-
作者：Asriyan, Vladimir; Fuchs, William; Green, Brett
作者单位：Centre de Recerca en Economia Internacional (CREI); University of Texas System; University of Texas Austin; Universidad Carlos III de Madrid; University of California System; University of California Berkeley
摘要：We study information spillovers in a dynamic setting with correlated assets owned by privately informed sellers. In the model, a trade of one asset can provide information about the value of other assets. Importantly, the information content of trading behavior is endogenously determined. We show that this endogeneity leads to multiple equilibria when assets are sufficiently correlated. The equilibria are ranked in terms of both trade volume and efficiency. The model has implications for polic...
-
作者：Ambuehl, Sandro; Ockenfels, Axel
作者单位：University of Toronto; University Toronto Scarborough; University of Toronto; University of Cologne
-
作者：di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
作者单位：ICREA; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; National Bureau of Economic Research; Institut Polytechnique de Paris; Ecole Polytechnique
-
作者：Hoyt, Gail M.; McGoldrick, KimMarie
作者单位：University of Kentucky; University of Richmond
-
作者：Logan, Trevon D.; Parman, John M.
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; William & Mary
-
作者：Mullainathan, Sendhil; Obermeyer, Ziad
作者单位：Harvard University; Harvard University; Harvard Medical School; Harvard University; Harvard University Medical Affiliates; Brigham & Women's Hospital
-
作者：Sheldon, Tamara L.; Sankaran, Chandini
作者单位：University of South Carolina System; University of South Carolina Columbia
-
作者：Bianchi, Francesco; Melosi, Leonardo
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great Recession: a deep recession, no deflation, and large fiscal imbalances. We then show that a microfounded model that features policy uncertainty accounts for these stylized facts. Finally, we highlight ...
-
作者：Ponce, Alejandro; Seira, Enrique; Zamarripa, Guillermo
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：We establish new facts about the way consumers allocate debt among their credit cards using data for a representative sample of card-holders in Mexico. We find that relative prices are weak predictors of the allocation of debt, purchases, and payments. Consumers allocate a large fraction of their debt to high-interest cards, incurring a cost of 31 percent above the minimum. Using an experiment, we find that consumers do not substitute in the price margin, although they respond to salient tempo...
-
作者：Romer, Christina D.; Romer, David H.
作者单位：University of California System; University of California Berkeley
摘要：This paper examines the aftermath of postwar financial crises in advanced countries. We construct a new semiannual series on financial distress in 24 OECD countries for the period 1967-2012. The series is based on assessments of the health of countries' financial systems from a consistent, real-time narrative source, and classifies financial distress on a relatively fine scale. We find that the average decline in output following a financial crisis is statistically significant and persistent, ...
