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作者：Acemoglu, Daron; Ozdaglar, Asuman; Tahbaz-Salehi, Alireza
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Columbia University
摘要：Using a multisector general equilibrium model, we show that the interplay of idiosyncratic microeconomic shocks and sectoral heterogeneity results in systematic departures in the likelihood of large economic downturns relative to what is implied by the normal distribution. Such departures can emerge even though GDP fluctuations are approximately normally distributed away from the tails, highlighting the different nature of large economic downturns from regular business-cycle fluctuations. We f...
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作者：Gorodnichenko, Yuriy; Talavera, Oleksandr
作者单位：University of California System; University of California Berkeley; Swansea University
摘要：We document basic facts about prices in online markets in the United States and Canada, which is a rapidly growing segment of the retail sector. Relative to prices in regular stores, prices in online markets are more flexible and exhibit stronger pass- through (60-75 percent) and faster convergence (half-life less than two months) in response to movements of the nominal exchange rate. Multiple margins of adjustment are active in the process of responding to nominal exchange rate shocks. Proper...
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作者：Egan, Mark; Hortacsu, Ali; Matvos, Gregor
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; University of Chicago
摘要：We develop a structural empirical model of the US banking sector. Insured depositors and run-prone uninsured depositors choose between differentiated banks. Banks compete for deposits and endogenously default. The estimated demand for uninsured deposits declines with banks' financial distress, which is not the case for insured deposits. We calibrate the supply side of the model. The calibrated model possesses multiple equilibria with bank-run features, suggesting that banks can be very fragile...
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作者：Pinotti, Paolo
作者单位：Bocconi University; Bocconi University
摘要：We estimate the effect of immigrant legalization on the crime rate of immigrants in Italy by exploiting an ideal regression discontinuity design: fixed quotas of residence permits are available each year, applications must be submitted electronically on specific click days, and are processed on a first come, first served basis until the available quotas are exhausted. Matching data on applications with individual-level criminal records, we show that legalization reduces the crime rate of legal...
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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：Zwick, Eric; Mahon, James
作者单位：University of Chicago; National Bureau of Economic Research; Deloitte Touche Tohmatsu Limited
摘要：We estimate the effect of temporary tax incentives on equipment investment using shifts in accelerated depreciation. Analyzing data for over 120,000 firms, we present three findings. First, bonus depreciation raised investment in eligible capital relative to ineligible capital by 10.4 percent between 2001 and 2004 and 16.9 percent between 2008 and 2010. Second, small firms respond 95 percent more than big firms. Third, firms respond strongly when the policy generates immediate cash flows, but ...
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作者：Gul, Faruk; Pesendorfer, Wolfgang; Strzalecki, Tomasz
作者单位：Princeton University; Harvard University
摘要：We introduce a notion of coarse competitive equilibrium, to study agents' inability to tailor their consumption to prices. Our goal is to incorporate limited cognitive ability (in particular limited attention, memory, and complexity) into the analysis of competitive equilibrium. Compared to standard competitive equilibrium, our concept yields more extreme prices and, when all agents have the same endowment, riskier allocations. We provide a tractable model suitable for general equilibrium anal...
