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• The Econometric Society Annual Reports Report of the Treasurer AI翻译
  作者：Sentana, Enrique
• Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk AI翻译
  作者：Bayer, Christian; Luetticke, Ralph; Lien Pham-Dao; Tjaden, Volker
  作者单位：University of Bonn; University of London; University College London; Deutsche Bundesbank
  摘要：Households face large income uncertainty that varies substantially over the business cycle. We examine the macroeconomic consequences of these variations in a model with incomplete markets, liquid and illiquid assets, and a nominal rigidity. Heightened uncertainty depresses aggregate demand as households respond by hoarding liquid paper assets for precautionary motives, thereby reducing both illiquid physical investment and consumption demand. We document the empirical response of portfolio li...
• Submission of Manuscripts to the Econometric Society Monograph Series AI翻译
  作者：[Anonymous]
• Optimal Taxation, Marriage, Home Production, and Family Labor Supply AI翻译
  作者：Gayle, George-Levi; Shephard, Andrew
  作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); University of Pennsylvania
  摘要：An empirical approach to optimal income taxation design is developed within an equilibrium collective marriage market model with imperfectly transferable utility. Taxes distort time allocation decisions, as well as marriage market outcomes, and the within household decision process. Using data from the American Community Survey and American Time Use Survey, we structurally estimate our model and explore empirical design problems. We allow taxes to depend upon marital status, with the form of t...
• Equilibria Under Knightian Price Uncertainty AI翻译
  作者：Beissner, Patrick; Riedel, Frank
  作者单位：Australian National University; University of Bielefeld; University of Johannesburg
  摘要：We study economies with Knightian uncertainty about state prices. We introduce an equilibrium concept with sublinear prices and prove that equilibria exist under weak conditions. In general, such equilibria lead to inefficient allocations; they coincide with Arrow-Debreu equilibria if and only if the values of net trades are ambiguity-free in mean. In economies without aggregate uncertainty, inefficiencies are generic. Equilibrium allocations under price uncertainty are efficient in a constrai...
• Consistent Pseudo-Maximum Likelihood Estimators and Groups of Transformations AI翻译
  作者：Gourieroux, C.; Monfort, A.; Zakoian, J. -M.
  作者单位：University of Toronto; Institut Polytechnique de Paris; ENSAE Paris; Universite de Lille
  摘要：In a transformation model yt=c[a(xt,beta),ut], where the errors ut are i.i.d. and independent of the explanatory variables xt, the parameters can be estimated by a pseudo-maximum likelihood (PML) method, that is, by using a misspecified distribution of the errors, but the PML estimator of beta is in general not consistent. We explain in this paper how to nest the initial model in an identified augmented model with more parameters in order to derive consistent PML estimators of appropriate func...
• The Econometric Society Annual Reports Report of the Secretary AI翻译
  作者：Sentana, Enrique
• The Myopic Stable Set for Social Environments AI翻译
  作者：Demuynck, Thomas; Herings, P. Jean-Jacques; Saulle, Riccardo D.; Seel, Christian
  作者单位：Universite Libre de Bruxelles; Maastricht University
  摘要：We introduce a new solution concept for models of coalition formation, called the myopic stable set (MSS). The MSS is defined for a general class of social environments and allows for an infinite state space. An MSS exists and, under minor continuity assumptions, it is also unique. The MSS generalizes and unifies various results from more specific applications. It coincides with the coalition structure core in coalition function form games when this set is nonempty; with the set of stable matc...
• From Aggregate Betting Data to Individual Risk Preferences AI翻译
  作者：Chiappori, Pierre-Andre; Salanie, Bernard; Salanie, Francois; Gandhi, Amit
  作者单位：Columbia University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; INRAE; University of Pennsylvania
  摘要：We show that even in the absence of data on individual decisions, the distribution of individual attitudes towards risk can be identified from the aggregate conditions that characterize equilibrium on markets for risky assets. Taking parimutuel horse races as a textbook model of contingent markets, we allow for heterogeneous bettors with very general risk preferences, including non-expected utility. Under a standard single-crossing condition on preferences, we identify the distribution of pref...
• Optimal Development Policies With Financial Frictions AI翻译
  作者：Itskhoki, Oleg; Moll, Benjamin
  作者单位：Princeton University
  摘要：Is there a role for governments in emerging countries to accelerate economic development by intervening in product and factor markets? To address this question, we study optimal dynamic Ramsey policies in a standard growth model with financial frictions. The optimal policy intervention involves pro-business policies like suppressed wages in early stages of the transition, resulting in higher entrepreneurial profits and faster wealth accumulation. This, in turn, relaxes borrowing constraints in...