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作者：Arieli, Itai; Babichenko, Yakov; Peretz, Ron; Young, H. Peyton
作者单位：Technion Israel Institute of Technology; Bar Ilan University; University of London; London School Economics & Political Science; University of Oxford
摘要：New ways of doing things often get started through the actions of a few innovators, then diffuse rapidly as more and more people come into contact with prior adopters in their social network. Much of the literature focuses on the speed of diffusion as a function of the network topology. In practice, the topology may not be known with any precision, and it is constantly in flux as links are formed and severed. Here, we establish an upper bound on the expected waiting time until a given proporti...
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作者：Lauermann, Stephan; Noldeke, Georg; Troger, Thomas
作者单位：University of Bonn; University of Basel; University of Mannheim
摘要：Most of the literature that studies frictional search-and-matching models with heterogeneous agents and random search investigates steady state equilibria. Steady state equilibrium requires, in particular, that the flows of agents into and out of the population of unmatched agents balance. We investigate the structure of this balance condition, taking agents' matching behavior as given. Building on the fundamental matching lemma for quadratic search technologies in Shimer and Smith (2000), we ...
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作者：Manacorda, Marco; Tesei, Andrea
作者单位：University of London; Queen Mary University London
摘要：Can digital information and communication technology foster mass political mobilization? We use a novel georeferenced data set for the entire African continent between 1998 and 2012 on the coverage of mobile phone signal together with georeferenced data from multiple sources on the occurrence of protests and on individual participation in protests to bring this argument to empirical scrutiny. We find that while mobile phones are instrumental to mass mobilization, this only happens during econo...
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作者：Acharya, Sushant; Dogra, Keshav
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR)
摘要：Using an analytically tractable heterogeneous agent New Keynesian model, we show that whether incomplete markets resolve New Keynesian paradoxes depends on the cyclicality of income risk. Incomplete markets reduce the effectiveness of forward guidance and multipliers in a liquidity trap only with procyclical risk. Countercyclical risk amplifies these puzzles. Procyclical risk permits determinacy under a peg; countercyclical risk may generate indeterminacy even under the Taylor principle. By af...
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作者：Bazzi, Samuel; Fiszbein, Martin; Gebresilasse, Mesay
作者单位：Boston University; Amherst College
摘要：The presence of a westward-moving frontier of settlement shaped early U.S. history. In 1893, the historian Frederick Jackson Turner famously argued that the American frontier fostered individualism. We investigate the frontier thesis and identify its long-run implications for culture and politics. We track the frontier throughout the 1790-1890 period and construct a novel, county-level measure of total frontier experience (TFE). Historically, frontier locations had distinctive demographics and...
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作者：Kozbur, Damian
作者单位：University of Zurich
摘要：This paper analyzes a procedure called Testing-Based Forward Model Selection (TBFMS) in linear regression problems. This procedure inductively selects covariates that add predictive power into a working statistical model before estimating a final regression. The criterion for deciding which covariate to include next and when to stop including covariates is derived from a profile of traditional statistical hypothesis tests. This paper proves probabilistic bounds, which depend on the quality of ...
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作者：Brandl, Florian; Brandt, Felix
作者单位：Stanford University; Technical University of Munich
摘要：We consider social welfare functions that satisfy Arrow's classic axioms of independence of irrelevant alternatives and Pareto optimality when the outcome space is the convex hull of some finite set of alternatives. Individual and collective preferences are assumed to be continuous and convex, which guarantees the existence of maximal elements and the consistency of choice functions that return these elements, even without insisting on transitivity. We provide characterizations of both the dom...
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作者：Dworczak, Piotr
作者单位：Northwestern University
摘要：I study a mechanism design problem in which a designer allocates a single good to one of several agents, and the mechanism is followed by an aftermarket-a post-mechanism game played between the agent who acquired the good and third-party market participants. The designer has preferences over final outcomes, but she cannot design the aftermarket. However, she can influence its information structure by publicly disclosing information elicited from the agents by the mechanism. I introduce a class...
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作者：Bisin, Alberto
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
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作者：Domeij, David; Ellingsen, Tore
作者单位：Stockholm School of Economics
摘要：Giglio, Maggiori, and Stroebel (2016) show that there is no significant price difference between freeholds and ultra-long leaseholds in the UK housing market. They claim that this finding precludes the presence of large rational bubbles, as these can only attach to the price of freeholds. But the conclusion presumes that leaseholders cannot acquire bubbles through enfranchisement at favorable prices. We find that the presumption is violated. Enfranchisement rights are comprehensive and cheap t...
