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作者：Golosov, Mikhail; Lorenzoni, Guido; Tsyvinski, Aleh
作者单位：Princeton University; Northwestern University; Yale University
摘要：The paper studies how asset prices are determined in a decentralized market with asymmetric information about asset values. We consider an economy in which a large number of agents trade two assets in bilateral meetings. A fraction of the agents has private information about the asset values. We show that, over time, uninformed agents can elicit information from their trading partners by making small offers. This form of experimentation allows the uninformed agents to acquire information as lo...
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作者：Manzini, Paola; Mariotti, Marco
作者单位：University of St Andrews; IZA Institute Labor Economics
摘要：We model a boundedly rational agent who suffers from limited attention. The agent considers each feasible alternative with a given (unobservable) probability, the attention parameter, and then chooses the alternative that maximizes a preference relation within the set of considered alternatives. We show that this random choice rule is the only one for which the impact of removing an alternative on the choice probability of any other alternative is asymmetric and menu independent. Both the pref...
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作者：Carrasco, Marine; Hu, Liang; Ploberger, Werner
作者单位：Universite de Montreal; Wayne State University; Washington University (WUSTL)
摘要：This paper proposes a class of optimal tests for the constancy of parameters in random coefficients models. Our testing procedure covers the class of Hamilton's models, where the parameters vary according to an unobservable Markov chain, but also applies to nonlinear models where the random coefficients need not be Markov. We show that the contiguous alternatives converge to the null hypothesis at a rate that is slower than the standard rate. Therefore, standard approaches do not apply. We use...
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作者：Schennach, Susanne M.
作者单位：Brown University
摘要：This paper introduces a general method to convert a model defined by moment conditions that involve both observed and unobserved variables into equivalent moment conditions that involve only observable variables. This task can be accomplished without introducing infinite-dimensional nuisance parameters using a least favorable entropy-maximizing distribution. We demonstrate, through examples and simulations, that this approach covers a wide class of latent variables models, including some game-...
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作者：Shin, Hyun Song
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作者：di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; National Bureau of Economic Research; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：This paper uses a data base covering the universe of French firms for the period 1990-2007 to provide a forensic account of the role of individual firms in generating aggregate fluctuations. We set up a simple multisector model of heterogeneous firms selling to multiple markets to motivate a theoretically founded decomposition of firms' annual sales growth rate into different components. We find that the firm-specific component contributes substantially to aggregate sales volatility, mattering...
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作者：He, Zhiguo; Milbradt, Konstantin
作者单位：University of Chicago; National Bureau of Economic Research; Northwestern University
摘要：This paper studies the interaction between default and liquidity for corporate bonds that are traded in an over-the-counter secondary market with search frictions. Bargaining with dealers determines a bond's endogenous liquidity, which depends on both the firm fundamental and the time-to-maturity of the bond. Corporate default decisions interact with the endogenous secondary market liquidity via the rollover channel. A default-liquidity loop arises: Assuming a relative illiquid secondary bond ...
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作者：Fan, Yanqin; Sherman, Robert; Shum, Matthew
作者单位：University of Washington; University of Washington Seattle; California Institute of Technology
摘要：We consider the identification of counterfactual distributions and treatment effects when the outcome variables and conditioning covariates are observed in separate data sets. Under the standard selection on observables assumption, the counterfactual distributions and treatment effect parameters are no longer point identified. However, applying the classical monotone rearrangement inequality, we derive sharp bounds on the counterfactual distributions and policy parameters of interest.
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作者：Bartling, Bjoern; Fehr, Ernst; Herz, Holger
作者单位：University of Zurich
摘要：Philosophers, psychologists, and economists have long argued that certain decision rights carry not only instrumental value but may also be valuable for their own sake. The ideas of autonomy, freedom, and liberty derive their intuitive appealat least partlyfrom an assumed positive intrinsic value of decision rights. Providing clean evidence for the existence of this intrinsic value and measuring its size, however, is intricate. Here, we develop a method capable of achieving these goals. The da...
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作者：Dix-Carneiro, Rafael
作者单位：Duke University
摘要：This paper estimates a structural dynamic equilibrium model of the Brazilian labor market in order to study trade-induced transitional dynamics. The model features a multi-sector economy with overlapping generations, heterogeneous workers, endogenous accumulation of sector-specific experience, and costly switching of sectors. The model's estimates yield median costs of mobility ranging from 1.4 to 2.7 times annual average wages, but a high dispersion of these costs across the population. In ad...
