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作者：Cattaneo, Matias D.; Jansson, Michael
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; University of California System; University of California Berkeley; CREATES
摘要：This paper develops asymptotic approximations for kernel-based semiparametric estimators under assumptions accommodating slower-than-usual rates of convergence of their nonparametric ingredients. Our first main result is a distributional approximation for semiparametric estimators that differs from existing approximations by accounting for a bias. This bias is nonnegligible in general, and therefore poses a challenge for inference. Our second main result shows that some (but not all) nonparame...
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作者：Cao, Dan; Werning, Ivan
作者单位：Georgetown University; Massachusetts Institute of Technology (MIT)
摘要：Is the standard hyperbolic-discounting model capable of robust qualitative predictions for savings behavior? Despite results suggesting a negative answer, we provide a positive one. We give conditions under which all Markov equilibria display either saving at all wealth levels or dissaving at all wealth levels. Moreover, saving versus dissaving is determined by a simple condition comparing the interest rate to a threshold made up of impatience parameters only. Our robustness results illustrate...
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作者：Pagnotta, Emiliano S.; Philippon, Thomas
作者单位：Imperial College London; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); Center for Economic & Policy Research (CEPR)
摘要：We analyze trading speed and fragmentation in asset markets. In our model, trading venues make technological investments and compete for investors who choose where and how much to trade. Faster venues charge higher fees and attract speed-sensitive investors. Competition among venues increases investor participation, trading volume, and allocative efficiency, but entry and fragmentation can be excessive, and speeds are generically inefficient. Regulations that protect transaction prices (e.g., ...
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作者：Crawford, Gregory S.; Lee, Robin S.; Whinston, Michael D.; Yurukoglu, Ali
作者单位：University of Zurich; Harvard University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Stanford University
摘要：We investigate the welfare effects of vertical integration of regional sports networks (RSNs) with programming distributors in U.S. multichannel television markets. Vertical integration can enhance efficiency by reducing double marginalization and increasing carriage of channels, but can also harm welfare due to foreclosure and incentives to raise rivals' costs. We estimate a structural model of viewership, subscription, distributor pricing, and affiliate fee bargaining using a rich data set o...
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作者：Mueller, Ulrich K.; Watson, Mark W.
作者单位：Princeton University
摘要：We develop inference methods about long-run comovement of two time series. The parameters of interest are defined in terms of population second moments of low-frequency transformations (low-pass filtered versions) of the data. We numerically determine confidence sets that control coverage over a wide range of potential bivariate persistence patterns, which include arbitrary linear combinations of I(0), I(1), near unit roots, and fractionally integrated processes. In an application to U.S. econ...
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作者：Toussaert, Severine
作者单位：University of London; London School Economics & Political Science
摘要：Unlike present-biased individuals, agents who suffer self-control costs as in Gul and Pesendorfer, 2001 may choose to restrict their choice set even when they expect to resist temptation. To identify these self-control types, I design an experiment in which the temptation was to read a story during a tedious task. The identification strategy relies on a two-step procedure. First, I measure commitment demand by eliciting subjects' preferences over menus that did or did not allow access to the s...
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作者：Bloom, Nicholas; Floetotto, Max; Jaimovich, Nir; Saporta-Eksten, Itay; Terry, Stephen J.
作者单位：Stanford University; University of Zurich; Tel Aviv University; University of London; University College London; Boston University
摘要：We investigate the role of uncertainty in business cycles. First, we demonstrate that microeconomic uncertainty rises sharply during recessions, including during the Great Recession of 2007-2009. Second, we show that uncertainty shocks can generate drops in gross domestic product of around 2.5% in a dynamic stochastic general equilibrium model with heterogeneous firms. However, we also find that uncertainty shocks need to be supplemented by first-moment shocks to fit consumption over the cycle...
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作者：Chan, David C.
作者单位：Stanford University
摘要：Work schedules play an important role in utilizing labor in organizations. In this study of emergency department physicians in shift work, schedules induce two distortions: First, physicians slack off by accepting fewer patients near end of shift (EOS). Second, physicians distort patient care, incurring higher costs as they spend less time on patients assigned near EOS. Examining how these effects change with shift overlap reveals a tradeoff between the two. Within an hour after the normal tim...
