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作者：Chari, VV; Kehoe, PJ; McGrattan, ER
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; National Bureau of Economic Research
摘要：We construct a quantitative equilibrium model with firms setting prices in a staggered fashion and use it to ask whether monetary shocks can generate business cycle fluctuations. These fluctuations include persistent movements in output along with the other defining features of business cycles, like volatile investment and smooth consumption. We assume that prices are exogenously sticky for a short time. Persistent output fluctuations require endogenous price stickiness in the sense that firms...
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作者：Hart, S; Mas-Colell, A
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：We propose a new and simple adaptive procedure for playing a game: regret-matching. In this procedure, players may depart from their current play with probabilities that are proportional to measures of regret for not having used other strategies in the past. It is shown that our adaptive procedure guarantees that, with probability one, the empirical distributions of play converge to the set of correlated equilibria of the game.
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作者：Krusell, P; Ohanian, LE; Ríos-Rull, JV; Violante, GL
作者单位：University of Rochester; University of California System; University of California Los Angeles; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; University of London; University College London
摘要：The supply and price of skilled labor relative to unskilled labor have changed dramatically over the postwar period. The relative quantity of skilled labor has increased substantially, and the skill premium, which is the wage of skilled labor relative to that of unskilled labor, has grown significantly since 1980. Many studies have found that accounting for the increase in the skill premium on the basis of observable variables is difficult and have concluded implicitly that latent skill-biased...
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作者：White, H
作者单位：University of California System; University of California San Diego
摘要：Data snooping occurs when a given set of data is used more than once for purposes of inference or model selection. When such data reuse occurs, there is always the possibility that any satisfactory results obtained may simply be due to chance rather than to any merit inherent in the method yielding the results. This problem is practically unavoidable in the analysis of time-series data, as typically only a single history measuring a given phenomenon of interest is available for analysis: It is...
