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作者：Coey, Dominic; Larsen, Bradley J.; Platt, Brennan C.
作者单位：Facebook Inc; Stanford University; National Bureau of Economic Research; Brigham Young University
摘要：We present a new equilibrium search model where consumers initially search among discount opportunities, but are willing to pay more as a deadline approaches, eventually turning to full-price sellers. The model predicts equilibrium price dispersion and rationalizes discount and full-price sellers coexisting without relying on ex ante heterogeneity. We apply the model to online retail sales via auctions and posted prices, where failed attempts to purchase reveal consumers' reservation prices. W...
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作者：Garriga, Carlos; Hedlund, Aaron
作者单位：Federal Reserve System - USA; University of Missouri System; University of Missouri Saint Louis; Federal Reserve System - USA; Utah System of Higher Education; Utah State University
摘要：Using a quantitative heterogeneous agents macro-housing model and detailed microdata, this paper studies the drivers of the 2006-2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence ...
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作者：Kremer, Michael
作者单位：Harvard University
摘要：The experimental method not only helps identify causal relationships, but also provides economists with a rich sense of context, focuses research on specific practical questions, stimulates collaboration with practitioners and specialists from other fields, and allows for rapid iteration. In this lecture, I present a series of examples illustrating how together these features make the experimental approach a powerful tool for advancing scientific understanding, informing policy, and promoting ...
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作者：Grennan, Matthew; Town, Robert J.
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：We study the impact of regulating product entry and quality information requirements on an oligopoly equilibrium and consumer welfare. Product testing can reduce consumer uncertainty, but also increase entry costs and delay entry. Using variation between EU and US medical device regulations, we document patterns consistent with valuable learning from more stringent US requirements. To derive welfare implications, we pair the data with a model of supply, demand, and testing regulation. US polic...
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作者：Bursztyn, Leonardo; Egorov, Georgy; Fiorin, Stefano
作者单位：University of Chicago; National Bureau of Economic Research; Northwestern University; Bocconi University; Bocconi University
摘要：Social norms, usually persistent, can change quickly when new public information arrives, such as a surprising election outcome. People may become more inclined to express views or take actions previously perceived as stigmatized and may judge others less negatively for doing so. We examine this possibility using two experiments. We first show via revealed preference experiments that Donald Trump's rise in popularity and eventual victory increased individuals' willingness to publicly express x...
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作者：Crouzet, Nicolas; Mehrotra, Neil R.
作者单位：Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper uses new confidential Census data to revisit the relationship between firm size, cyclicality, and financial frictions. First, we find that large firms (the top 1 percent by size) are less cyclically sensitive than the rest. Second, high and rising concentration implies that the higher cyclicality of the bottom 99 percent of firms only has a modest impact on aggregate fluctuations. Third, differences in cyclicality are not simply explained by financing, and in fact appear largely unr...
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作者：Watson, Joel; Miller, David A.; Olsen, Trond E.
作者单位：University of California System; University of California San Diego; University of Michigan System; University of Michigan; Norwegian School of Economics (NHH)
摘要：We study relational contracting and renegotiation in environments with external enforcement of long-term contractual arrangements. A long-term contract governs the stage games that the contracting parties will play in the future (depending on verifiable stage-game outcomes) until they renegotiate. In a contractual equilibrium, the parties choose their individual actions rationally, jointly optimize when selecting a contract, and exercise their relative bargaining power. Our main result is that...
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作者：Bloom, Nicholas; Jones, Charles, I; Van Reenen, John; Webb, Michael
作者单位：Stanford University; National Bureau of Economic Research; Stanford University; Massachusetts Institute of Technology (MIT)
摘要：Long-run growth in many models is the product of two terms: the effective number of researchers and their research productivity. We present evidence from various industries, products, and firms showing that research effort is rising substantially while research productivity is declining sharply. A good example is Moore's Law. The number of researchers required today to achieve the famous doubling of computer chip density is more than 18 times larger than the number required in the early 1970s....
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作者：Zimmermann, Florian
作者单位：University of Bonn; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：A key question in the literature on motivated reasoning and self-deception is how motivated beliefs are sustained in the presence of feedback. In this paper, we explore dynamic motivated belief-patterns after feedback. We establish that positive-feedback has a persistent effect on beliefs. Negative feedback, instead, influences beliefs in the short run, but this effect fades over time. We-investigate the mechanisms of this dynamic pattern, and provide evidence for an asymmetry in the recall of...
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作者：Decker, Ryan A.; Haltiwanger, John; Jarmin, Ron S.; Miranda, Javier
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：The pace of job reallocation has declined in the United States in recent decades. We draw insight from canonical models of business dynamics in which reallocation can decline due to (i) lower dispersion of idiosyncratic shocks faced by businesses, or (ii) weaker marginal responsiveness of businesses to shocks. We show that shock dispersion has actually risen, while the responsiveness of business-level employment to productivity has weakened. Moreover, declining responsiveness can account for a...
