine, David K.
作者单位：European University Institute; Washington University (WUSTL)
摘要：Few want to do business with a partner who has a bad reputation. Consequently, once a bad reputation is established, it can be difficult to get rid of. This leads on the one hand to the intuitive idea that a good reputation is easy to lose and hard to gain. On the other hand, it can lead to a strong form of history dependence in which a single beneficial or adverse event can cast a shadow over a very long period of time. It gives rise to a reputational trap where an agent rationally chooses no...
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作者：Manski, Charles F.
作者单位：Northwestern University; Northwestern University
摘要：Haavelmo (1944) proposed a probabilistic structure for econometric modeling, aiming to make econometrics useful for decision making. His fundamental contribution has become thoroughly embedded in econometric research, yet it could not answer all the deep issues that the author raised. Notably, Haavelmo struggled to formalize the implications for decision making of the fact that models can at most approximate actuality. In the same period, Wald (1939, 1945) initiated his own seminal development...
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作者：Mckay, Alisdair; Wieland, Johannes F.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of California System; University of California San Diego; National Bureau of Economic Research
摘要：The prevailing neo-Wicksellian view holds that the central bank's objective is to track the natural rate of interest (r*), which itself is largely exogenous to monetary policy. We challenge this view using a fixed-cost model of durable consumption demand, in which expansionary monetary policy prompts households to accelerate purchases of durable goods. This yields an intertemporal trade-off in aggregate demand as encouraging households to increase durable holdings today leaves fewer households...
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作者：Mavroeidis, Sophocles
作者单位：University of Oxford
摘要：I show that the zero lower bound (ZLB) on interest rates can be used to identify the causal effects of monetary policy. Identification depends on the extent to which the ZLB limits the efficacy of monetary policy. I propose a simple way to test the efficacy of unconventional policies, modeled via a shadow rate. I apply this method to U.S. monetary policy using a three-equation structural vector autoregressive model of inflation, unemployment, and the Federal Funds rate. I reject the null hypot...
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作者：Handbury, Jessie
作者单位：University of Pennsylvania
摘要：This paper shows that the products and prices offered in markets are correlated with local income-specific tastes. To quantify the welfare impact of this variation, I calculate local price indexes micro-founded by a model of non-homothetic demand over thousands of grocery products. These indexes reveal large differences in how wealthy and poor households perceive the choice sets available in wealthy and poor cities. Relative to low-income households, high-income households enjoy 40 percent hig...
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作者：Rostek, Marzena; Yoon, Ji Hee
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of London; University College London
摘要：Most assets clear independently rather than jointly. This paper presents a model based on the uniform-price double auction which accommodates arbitrary restrictions on market clearing, including independent clearing across assets (allowed when demand for each asset is contingent only on the price of that asset) and joint market clearing for all assets (required when demand for each asset is contingent on the prices of all assets). Additional trading protocols for traded assets-neutral when the...
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作者：Bhandari, Anmol; Evans, David; Golosov, Mikhail; Sargent, Thomas J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Oregon; University of Chicago; New York University
摘要：We study optimal monetary and fiscal policies in a New Keynesian model with heterogeneous agents, incomplete markets, and nominal rigidities. Our approach uses small-noise expansions and Frechet derivatives to approximate equilibria quickly and efficiently. Responses of optimal policies to aggregate shocks differ qualitatively from what they would be in a corresponding representative agent economy and are an order of magnitude larger. A motive to provide insurance that arises from heterogeneit...
