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作者：Elias, Julio J.; Lacetera, Nicola; Macis, Mario
作者单位：University of Toronto; University Toronto Mississauga; Johns Hopkins University
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作者：Gerarden, Todd; Newell, Richard G.; Stavins, Robert N.
作者单位：Harvard University; Duke University
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作者：Orrenius, Pia M.; Zavodny, Madeline
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
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作者：Landvoigt, Tim; Piazzesi, Monika; Schneider, Martin
作者单位：University of Texas System; University of Texas Austin; Stanford University
摘要：This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a life-cycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income, and wealth. To quantify the model, we measure distributions of house prices, house qualities, and mover characteristics from micro-data on San Diego County during the 2000s boom. The main re...
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作者：Halpern, Laszlo; Koren, Miklos; Szeidl, Adam
作者单位：Hungarian Academy of Sciences; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Institute of Economics - HAS; Center for Economic & Policy Research (CEPR); Central European University
摘要：We estimate a model of importers in Hungarian microdata and conduct counterfactual analysis to investigate the effect of imported inputs on productivity. We find that importing all input varieties would increase a firm's revenue productivity by 22 percent, about one-half of which is due to imperfect substitution between foreign and domestic inputs. Foreign firms use imports more effectively and pay lower fixed import costs. We attribute one-quarter of Hungarian productivity growth during the 1...
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作者：Martin, Ian W. R.; Pindyck, Robert S.
作者单位：University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
摘要：Faced with numerous potential catastrophes-nuclear and bioterrorism, mega-viruses, climate change, and others-which should society attempt to avert? A policy to avert one catastrophe considered in isolation might be evaluated in cost-benefit terms. But because society faces multiple catastrophes, simple cost-benefit analysis fails: even if the benefit of averting each one exceeds the cost, we should not necessarily avert them all. We explore the policy interdependence of catastrophic events, a...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Berkeley
摘要：We propose a new approach to test the full-information rational expectations hypothesis which can identify whether rejections of the null arise from information rigidities. This approach quantifies the economic significance of departures from the null and the underlying degree of information rigidity. Applying this approach to US and international data of professional forecasters and other agents yields pervasive evidence consistent with the presence of information rigidities. These results th...
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作者：Garleanu, Nicolae; Panageas, Stavros; Yu, Jianfeng
作者单位：University of California System; University of California Berkeley; University of Chicago; University of Minnesota System; University of Minnesota Twin Cities; The Chinese University of Hong Kong, Shenzhen
摘要：We propose a unified model of limited market integration, asset-price determination, leveraging, and contagion. Investors and firms are located on a circle, and access to markets involves participation costs that increase with distance. Due to a complementarity between participation and leverage decisions, the equilibrium may exhibit diverse leverage and participation choices across investors, although investors are ex ante identical. Small changes in market-access costs can cause a change in ...
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作者：Black, Sandra E.; Cortes, Kalena E.; Lincove, Jane Arnold
作者单位：University of Texas System; University of Texas Austin; IZA Institute Labor Economics; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station; Bush School of Government & Public Service; University of Texas System; University of Texas Austin; Tulane University
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作者：Chalfin, Aaron
作者单位：University of Chicago
