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作者：Gust, Christopher; Herbst, Edward; Lopez-Salido, David; Smith, Matthew E.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the US economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. We find that the interest-rate lower bound was a significant constraint on monetary policy that exacerbated the recession and inhibited the recovery, as our mean estimates imply...
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作者：Bedre-Defolie, Ozlem; Biglaiser, Gary
作者单位：European School of Management & Technology; University of North Carolina; University of North Carolina Chapel Hill
摘要：Considering markets with nonpivotal buyers, we analyze the anti-competitive effects of breakup fees used by an incumbent facing a more efficient entrant in the future. Buyers differ in their intrinsic switching costs. Breakup fees are profitably used to foreclose entry, regardless of the entrant's efficiency advantage or level of switching costs. Banning breakup fees is beneficial to consumers. The ban enhances the total welfare unless the entrant's efficiency is close to the incumbent's. Inef...
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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：Asriyan, Vladimir; Fuchs, William; Green, Brett
作者单位：Centre de Recerca en Economia Internacional (CREI); University of Texas System; University of Texas Austin; Universidad Carlos III de Madrid; University of California System; University of California Berkeley
摘要：We study information spillovers in a dynamic setting with correlated assets owned by privately informed sellers. In the model, a trade of one asset can provide information about the value of other assets. Importantly, the information content of trading behavior is endogenously determined. We show that this endogeneity leads to multiple equilibria when assets are sufficiently correlated. The equilibria are ranked in terms of both trade volume and efficiency. The model has implications for polic...
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作者：Hendren, Nathaniel
作者单位：Harvard University
摘要：This paper studies the implications of individuals' knowledge of future job loss for the existence of an unemployment insurance (UI) market. Learning about job loss leads to consumption decreases and spousal labor supply increases. This suggests existing willingness to pay estimates for UI understate its value. But it yields new estimation methodologies that account for and exploit responses to learning about future job loss. Although the new willingness to pay estimates exceed previous estima...
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作者：Moretti, Enrico; Wilson, Daniel J.
作者单位：University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We quantify how sensitive is migration by star scientists to changes in personal and business tax differentials across states. We uncover large, stable, and precisely estimated effects of personal and corporate taxes on star scientists' migration patterns. The long-run elasticity of mobility relative to taxes is 1.8 for personal income taxes, 1.9 for state corporate income tax, and -1.7 for the investment tax credit. While there are many other factors that drive when innovative individuals and...
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作者：Holmstrom, Bengt
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Incentives are often associated with narrow financial rewards such as bonuses or executive stock options. But in general such rewards are just a small part of the design of incentives. Properly designed incentive systems have to take into account the full portfolio of activities that the agent can engage in, the array of instruments, many nonfinancial, that are available to influence individuals and consider the factors that motivate them in different settings. Thinking about incentives as a s...
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作者：Sieg, Holger; Yoon, Chamna
作者单位：University of Pennsylvania; Sungkyunkwan University (SKKU)
摘要：This paper shows how to identify and estimate, using standard semi-parametric techniques, a class of dynamic games with perfect monitoring, that have been at the frontier of recent research in political economy. The empirical analysis provides novel quantitative insights into the trade-off that voters face between ideology and ability, the differences in ability and ideology among parties and states, and the differences in preferences between political candidates and voters. We analyze the con...
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作者：Martin, Philippe; Philippon, Thomas
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscal policy, labor costs, and spreads, and we propose a model and an identification strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask how periphery countries would have fared with different policies. We find that countries could have stabilized their employment if they had followed more conservative fiscal polici...
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作者：Hart, Oliver
作者单位：Harvard University
