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作者：Nishimura, Hiroki; Ok, Efe A.; Quah, John K. -H.
作者单位：University of California System; University of California Riverside; New York University; New York University; Johns Hopkins University; National University of Singapore
摘要：We develop a version of Afriat's theorem that is applicable in a variety of choice environments beyond the setting of classical consumer theory. This allows us to devise tests for rationalizability in environments where the set of alternatives is not the positive orthant of a Euclidean space and where the rationalizing utility function is required to satisfy properties appropriate to that environment. We show that our results are applicable, amongst others, to choice data on lotteries, conting...
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作者：Di Maggio, Marco; Kermani, Amir; Keys, Benjamin J.; Piskorski, Tomasz; Ramcharan, Rodney; Seru, Amit; Yao, Vincent
作者单位：Harvard University; University of California System; University of California Berkeley; University of Pennsylvania; Columbia University; University of Southern California; Stanford University; University System of Georgia; Georgia State University
摘要：Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in car purchases (up to 35 percent). This effect is attenuated by voluntary deleveraging. Borrowers with lower incomes and housing wealth have significantly higher marginal propensity to consume. Areas with a larger share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults ...
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作者：Bernard, Andrew B.; Boler, Esther Ann; Massari, Renzo; Reyes, Jose-Daniel; Taglioni, Daria
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Imperial College London; The World Bank
摘要：Two identical firms who start exporting in different months, one each in January and December, will report dramatically different exports for the first calendar year. This partial-year effect biases down first-year export levels and biases up first-year export growth rates. For Peruvian exporters, the partial-year bias is large: first-year export levels are understated by 54 percent and the first-year growth rate is overstated by 112 percentage points. Correcting the partial-year effect dramat...
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作者：Hebert, Benjamin; Schreger, Jesse
作者单位：Stanford University; Columbia University; National Bureau of Economic Research
摘要：A fundamental question in international macroeconomics is why governments repay their debt to foreign creditors, given the limited recourse available to those creditors. The seminal paper of Eaton and Gersovitz (1981) argues that reputation concerns are sufficient to ensure that sovereigns repay their debt. In a famous critique, Bulow and Rogoff (1989a) demonstrate that reputation alone cannot sustain sovereign borrowing in equilibrium, without some other type of default cost or punishment. Th...
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作者：Brandt, Loren; Van Biesebroeck, Johannes; Wang, Luhang; Zhang, Yifan
作者单位：University of Toronto; KU Leuven; Centre for Economic Policy Research - UK; Xiamen University; Chinese University of Hong Kong
摘要：We examine the effects of trade liberalization in China on the evolution of markups and productivity of manufacturing firms. Although these dimensions of performance cannot be separately identified when firm output is measured by revenue, detailed price deflators make it possible to estimate the average effect of tariff reductions on both. Several novel findings emerge. First, cuts in output tariffs reduce markups, but raise productivity. Second, pro-competitive effects are most important amon...
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作者：Ljungqvist, Lars; Sargent, Thomas J.
作者单位：Stockholm School of Economics; New York University
摘要：To generate big responses of unemployment to productivity changes, researchers have reconfigured matching models in various ways: by elevating the utility of leisure, by making wages sticky, by assuming alternating-offer wage bargaining, by introducing costly acquisition of credit, by assuming fixed matching costs, or by positing government- mandated unemployment compensation and layoff costs. All of these redesigned matching models increase responses of unemployment to movements in productivi...
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作者：Hatfield, John William; Kominers, Scott Duke; Westkamp, Alexander
作者单位：University of Texas System; University of Texas Austin; Harvard University; Harvard University; Harvard University; University of Cologne
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作者：Handley, Kyle; Limao, Nuno
作者单位：University of Michigan System; University of Michigan; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：We examine the impact of policy uncertainty on trade, prices, and real income through firm entry investments in general equilibrium. We estimate and quantify the impact of trade policy on China's export boom to the United States following its 2001 WTO accession. We find the accession reduced the US threat of a trade war, which can account for over one-third of that export growth in the period 2000-2005. Reduced policy uncertainty lowered US prices and increased its consumers' income by the equ...
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作者：Roesler, Anne-Katrin; Szentes, Balazs
作者单位：University of Michigan System; University of Michigan; University of London; London School Economics & Political Science
摘要：This paper analyzes a bilateral trade model where the buyer's valuation for the object is uncertain and she observes only a signal about her valuation. The seller gives a take-it-or-leave-it offer to the buyer. Our goal is to characterize those signal structures which maximize the buyer's expected payoff. We identify a buyer-optimal signal structure which generates (i) efficient trade and (ii) a unit-elastic demand. Furthermore, we show that every other buyer-optimal signal structure yields th...
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作者：Aygun, Orhan; Turhan, Bertan
作者单位：Bogazici University; Instituto Tecnologico Autonomo de Mexico
