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作者：Conesa, Juan Carlos; Kehoe, Timothy J.
作者单位：State University of New York (SUNY) System; Stony Brook University; University of Minnesota System; University of Minnesota Twin Cities
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作者：Apps, Patricia; Andrienko, Yuri; Rees, Ray
作者单位：University of Sydney; University of Munich
摘要：The existing literature on precautionary saving is based almost entirely on the assumption that the household acts as if it consisted of a single individual decision-taker. In reality saving decisions are typically taken by two-person households. This paper examines the implications of this observation for the existence of precautionary saving, and shows that the assumption that the individual utility functions satisfy the conditions for precautionary saving to exist can imply that the househo...
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作者：Besanko, David; Doraszelski, Ulrich; Kryukov, Yaroslav
作者单位：Northwestern University; University of Pennsylvania; Carnegie Mellon University
摘要：We formally characterize predatory pricing in a modern industry-dynamics framework that endogenizes competitive advantage and industry structure. As an illustrative example we focus on learning-by-doing. To disentangle predatory pricing from mere competition for efficiency on a learning curve we decompose the equilibrium pricing condition. We show that forcing firms to ignore the predatory incentives in setting their prices can have a large impact and that this impact stems from eliminating eq...
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作者：Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo
作者单位：Northwestern University; European Central Bank
摘要：We augment a standard monetary dynamic general equilibrium model to include a Bernanke-Gertler-Gilchrist financial accelerator mechanism. We fit the model to US data, allowing the volatility of cross-sectional idiosyncratic uncertainty to fluctuate over time. We refer to this measure of volatility as risk. We find that fluctuations in risk are the most important shock driving the business cycle.
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作者：Agarwal, Sumit; Qian, Wenlan
作者单位：National University of Singapore
摘要：This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $ 1 received, consumers on average spent $ 0.80. We find a strong announcement effect-19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards afte...
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作者：Pallais, Amanda
作者单位：Harvard University; National Bureau of Economic Research
摘要：Hiring inexperienced workers generates information about their abilities. If this information is public, workers obtain its benefits. If workers cannot compensate firms for hiring them, firms will hire too few inexperienced workers. I determine the effects of hiring workers and revealing more information about their abilities through a field experiment in an online marketplace. I hired 952 randomly-selected workers, giving them either detailed or coarse public evaluations. Both hiring workers ...
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作者：Anderson, Michael L.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Public transit accounts for 1 percent of US passenger miles traveled but attracts strong public support. Using a simple choice model, we predict that transit riders are likely to be individuals who commute along routes with severe roadway delays. These individuals' choices thus have high marginal impacts on congestion. We test this prediction with data from a strike in 2003 by Los Angeles transit workers. Estimating a regression discontinuity design, we find that average highway delay increase...
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作者：Battaglini, Marco; Nunnari, Salvatore; Palfrey, Thomas R.
作者单位：Princeton University; Columbia University; California Institute of Technology
摘要：We study the Markov equilibria of a model of free riding in which n infinitely lived agents choose between private consumption and irreversible contributions to a durable public good. We show that the set of equilibrium steady states converges to a unique point as depreciation converges to zero. For any level of depreciation, moreover, the highest steady state converges to the efficient level as agents become increasingly patient. These results are in contrast to the case with reversible inves...
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作者：Epstein, Larry G.; Farhi, Emmanuel; Strzalecki, Tomasz
作者单位：Boston University; Harvard University; National Bureau of Economic Research
摘要：Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny, the long-run risks literature as well as the broader literature using recursive utility to address asset pricing puzzles has ignored the full implications of their parameter specifications. Recursive utility implies that the temporal resolution of risk matters and a quantitative assessment thereof should be part of the calibration process. This paper gives a sense of the magnitudes...
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作者：Bresnahan, Timothy; Greenstein, Shane
作者单位：Stanford University; Northwestern University
