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作者：Gu, Chao; Mattesini, Fabrizio; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We analyze money and credit as competing payment instruments in decentralized exchange. In natural environments, we show the economy does not need both: if credit is easy, money is irrelevant; if credit is tight, money is essential, but credit becomes irrelevant. Changes in credit conditions are neutral because real balances respond endogenously to keep total liquidity constant. This is true for both exogenous and endogenous debt limits and policy limits, secured and unsecured lending, and gen...
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作者：Lauermann, Stephan; Wolinsky, Asher
作者单位：University of Bonn; Northwestern University
摘要：This paper analyzes a sequential search model with adverse selection. We study information aggregation by the pricehow close the equilibrium prices are to the full-information priceswhen search frictions are small. We identify circumstances under which prices fail to aggregate information well even when search frictions are small. We trace this to a strong form of the winner's curse that is present in the sequential search model. The failure of information aggregation may result in inefficient...
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作者：Koijen, Ralph S. J.; Philipson, Tomas J.; Uhlig, Harald
作者单位：University of London; London Business School; University of Chicago; University of Chicago
摘要：We provide a theoretical and empirical analysis of the link between financial and real health care markets. This link is important as financial returns drive investment in medical research and development (R&D), which, in turn, affects real spending growth. We document a medical innovation premium of 4-6% annually for equity returns of firms in the health care sector. We interpret this premium as compensating investors for government-induced profit risk, and we provide supportive evidence for ...
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作者：McKay, Alisdair; Reis, Ricardo
作者单位：Boston University; University of London; London School Economics & Political Science; Columbia University
摘要：Most countries have automatic rules in their tax-and-transfer systems that are partly intended to stabilize economic fluctuations. This paper measures their effect on the dynamics of the business cycle. We put forward a model that merges the standard incomplete-markets model of consumption and inequality with the new Keynesian model of nominal rigidities and business cycles, and that includes most of the main potential stabilizers in the U.S. data and the theoretical channels by which they may...
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作者：Malcomson, James M.
作者单位：University of Oxford
摘要：This paper investigates relational incentive contracts with continuous, privately observed agent types that are persistent over time. With fixed agent types, full separation is not possible when continuation equilibrium payoffs following revelation are on the Pareto frontier of attainable payoffs. This result is related to the ratchet effect in that: (1) a type imitating a less productive type receives an information rent, and (2) with full separation, one imitating a more productive type rece...
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作者：Iskhakov, Fedor; Lee, Jinhyuk; Rust, John; Schjerning, Bertel; Seo, Kyoungwon
作者单位：University of New South Wales Sydney; Korea University; Georgetown University; University of Copenhagen; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We revisit the comparison of mathematical programming with equilibrium constraints (MPEC) and nested fixed point (NFXP) algorithms for estimating structural dynamic models by Su and Judd (2012). Their implementation of the nested fixed point algorithm used successive approximations to solve the inner fixed point problem (NFXP-SA). We redo their comparison using the more efficient version of NFXP proposed by Rust (1987), which combines successive approximations and Newton-Kantorovich iterations...
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作者：Coles, Melvyn G.; Mortensen, Dale T.
作者单位：University of Essex; Northwestern University; Aarhus University
摘要：This paper considers equilibrium quit turnover in a frictional labor market with costly hiring by firms, where large firms employ many workers and face both aggregate and firm specific productivity shocks. There is exogenous firm turnover as new (small) startups enter the market over time, while some existing firms fail and exit. Individual firm growth rates are disperse and evolve stochastically. The paper highlights how dynamic monopsony, where firms trade off lower wages against higher (end...
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作者：Ekmekci, Mehmet; Kos, Nenad
作者单位：Boston College; Bocconi University; Bocconi University
摘要：We study takeovers of firms whose ownership structure is a mixture of minority block-holders and small shareholders. We show that the combination of dispersed private information on the side of small shareholders and the presence of a large shareholder can facilitate profitable takeovers. Furthermore, our analysis implies that even if some model of takeovers predicts a profit for the raider, for example, due to private benefits, the profit will be underestimated unless the large shareholder an...
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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...
