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作者：Cole, Harold L.; Greenwood, Jeremy; Sanchez, Juan M.
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：What is the role of a country's financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary's ability to monitor and control a firm's cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. Aquantitative illustration is presented where fi...
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作者：Farhi, Emmanuel; Werning, Ivan
作者单位：Harvard University; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：We propose a theory of monetary policy and macroprudential interventions in financial markets. We focus on economies with nominal rigidities in goods and labor markets and subject to constraints on monetary policy, such as the zero lower bound or fixed exchange rates. We identify an aggregate demand externality that can be corrected by macroprudential interventions in financial markets. Ex post, the distribution of wealth across agents affects aggregate demand and output. Ex ante, however, the...
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作者：Kurlat, Pablo
作者单位：Stanford University
摘要：This paper studies competitive equilibria of economies where assets are heterogeneous and traders have heterogeneous information about them. Markets are defined by a price and a procedure for clearing trades, and any asset can, in principle, be traded in any market. Buyers can use their information to impose acceptance rules which specify which assets they are willing to trade in each market. The set of markets where trade takes place is derived endogenously. The model can be applied to find c...
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作者：Esponda, Ignacio; Pouzo, Demian
作者单位：Washington University (WUSTL); University of California System; University of California Berkeley
摘要：We develop an equilibrium framework that relaxes the standard assumption that people have a correctly specified view of their environment. Each player is characterized by a (possibly misspecified) subjective model, which describes the set of feasible beliefs over payoff-relevant consequences as a function of actions. We introduce the notion of a Berk-Nash equilibrium: Each player follows a strategy that is optimal given her belief, and her belief is restricted to be the best fit among the set ...
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作者：Chetverikov, Denis; Larsen, Bradley; Palmer, Christopher
作者单位：University of California System; University of California Los Angeles; Stanford University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We present a methodology for estimating the distributional effects of an endogenous treatment that varies at the group level when there are group-level unobservables, a quantile extension of Hausman and Taylor, 1981. Because of the presence of group-level unobservables, standard quantile regression techniques are inconsistent in our setting even if the treatment is independent of unobservables. In contrast, our estimation technique is consistent as well as computationally simple, consisting of...
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作者：Akcigit, Ufuk; Celik, Murat Alp; Greenwood, Jeremy
作者单位：University of Chicago; National Bureau of Economic Research; University of Toronto; University of Pennsylvania
摘要：An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on the technological propinquity between an idea and the firm's line of business. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the Un...
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作者：Chetty, Raj; Szeidl, Adam
作者单位：Stanford University; National Bureau of Economic Research; Central European University; Centre for Economic Policy Research - UK
摘要：We analyze the implications of household-level adjustment costs for the dynamics of aggregate consumption. We show that an economy in which agents have consumption commitments is approximately equivalent to a habit formation model in which the habit stock is a weighted average of past consumption if idiosyncratic risk is large relative to aggregate risk. Consumption commitments can thus explain the empirical regularity that consumption is excessively sensitive and excessively smooth, findings ...
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作者：De Loecker, Jan; Goldberg, Pinelopi K.; Khandelwal, Amit K.; Pavcnik, Nina
作者单位：Princeton University; Yale University; Columbia University; Dartmouth College
摘要：This paper examines how prices, markups, and marginal costs respond to trade liberalization. We develop a framework to estimate markups from production data with multi-product firms. This approach does not require assumptions on the market structure or demand curves faced by firms, nor assumptions on how firms allocate their inputs across products. We exploit quantity and price information to disentangle markups from quantity-based productivity, and then compute marginal costs by dividing obse...
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作者：Gabaix, Xavier; Lasry, Jean-Michel; Lions, Pierre-Louis; Moll, Benjamin
作者单位：Harvard University; Universite PSL; Universite Paris-Dauphine; Universite PSL; College de France; Princeton University
摘要：The past forty years have seen a rapid rise in top income inequality in the United States. While there is a large number of existing theories of the Pareto tail of the long-run income distributions, almost none of these address the fast rise in top inequality observed in the data. We show that standard theories, which build on a random growth mechanism, generate transition dynamics that are too slow relative to those observed in the data. We then suggest two parsimonious deviations from the ca...
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作者：Sethi, Rajiv; Yildiz, Muhamet
作者单位：Columbia University; Massachusetts Institute of Technology (MIT)
摘要：Consider a group of individuals with unobservable perspectives (subjective prior beliefs) about a sequence of states. In each period, each individual receives private information about the current state and forms an opinion (a posterior belief). She also chooses a target individual and observes the target's opinion. This choice involves a trade-off between well-informed targets, whose signals are precise, and well-understood targets, whose perspectives are well known. Opinions are informative ...
