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作者：Johnson, William R.
作者单位：University of Virginia
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作者：Gali, Jordi
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
摘要：examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call ...
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作者：Cervellati, Matteo; Jung, Florian; Sunde, Uwe; Vischer, Thomas
作者单位：University of Bologna; University of St Gallen; University of Munich
摘要：Acemoglu et al. (2008) document that the correlation between income per capita and democracy disappears when including time and country fixed effects. While their results are robust for the full sample, we find evidence for significant but heterogeneous effects of income on democracy: negative for former colonies, but positive for non-colonies. Within the sample of colonies we detect heterogeneous effects related to colonial history and early institutions. The zero mean effect estimated by Ace...
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作者：Koopman, Robert; Wang, Zhi; Wei, Shang-Jin
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper proposes an accounting framework that breaks up a country's gross exports into various value-added components by source and additional double-counted terms. Our parsimonious framework bridges a gap between official trade statistics (in gross value terms) and national accounts (in value-added terms), and integrates all previous measures of vertical specialization and value-added trade in the literature into a unified framework. To illustrate the potential of such a method, we present...
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作者：Ngai, L. Rachel; Tenreyro, Silvana
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：Every year housing markets in the United Kingdom and the United States experience systematic above-trend increases in prices and transactions during the spring and summer (hot season) and below-trend falls during the autumn and winter (cold season). House price seasonality poses a challenge to existing housing models. We propose a search-and-matching model with thick-market effects. In thick markets, the quality of matches increases, rising buyers' willingness to pay and sellers' desire to tra...
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作者：Allcott, Hunt; Rogers, Todd
作者单位：New York University; Harvard University
摘要：We document three remarkable features of the Opower program, in which social comparison-based home energy reports are repeatedly mailed to more than six million households nationwide. First, initial reports cause high-frequency action and backsliding, but these cycles attenuate over time. Second, if reports are discontinued after two years, effects are relatively persistent, decaying at 10-20 percent per year. Third, consumers are slow to habituate: they continue to respond to repeated treatme...
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作者：Elliott, Matthew; Golub, Benjamin; Jackson, Matthew O.
作者单位：California Institute of Technology; Harvard University; Stanford University; The Santa Fe Institute; Canadian Institute for Advanced Research (CIFAR)
摘要：We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increas...
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作者：Apicella, Coren L.; Azevedo, Eduardo M.; Christakis, Nicholas A.; Fowler, James H.
作者单位：University of Pennsylvania; University of Pennsylvania; Yale University; Yale University; Yale University; University of California System; University of California San Diego; University of California System; University of California San Diego
摘要：The endowment effect, the tendency to value possessions more than non-possessions, is a well-known departure from rational choice and has been replicated in numerous settings. We investigate the universality of the endowment effect, its evolutionary significance, and its dependence on environmental factors. We experimentally test for the endowment effect in an isolated and evolutionarily relevant population of hunter-gatherers, the Hadza Bushmen of Northern Tanzania. We find that Hadza living ...
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作者：Kaplan, Greg; Violante, Giovanni L.
作者单位：Princeton University; National Bureau of Economic Research; New York University
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作者：Perez-Richet, Eduardo
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique
