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作者：Ottoni-Wilhelm, Mark; Vesterlund, Lise; Xie, Huan
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; National Bureau of Economic Research; Concordia University - Canada
摘要：Researchers measure crowd-out around one level of charity output to identify whether giving is motivated by altruism and/or warm-glow. However, crowd-out depends on output, implying first that the power to reject pure altruism varies, and second that a single measurement of incomplete crowd-out can be rationalized by many different preferences. By instead measuring crowd-out at different output levels, we allow both for identification and for a novel and direct test of impure altruism. Using a...
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作者：Li, Hao; Shi, Xianwen
作者单位：University of British Columbia; University of Toronto
摘要：A seller designs a mechanism to sell a single object to a potential buyer whose private type is his incomplete information about his valuation. The seller can disclose additional information to the buyer about his valuation without observing its realization. In both discrete-type and continuous-type settings, we show that discriminatory disclosure-releasing different amounts of additional information to different buyer types-dominates full disclosure in terms of seller revenue. An implication ...
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作者：Cravino, Javier; Levchenko, Andrei A.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We study the impact of large exchange rate devaluations on the cost of living at different points on the income distribution. Poor households spend relatively more on tradeable product categories and consume lower-priced varieties within categories. Changes in the relative price of tradeables and of lower-priced varieties affect the cost of living of low-income relative to high-income households. We quantify these effects following the 1994 Mexican devaluation and show that they can have large...
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作者：Jensen, Thais Lrkholm; Johannesen, Niels
作者单位：University of Copenhagen; University of Copenhagen
摘要：Did the financial crisis in 2007-2008 spread from distressed banks to households through a contraction of the credit supply? We study this question with a dataset that contains observations on all accounts in Danish banks as well as comprehensive information about individual account holders and banks. We document that banks exposed to the financial crisis reduced their lending relative to nonexposed banks, which in turn caused a significant decrease in the borrowing and spending of their custo...
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作者：Cho, In-Koo; Kasa, Kenneth
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Hanyang University; Federal Reserve System - USA; Simon Fraser University
摘要：A decision maker doubts the stationarity of his environment. In response, he uses two models, one with time-varying parameters, and another with constant parameters. Forecasts are then based on a Bayesian model averaging strategy, which mixes forecasts from the two models. In reality, structural parameters are constant, but the (unknown) true model features expectational feedback, which the reduced-form models neglect. This feedback permits fears of parameter instability to become self-confirm...
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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：Malamud, Semyon; Rostek, Marzena
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Centre for Economic Policy Research - UK; University of Wisconsin System; University of Wisconsin Madison
摘要：Most assets are traded in multiple interconnected trading venues. This paper develops an equilibrium model of decentralized markets that accommodates general market structures with coexisting exchanges. Decentralized markets can allocate risk among traders with different risk preferences more efficiently, thus realizing gains from trade that cannot be reproduced in centralized markets. Market decentralization always increases price impact. Yet, markets in which assets are traded in multiple ex...
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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：Bursztyn, Leonardo; Fujiwara, Thomas; Pallais, Amanda
作者单位：University of Chicago; National Bureau of Economic Research; Princeton University; Canadian Institute for Advanced Research (CIFAR); Harvard University
摘要：Do single women avoid career-enhancing actions because these actions signal undesirable traits, like ambition, to the marriage market? While married and unmarried female MBA students perform similarly when their performance is unobserved by classmates (on exams and problem sets), unmarried women have lower participation grades. In a field experiment, single female students reported lower desired salaries and willingness to travel and work long hours on a real-stakes placement questionnaire whe...
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作者：Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Aysegul
作者单位：University of Gothenburg; Stockholm University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Georgetown University; University of Virginia; Princeton University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We build a hybrid model of the aggregate labor market that features both standard labor supply forces and frictions in order to study the cyclical properties of gross worker flows across the three labor market states: employment, unemployment, and nonparticipation. Our parsimonious model is able to capture the key features of the cyclical movements in gross worker flows. Despite the fact that the wage per efficiency unit is constant over time, intertemporal substitution plays an important role...
