-
作者：Midrigan, Virgiliu; Xu, Daniel Yi
作者单位：New York University; National Bureau of Economic Research; Duke University
摘要：We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption decisions. Second, finance frictions generate dispersion in the returns to capital across existing producers and thus productivity losses from misallocation. Parameterizations of our model consistent with the da...
-
作者：Brunnermeier, Markus K.; Sannikov, Yuliy
作者单位：Princeton University
摘要：This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by asset illiquidity, persists in crisis even for very low levels of exogenous risk. This phenomenon, which we call the volatility paradox, resolves the Kocherlakota (2000) critique. Endogenous leverage determines the distance to crisis. Securitizati...
-
作者：Kalouptsidi, Myrto
作者单位：Princeton University
摘要：This paper explores the nature of fluctuations in world bulk shipping by quantifying the impact of time to build and demand uncertainty on investment and prices. We examine the impact of both construction lags and their lengthening in periods of high investment activity, by constructing a dynamic model of ship entry and exit. A rich dataset of secondhand ship sales allows for a new estimation strategy: resale prices provide direct information on value functions and allow their nonparametric es...
-
作者：Kostol, Andreas Ravndal; Mogstad, Magne
作者单位：Statistics Norway; University of Bergen; University of London; University College London; Statistics Norway
摘要：Using a local randomized experiment that arises from a sharp discontinuity in Disability Insurance (DI) policy in Norway, we provide transparent and credible identification of how financial incentives induce DI recipients to return to work. We find that many DI recipients have considerable capacity to work that can be effectively induced by providing financial work incentives. We further show that providing work incentives to DI recipients may both increase their disposable income and reduce p...
-
作者：Asker, John; Bar-Isaac, Heski
作者单位：University of Toronto
摘要：Resale price maintenance (RPM), slotting fees, loyalty rebates, and other related vertical practices can allow an incumbent manufacturer to transfer profits to retailers. If these retailers were to accommodate entry, upstream competition could lead to lower industry profits and the breakdown of these profit transfers. Thus, in equilibrium, retailers can internalize the effect of accommodating entry on the incumbent's profits. Consequently, if entry requires downstream accommodation, entry can ...
-
作者：Coviello, Decio; Ichino, Andrea; Persico, Nicola
作者单位：Universite de Montreal; HEC Montreal; University of Bologna; European University Institute; Northwestern University
摘要：A single worker allocates her time among different projects which are progressively assigned. When the worker works on too many projects at the same time, the output rate decreases and completion time increases according to a law which we derive. We call this phenomenon task juggling and argue that it is pervasive in the workplace. We show that task juggling is a strategic substitute of worker effort. We then present a model where task juggling is the result of lobbying by clients, or coworker...
-
作者：Rosenthal, Stuart S.
作者单位：Syracuse University; Syracuse University
摘要：While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a repeat income model using 1985-2011 panel data. Real annual filtering rates are faster for rental housing (2.5 percent) than owner-occupied (0.5 percent), vary inversely with the income elasticity of demand and house pric...
-
作者：Board, Simon; Pycia, Marek
作者单位：University of California System; University of California Los Angeles
摘要：A buyer wishes to purchase a good from a seller who chooses a sequence of prices over time. Each period the buyer can also exercise an outside option, abandoning their search or moving on to another seller. We show there is a unique equilibrium in which the seller charges a constant price in every period equal to the monopoly price, contravening the Coase conjecture. We then embed the single-seller model into a search framework and show the result provides a foundation for the usual no hagglin...
-
作者：Gorton, Gary; Ordonez, Guillermo
作者单位：Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：Short-term collateralized debt, private money, is efficient if agents are willing to lend without producing costly information about the collateral backing the debt. When the economy relies on such informationally insensitive debt, firms with low quality collateral can borrow, generating a credit boom and an increase in output. Financial fragility is endogenous; it builds up over time as information about counterparties decays. A crisis occurs when a (possibly small) shock causes agents to sud...
-
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...
