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作者：Lustig, Hanno; Verdelhan, Adrien
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：We assume that domestic (foreign) agents, when investing abroad, can only trade in the foreign (domestic) risk-free rates. In a preference-free environment, we derive the exchange rate volatility and risk premia in any such incomplete spanning model, as well as a measure of exchange rate cyclicality. We find that incomplete spanning lowers the volatility of exchange rate, increases the risk premia but only by creating exchange rate predictability, and does not affect the exchange rate cyclical...
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作者：Faber, Benjamin; Gaubert, Cecile
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican microdata with a quantitative spatial equilibrium model and a new empirical strategy to study the long-term economic consequences of tourism both locally and in the aggregate. We find that tourism causes large and significant local economic gains relative to less touristic regions that are in part driven by significant positive spillovers on manufacturing. In the aggregate, howev...
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作者：Nordhaus, William
作者单位：Yale University
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作者：Garriga, Carlos; Manuelli, Rodolfo; Peralta-Alva, Adrian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; International Monetary Fund
摘要：This paper shows that a macro model with segmented financial markets can generate sizable movements in housing prices in response to changes in credit conditions. We establish - theoretically that reductions in mortgage rates always have a positive effect on prices, whereas the relaxation of loan-to-value constraints has ambiguous effects. A quantitative version of the model under perfect foresight accounts for about one-half of the observed price increase in the United States in the 2000s. Wh...
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作者：Nordhaus, William
作者单位：Yale University
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作者：Cloyne, James; Huber, Kilian; Ilzetzki, Ethan; Kleven, Henrik
作者单位：University of California System; University of California Davis; University of Chicago; University of London; London School Economics & Political Science; Princeton University
摘要：We investigate the effect of house prices on household borrowing using administrative mortgage data from the United Kingdom and a new empirical approach. The data contain household-level information on house prices and borrowing in a panel of homeowners, who refinance at regular and quasi-exogenous intervals. The data and setting allow us to develop an empirical approach that exploits house price variation coming from the idiosyncratic and exogenous timing of refinance events around the Great ...
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作者：DeMarzo, Peter M.; Kremer, Ilan; Skrzypacz, Andrzej
作者单位：Stanford University; Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick
摘要：We analyze test design and certification standards when an uninformed seller has the option to generate and disclose costly information regarding asset quality. We characterize equilibria by a minimum principle: the test and disclosure policy are chosen to minimize the asset's value conditional on nondisclosure. Thus, when sellers choose the information provided, simple pass/fail certification tests are likely to dominate the market. A social planner could raise informational and allocative ef...
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作者：Alstadsaeter, Annette; Johannesen, Niels; Zucman, Gabriel
作者单位：Norwegian University of Life Sciences; University of Copenhagen; University of Copenhagen; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Drawing on a unique dataset of leaked customer lists from offshore financial institutions matched to administrative wealth records in Scandinavia, we show that offshore tax evasion is highly concentrated among the rich. The skewed distribution of offshore wealth implies high rates of tax evasion at the top: we find that the 0.01 percent richest households evade about 25 percent of their taxes. By contrast, tax evasion detected in stratified random tax audits is less than 5 percent throughout t...
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作者：De Groote, Olivier; Verboven, Frank
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; KU Leuven; Center for Economic & Policy Research (CEPR)
摘要：We study a generous program to promote the adoption of solar photovoltaic (PV) systems through subsidies on future electricity production, rather than through upfront investment subsidies. We develop a tractable dynamic model of new technology adoption, also accounting for local market heterogeneity. We identify the discount factor from demand responses to variation that shifts expected future but not current utilities. Despite the massive adoption, we find that households significantly discou...
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作者：Auclert, Adrien
作者单位：Stanford University; National Bureau of Economic Research
摘要：This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and US data suggest that all three channels are likely to am...
