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作者：Adao, Rodrigo; Costinot, Arnaud; Donaldson, Dave
作者单位：Princeton University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University
摘要：We develop a methodology to construct nonparametric counterfactual predictions, free of functional form restrictions on preferences and technology, in neoclassical models of international trade. First, we establish the equivalence between such models and reduced exchange models in which countries directly exchange factor services. This equivalence implies that, for an arbitrary change in trade costs, counterfactual changes in the factor content of trade, factor prices, and welfare only depend ...
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作者：Galenianos, Manolis; Gavazza, Alessandro
作者单位：University of London; Royal Holloway University London; University of London; London School Economics & Political Science
摘要：We estimate a model of illicit drugs markets using data on purchases of crack cocaine. Buyers are searching for high-quality drugs, but they determine drugs' quality (i.e., their purity) only after consuming them. Hence, sellers can rip off first-time buyers or can offer-higher-quality drugs to induce buyers to purchase from them again. In equilibrium, a distribution of qualities persists. The estimated model implies that if drugs were legalized, in which case purity could be regulated and hen...
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作者：Meng, Kyle C.
作者单位：University of California System; University of California Santa Barbara; National Bureau of Economic Research
摘要：This paper develops a method for forecasting the marginal abatement cost (MAC) of climate policy using three features of the failed Waxman-Markey bill. First, the MAC is revealed by the price of traded permits. Second, the permit price is estimated using a regression discontinuity design (RDD) comparing stock returns of firms on either side of the policy's free permit cutoff rule. Third, because Waxman-Markey was never implemented, I extend the RDD approach to incorporate prediction market pri...
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作者：Babcock, Linda; Recalde, Maria P.; Vesterlund, Lise; Weingart, Laurie
作者单位：Carnegie Mellon University; Carnegie Mellon University; CGIAR; International Food Policy Research Institute (IFPRI); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; Carnegie Mellon University
摘要：Gender differences in task allocations may sustain vertical gender segregation in labor markets. We examine the allocation of a task that everyone prefers be completed by someone else (writing a report, serving on a committee, etc.) and find evidence that women, more than men, volunteer, are asked to volunteer, and accept requests to volunteer for such tasks. Beliefs that women, more than men, say yes to tasks with low promotability appear as an important driver of these differences. If women ...
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作者：Del Negro, Marco; Eggertsson, Gauti; Ferrero, Andrea; Kiyotaki, Nobuhiro
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Brown University; University of Oxford; Princeton University
摘要：We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities and ask: can a shock to the liquidity of private paper lead to a collapse in short-term nominal interest rates and a recession like the one associated with the 2008 US financial crisis? Once the nominal interest rate reaches the zero bound, what are the effects of interventions in which the government provides liquidity in exchange for illiquid private paper? We find that the effects of the ...
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作者：Hart, Sergiu; Kremer, Ilan; Perry, Motty
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Warwick
摘要：An evidence game is a strategic disclosure game in which an informed agent who has some pieces of verifiable evidence decides which ones to disclose to an uninformed principal who chooses a reward. The agent, regardless of his information, prefers the reward to be as high as possible. We compare the setup in which the principal chooses the reward after the evidence is disclosed to the mechanism-design setup where he can commit in advance to a reward policy, and show that under natural conditio...
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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：Drozd, Lukasz A.; Serrano-Padial, Ricardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Drexel University
摘要：We investigate the role of information technology (IT) in the collection of delinquent consumer debt. We argue that the widespread adoption of IT by the debt collection industry in the 1990s contributed to the observed expansion of unsecured risky lending such as credit cards. Our model stresses the importance of delinquency and private information about borrower solvency. The prevalence of delinquency implies that the costs of debt collection must be borne by lenders to sustain incentives to ...
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作者：Johnson, Justin P.
作者单位：Cornell University
摘要：I propose a framework in which asymmetric multiproduct retailers compete for one-stop shoppers who have biased beliefs about their future purchase probabilities (and so make unplanned purchases). One firm carries a full portfolio of products while the other carries an incomplete but endogenous one. Using this framework, I examine the phenomenon of loss leading, the optimal product portfolio of the smaller firm, and the effects of banning loss leading. Among other results, I show that there is ...
