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作者：Coffman, Lucas C.; Niederle, Muriel; Wilson, Alistair J.
作者单位：Harvard University; Stanford University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Gilchrist, Simon; Schoenle, Raphael; Sim, Jae; Zakrajsek, Egon
作者单位：Boston University; National Bureau of Economic Research; Brandeis University; Brandeis University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their unconstrained counterparts cut prices. We develop a model in which firms face financial frictions while setting prices in customer markets. Financial distortions create an incentive for firms to raise prices in response to adverse financial or demand shocks. This reaction reflects the firms' decisions to pr...
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作者：Cavallo, Alberto
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Online prices are increasingly used for measurement and research applications, yet little is known about their relation to prices collected offline, where most retail transactions take place. I conduct the first large-scale comparison of prices simultaneously collected from the websites and physical stores of 56 large multi-channel retailers in 10 countries. I find that price levels are identical about 72 percent of the time. Price changes are not synchronized but have similar frequencies and ...
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作者：Ely, Jeffrey C.
作者单位：Northwestern University
摘要：I introduce and study dynamic persuasion mechanisms. A principal privately observes the evolution of a stochastic process and sends messages over time to an agent. The agent takes actions in each period based on her beliefs about the state of the process and the principal wishes to influence the agent's action. I characterize the optimal persuasion mechanism and show how to derive it in applications. I then consider the extension to multiple agents where higher-order beliefs matter.
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作者：Gagnon, Julien; Goyal, Sanjeev
作者单位：University of Cambridge; University of Cambridge; University of Cambridge
摘要：The interaction between community and markets remains a central theme in the social sciences. The empirical evidence is rich: in some instances, markets strengthen social ties, while in others they undermine them. The impact of markets on inequality and welfare also varies widely. This paper develops a model where individuals in a social network choose whether to participate in their network and whether to participate in the market. We show that individual behavior is defined by the q-core of ...
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作者：Aladangady, Aditya
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Rising home values also raise the cost of living, offsetting their impact on consumption. However, additional home equity collateral can loosen borrowing constraints, increasing spending for households that value their current endowment of housing highly. I use geographically linked microdata to exploit regional heterogeneity in housing markets and identify the causal effect of house price fluctuations on consumer spending. A $1 increase in home values leads to a $0.047 increase in spending fo...
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作者：Adam, Klaus; Marcet, Albert; Beutel, Johannes
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics; ICREA; Centre for Economic Policy Research - UK; Deutsche Bundesbank
摘要：Investors' subjective capital gains expectations are a key element explaining stock price fluctuations. Survey measures of these expectations display excessive optimism (pessimism) at market peaks (troughs). We formally reject the hypothesis that this is compatible with rational expectations. We then incorporate subjective price beliefs with such properties into a standard asset-pricing model with rational agents (internal rationality). The model gives rise to boom-bust cycles that temporarily...
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作者：Chao, Yong; Yao, Chen; Ye, Mao
作者单位：University of Louisville; University of Warwick; University of Illinois System; University of Illinois Urbana-Champaign
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作者：Duflo, Esther
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Mrazova, Monika; Neary, J. Peter
作者单位：University of Geneva; University of Oxford; Leibniz Association; Ifo Institut
摘要：We show that any well-behaved demand function can be represented by its demand manifold, a smooth curve that relates the elasticity and convexity of demand. This manifold is a sufficient statistic for many comparative statics questions; leads naturally to characterizations of new families of demand functions that nest most of those used in applied economics; and connects assumptions about demand structure with firm behavior and economic performance. In particular, the demand manifold leads to ...
