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作者：Collin-Dufresne, Pierre; Johannes, Michael; Lochstoer, Lars A.
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; Columbia University
摘要：Parameter learning strongly amplifies the impact of macroeconomic shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumption risks. We consider general equilibrium models with unknown parameters governing either long-run economic growth, rare events, or model selection. Overall, parameter learning generates long-lasting, quantitatively significant additional mac...
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作者：Abaluck, Jason; Gruber, Jonathan
作者单位：Yale University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We explore the in- and out-of sample robustness of tests wice inconsistencies based on parameter restrictions in parametric models, focusing on tests proposed by Ketcham, Kuminoff, and Powers (2016). We argue that their nonparametric alternatives are inherently conservative with respect to detecting mistakes. We then show that our parametric model is robust to KKP's suggested specification checks, and that comprehensive goodness of fit measures perform better with our model than the expected u...
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作者：Stahl, Jessica Calfee
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper exploits deregulation in the 1990s to estimate viewership and revenue effects of consolidation in broadcast television, then finds cost effects that explain the ownership structure given viewership and revenue effects. Results suggest that consolidation greatly increased profitability in an industry with otherwise declining profitability. Groups with broader national coverage attract more advertising per station. Joint ownership of two stations within a market and network ownership ...
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作者：Alpert, William T.; Couch, Kenneth A.; Harmon, Oskar R.
作者单位：University of Connecticut; University of Connecticut
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作者：Bloom, Nicholas; Lemos, Renata; Sadun, Raffaella; Scur, Daniela; Van Reenen, John
作者单位：Stanford University; University of London; London School Economics & Political Science; Harvard University; University of Oxford
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作者：Eggertsson, Gauti B.; Mehrotra, Neil R.; Summers, Lawrence H.
作者单位：Brown University
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作者：Stiglitz, Joseph E.
作者单位：Columbia University
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作者：Akcigit, Ufuk; Baslandze, Salome; Stantcheva, Stefanie
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University
摘要：We study the effect of top tax rates on superstar inventors' international mobility since 1977, using panel data on inventors from the US and European Patent Offices. We exploit the differential impact of changes in top tax rates on inventors of different qualities. Superstar inventors' location choices are significantly affected by top tax rates. In our preferred specification, the elasticity to the net-of-tax rate of the number of domestic superstar inventors is around 0.03, while that of fo...
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作者：Hurst, Erik; Keys, Benjamin J.; Seru, Amit; Vavra, Joseph
作者单位：University of Chicago; University of Chicago
摘要：Regional shocks are an important feature of the US economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSE). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market ...
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作者：Jeanne, Olivier
作者单位：Johns Hopkins University
