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作者：Ellison, Martin; Lee, Sang Seok; O'Rourke, Kevin Hjortshoj
作者单位：University of Oxford; Ihsan Dogramaci Bilkent University; New York University; New York University Abu Dhabi
摘要：How did countries recover from the Great Depression? In this paper, we explore the argument that leaving the gold standard helped by boosting inflationary expectations, lowering real interest rates, and stimulating interest -sensitive expenditures. We do so for a sample of 27 countries, using modern nowcasting methods and a new dataset containing more than 230,000 monthly and quarterly observations for over 1,500 variables. In those cases where the departure from gold happened on well-defined ...
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作者：Haghpanah, Nima; Kuvalekar, Aditya; Lipnowski, Elliot
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Essex; Yale University
摘要：A buyer procures a good owned by a group of sellers whose heterogeneous cost of trade is private information. The buyer must either buy the whole good or nothing , , and sellers share the transfer in proportion to their share of the good. We characterize the optimal mechanism: trade occurs if and only if the buyer's benefit of trade exceeds a weighted average of sellers' virtual costs. These weights are endogenous , , with sellers who are ex ante less inclined to trade receiving higher weight....
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作者：Amador, Manuel; Bianchi, Javier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities
摘要：We present a tractable dynamic general equilibrium model of self-fulfilling bank runs , where banks trade capital in competitive and liquid markets but remain vulnerable to runs due to a loss of creditor confidence. We characterize how the vulnerability of an individual bank depends on its leverage position and the economy-wide asset prices. We study the effect of credit easing policies , in the form of asset purchases. When a banking crisis is generated by runs , credit easing can reduce the ...
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作者：Kim, Seongeun; Tertilt, Michele; Yum, Minchul
作者单位：Sejong University; University of Mannheim; University of Southampton
摘要：South Koreans appear to be preoccupied with their offspring's education and also have the lowest total fertility rate in the world. We propose a novel theory with status externalities and endogenous fertility connecting these facts, motivated by novel empirical evidence on private education spillovers. Using a quantitative model calibrated to Korea, we find that fertility would be 28 percent higher without the externality. We explore the effects of government policy: a pro-natal transfer or an...
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作者：Cusumano, Carlo M.; Fabbri, Francesco; Pieroth, Ferdinand
作者单位：Yale University; Princeton University
摘要：Two homogeneous -good firms compete for a consumer's unitary demand. The consumer is rationally inattentive and pays entropy costs to process information about firms' offers. Compared to a collusion benchmark, competition produces two effects. As in standard models, competition puts downward pressure on prices. But, additionally, an attention effect arises: the consumer engages in trade more often. This alleviates the commitment problem that firms have when facing inattentive consumers and inc...
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作者：Narasimhan, Veda; Weaver, Jeffrey
作者单位：New York University; New York University Abu Dhabi; University of Southern California
摘要：Developing countries have increasingly decentralized power to local governments. This paper studies the implications of a central element of decentralization (polity size) using population-based discontinuities that determine local government boundaries for over 100,000 Indian villages. Over the short and long run, individuals allocated into local governments with smaller populations have better access to public goods. We provide suggestive evidence that these results are related to heightened...
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作者：Yang, Kai Hao; Zentefis, Alexander K.
作者单位：Yale University
摘要：A monotone function interval is the set of monotone functions that lie pointwise between two fixed monotone functions. We characterize the set of extreme points of monotone function intervals and apply this to a number of economic settings. First, , we leverage the main result to characterize the set of distributions of posterior quantiles that can be induced by a signal, , with applications to political economy, , Bayesian persuasion, , and the psychology of judgment. Second, , we combine our...
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作者：Bobkova, Nina
作者单位：Rice University
摘要：The choice of an auction mechanism influences which object characteristics bidders learn about and whether the object is allocated efficiently. Some object characteristics are valued equally by all bidders and thus are inconsequential for the efficient allocation. Others matter only to certain bidders and thus determine the bidder with the highest valuation. I show when the second-price auction is ex ante efficient by inducing bidders to seek socially relevant information. When facing a contin...
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作者：Clark, Robert; Horstmann, Ig; Houde, Jean-Francois
作者单位：Queens University - Canada; University of Toronto; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：Numerous recently uncovered cartels operated along the supply chain, with firms at one end facilitating collusion at the otherhub -and -spoke arrangements. These cartels are hard to rationalize because they induce double marginalization and higher costs. We examine Canada's alleged bread cartel and provide the first comprehensive analysis of hub -and -spoke collusion. Using court documents and pricing data, we make three contributions: (i) we show that collusion was effective, increasing infla...
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作者：Auster, Sarah; Che, Yeon-Koo; Mierendorff, Konrad
作者单位：University of Bonn; Columbia University; University of London; University College London
摘要：This paper studies sequential information acquisition by an ambiguity -averse decision -maker (DM), who decides how long to collect information before taking an irreversible action. The agent optimizes against the worst -case belief and updates prior by prior. We show that the consideration of ambiguity gives rise to rich dynamics: compared to the Bayesian DM, the DM here tends to experiment excessively when facing modest uncertainty and, to counteract it, may stop experimenting prematurely wh...
