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作者：Adam, Klaus; Weber, Henning
作者单位：University of Mannheim; Deutsche Bundesbank
摘要：Sticky price models featuring heterogeneous firms and systematic firm-level productivity trends deliver radically different predictions for the optimal inflation rate than their popular homogenous-firm counterparts: (i) the optimal steady-state inflation rate generically differs from zero and (ii) inflation optimally responds to productivity disturbances. We show this by aggregating a heterogeneous-firm model with sticky prices in closed form. Using firm-level data from the US Census Bureau, w...
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作者：Casaburi, Lorenzo; Macchiavello, Rocco
作者单位：University of Zurich; University of London; London School Economics & Political Science
摘要：Despite extensive evidence that preferences are often time-inconsistent, there is only scarce evidence of willingness to pay for commitment. Infrequent payments for frequently provided goods and services are a common feature of many markets and they may naturally provide commitment to save for lumpy expenses. Multiple experiments in the Kenyan dairy sector show that: i) farmers are willing to incur sizable costs to receive infrequent payments as a commitment device, ii) poor contract enforceme...
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作者：de Bromhead, Alan; Fernihough, Alan; Lampe, Markus; O'Rourke, Kevin Hjortshoj
作者单位：Vienna University of Economics & Business; University of Oxford
摘要：International trade collapsed, and also became much less multi-lateral, during the 1930s. Previous studies, looking at aggregate trade flows, have argued that trade policies had relatively little to do with either phenomenon. Using a new dataset incorporating highly disaggregated information on the United Kingdom's imports and trade policies, we find that while conventional wisdom is correct regarding the impact of trade policy on the total value of British imports, discriminatory trade polici...
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作者：Byrne, David P.; de Roos, Nicolas
作者单位：University of Melbourne; University of Sydney
摘要：This paper studies equilibrium selection in the retail gasoline industry. We exploit a unique dataset that contains the universe of station-level prices for an urban market for 15 years, and that encompasses a coordinated equilibrium transition mid-sample. We uncover a gradual, three-year equilibrium transition, whereby dominant firms use price leadership and price experiments to create focal points that coordinate market prices, soften price competition, and enhance retail margins. Our result...
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作者：Rampini, Adriano A.
作者单位：Duke University
摘要：This paper studies how the durability of assets affects financing. We show that more durable assets require larger down payments making them harder to finance, because durability affects the price of assets and hence the overall financing need more than their collateral value. Durability affects technology adoption, the choice between new and used capital, and the rent versus buy decision. Constrained firms invest in less durable assets and buy used assets. More durable assets are more likely ...
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作者：Boomhower, Judson
作者单位：University of California System; University of California San Diego
摘要：This paper measures the effects of bankruptcy protection on industry structure and environmental outcomes in oil and gas extraction. Using administrative data from Texas, I exploit variation in an insurance requirement that reduced firms' ability to avoid liability through bankruptcy. Among small firms, the policy substantially improved environmental outcomes and reduced production. Most production was reallocated to larger firms with better environmental records, but high-cost production wher...
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作者：Ho, Kate; Lee, Robin S.
作者单位：Princeton University; National Bureau of Economic Research; Harvard University
摘要：We evaluate the consequences of narrow hospital networks in commercial health care markets. We develop a bargaining solution, Nash-in-Nash with Threat of Replacement, that captures insurers' incentives to exclude, and combine it with California data and estimates from Ho and Lee (2017) to simulate equilibrium outcomes under social, consumer, and insurer-optimal networks. Private incentives to exclude generally exceed social incentives, as the insurer benefits from substantially lower negotiate...
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作者：Kurlat, Pablo
作者单位：Stanford University
摘要：I study expertise acquisition in a model of trading under asymmetric information. I propose and implement a method to measure r, the ratio of the marginal social value to the marginal private value of expertise. This can be decomposed into three sufficient statistics: traders' average profits, the fraction of bad assets among traded assets, and the elasticity of good assets traded with respect to capital inflows. I measure r = 0.16 for the junk bond underwriting market. Since this is less than...
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作者：Dube, Arindrajit; Giuliano, Laura; Leonard, Jonathan
作者单位：University of Massachusetts System; University of Massachusetts Amherst; National Bureau of Economic Research; University of California System; University of California Santa Cruz; University of California System; University of California Berkeley
摘要：We analyze how separations responded to arbitrary differences in own and peer wages at a large US retailer. Regression-discontinuity estimates imply large causal effects of own-wages on separations, and on quits in particular. However, this own-wage response could reflect comparisons either to market wages or to peer wages. Estimates using peer-wage discontinuities show large peer-wage effects and imply the own-wage separation response mostly reflects peer comparisons. The peer effect is drive...
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作者：Hausman, Joshua K.; Rhode, Paul W.; Wieland, Johannes F.
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; University of California System; University of California San Diego; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：From March to July 1933, US industrial production rose 57 percent. We show that an important source of recovery was the effect of dollar devaluation on farm prices, incomes, and consumption. Devaluation immediately raised traded crop prices, and auto sales grew more rapidly in states and counties most exposed to these price increases. The response was amplified in counties with more severe farm debt burdens. For plausible assumptions about farmers' relative MPC, the incidence of higher farm pr...
