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作者：Bergemann, Dirk; Brooks, Benjamin; Morris, Stephen
作者单位：Yale University; University of Chicago; Princeton University
摘要：We revisit the revenue comparison of standard auction formats, including first-price, second-price, and English auctions. We rank auctions according to their revenue guarantees, i.e., the greatest lower bound of revenue across all informational environments, where we hold fixed the distribution of bidders' values. We conclude that if we restrict attention to the symmetric affiliated models of Milgrom and Weber (1982) and monotonic pure-strategy equilibria, first-price, second-price, and Englis...
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作者：Becker, Sascha O.; Pascali, Luigi
作者单位：University of Warwick; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Pompeu Fabra University; Barcelona School of Economics
摘要：We study the role of economic incentives in shaping the coexistence of Jews, Catholics, and Protestants, using novel data from Germany for 1,000+ cities. The Catholic usury ban and higher literacy rates gave Jews a specific advantage in the moneylending sector. Following the Protestant Reformation (1517), the Jews lost these advantages in regions that became Protestant. We show (i) a change in the geography of anti-Semitism with persecutions of Jews and anti-Jewish publications becoming more c...
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作者：Ascari, Guido; Bonomolo, Paolo; Lopes, Hedibert F.
作者单位：University of Oxford; University of Pavia; Bank of Finland; European Central Bank; De Nederlandsche Bank NV; Insper
摘要：We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot shocks and it yields drifting parameters and stochastic volatility. Then, we provide an econometric strategy to estimate this generalized model on the data. The methodology allows the data to choose between different possible alternatives: determinacy, indeterminacy, and temporary instability. We apply our methodology to US inflation dynamic...
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作者：Miao, Jianjun; Shen, Zhouxiang; Wang, Pengfei
作者单位：Boston University; Southwestern University of Finance & Economics - China; Central University of Finance & Economics; Hong Kong University of Science & Technology
摘要：We revisit Gali's (2014) analysis by extending his model to incorporate persistent bubble shocks. We find that, under adaptive learning, a stable bubbly steady state and the associated sunspot solutions under optimal monetary policy are not E-stable. When deriving the unique forward-looking minimum stable variable (MSV) solution around an unstable bubbly steady state, we obtain results that are consistent with the conventional views: leaning against the wind policy reduces bubble volatility an...
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作者：Benhabib, Jess; Bisin, Alberto; Luo, Mi
作者单位：New York University; National Bureau of Economic Research; Emory University
摘要：We quantitatively identify the factors that drive wealth dynamics in the United States and are consistent with its skewed cross-sectional distribution and with social mobility. We concentrate on three critical factors: (i) skewed earnings, (ii) differential saving rates across wealth levels, and (iii) stochastic idiosyncratic returns to wealth. All of these are fundamental for matching both distribution and mobility. The stochastic process for returns which best fits the cross-sectional distri...
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作者：Bloom, Nicholas; Brynjolfsson, Erik; Foster, Lucia; Jarmin, Ron; Patnaik, Megha; Saporta-Eksten, Itay; Van Reenen, John
作者单位：Stanford University; Stanford University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Indian Statistical Institute; Indian Statistical Institute Delhi; Tel Aviv University; University of London; University College London; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); University of London; London School Economics & Political Science
摘要：Partnering with the US Census Bureau, we implement a new survey of structured management practices in two waves of 35,000 manufacturing plants in 2010 and 2015. We find an enormous dispersion of management practices across plants, with 40 percent of this variation across plants within the same firm. Management practices account for more than 20 percent of the variation in productivity, a similar, or greater, percentage as that accounted for by R&D, ICT, or human capital. We find evidence of tw...
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作者：Tombe, Trevor; Zhu, Xiaodong
作者单位：University of Calgary; University of Toronto; Tsinghua University
摘要：We study how goods- and labor-market frictions affect aggregate labor productivity in China. Combining unique data with a general equilibrium model of internal and international trade, and migration across regions and sectors, we quantify the magnitude and consequences of trade and migration costs. The costs were high in 2000, but declined afterward. The decline accounts for 36 percent of the aggregate labor productivity growth between 2000 and 2005. Reductions in internal trade and migration ...
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作者：Saez, Emmanuel; Schoefer, Benjamin; Seim, David
作者单位：University of California System; University of California Berkeley; Stockholm University
摘要：This paper uses administrative data to analyze a large employer-borne payroll tax rate cut for young workers in Sweden. We find no effect on-net-of-tax wages of young treated workers relative to slightly older untreated workers, and a 2-3 percentage point increase in youth employment. Firms employing many young workers receive a larger tax windfall and expand right after the reform: employment, capital, sales, and profits increase. These effects appear stronger in credit-constrained firms. You...
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作者：Nava, Francesco; Schiraldi, Pasquale
作者单位：University of London; London School Economics & Political Science
摘要：The paper analyzes a durable goods monopoly problem in which multiple varieties can be sold. A robust Coase conjecture establishes that the market eventually clears, with profits exceeding static optimal market-clearing profits and converging to this lower bound in all stationary equilibria with instantaneous price revisions. Pricing need not be efficient, nor is it minimal (equal to the maximum of marginal cost and minimal value), and can lead to cross-subsidization. Conclusions nest both cla...
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作者：Hackmann, Martin B.
作者单位：University of California System; University of California Los Angeles; Leibniz Association; Ifo Institut; National Bureau of Economic Research
摘要：This paper develops a model of the nursing home industry to investigate the quality effects of policies that either raise regulated reimbursement rates or increase local competition. Using data from Pennsylvania, I estimate the parameters of the model. The findings indicate that nursing homes increase the quality of care, measured by the number of skilled nurses per resident, by 8.7 percent following a universal 10 percent increase in Medicaid reimbursement rates. In contrast, I find that pro-...
