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作者：Gopinath, Gita; Neiman, Brent
作者单位：Harvard University; University of Chicago
摘要：We empirically characterize the mechanics of trade adjustment during the Argentine crisis. Though imports collapsed by 70 percent from 2000 to 2002, the entry and exit of firms or products at the country level played a small role. The within-firm churning of imported inputs, however, played a sizeable role. We build a model of trade in intermediate inputs with heterogeneous firms, fixed import costs, and roundabout production. Import demand is non-homothetic and the implications of an import p...
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作者：Fehr, Ernst; Tyran, Jean-Robert
作者单位：University of Zurich; University of Vienna; University of Copenhagen
摘要：The data in Fehr and Tyran (2001) and Petersen and Winn (2014) show that money illusion plays an important role in nominal price adjustment after a fully anticipated negative monetary shock. Money illusion affects subjects' expectations, and causes pronounced nominal inertia after a negative shock but much less inertia after a positive shock. Thus Petersen and Winn (2014) provide a misleading interpretation of both our and their own data.
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作者：Deming, David J.; Hastings, Justine S.; Kane, Thomas J.; Staiger, Douglas O.
作者单位：Harvard University; Brown University; Harvard University; Dartmouth College
摘要：We study the impact of a public school choice lottery in Charlotte-Mecklenburg schools on college enrollment and degree completion. We find a significant overall increase in college attainment among lottery winners who attend their first-choice school. Using rich administrative data on peers, teachers, course offerings, and other inputs, we show that the impacts of choice are strongly predicted by gains on several measures of school quality. Gains in attainment are concentrated among girls. Gi...
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作者：Iversen, Jens; Soderstrom, Ulf
作者单位：Sveriges Riksbank
摘要：In an article published in the American Economic Review, Jon Steinsson (2008) argues that two sticky price models driven by real shocks can explain the observed persistence, volatility, and hump-shaped impulse response function of the real exchange rate. This comment shows, first, that correcting an error in one of Steinsson's models leads to substantially lower persistence and volatility of the real exchange rate; second, that Steinsson's models cannot match real exchange rate volatility rela...
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作者：Dubois, Pierre; Griffith, Rachel; Nevo, Aviv
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of London; London School Economics & Political Science; Northwestern University
摘要：Food purchases differ substantially across countries. We use detailed household-level data from the United States, France, and the United Kingdom to (i) document these differences; (ii) estimate a demand system for food and nutrients; and (iii) simulate counterfactual choices if households faced prices and nutritional characteristics from other countries. We find that differences in prices and characteristics are important and can explain some difference (e. g., United States-France difference...
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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：Bramoulle, Yann; Kranton, Rachel; D'Amours, Martin
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Laval University; Duke University
摘要：Geography and social links shape economic interactions. In industries, schools, and markets, the entire network determines outcomes. This paper analyzes a large class of games and obtains a striking result. Equilibria depend on a single network measure: the lowest eigenvalue. This paper is the first to uncover the importance of the lowest eigenvalue to economic and social outcomes. It captures how much the network amplifies agents' actions. The paper combines new tools-potential games, optimiz...
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作者：Petersen, Luba; Winn, Abel
作者单位：Simon Fraser University; Chapman University System; Chapman University
摘要：This paper experimentally investigates whether money illusion generates substantial nominal inertia. Building on the design of Fehr and Tyran (2001), we find no evidence that agents choose high nominal payoffs over high real payoffs. However, participants do select prices associated with high nominal payoffs within a set of maximum real payoffs as a heuristic to simplify their decision task. The cognitive challenge of this task explains the majority of the magnitude of nominal inertia; money i...
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作者：Eriksson, Stefan; Rooth, Dan-Olof
作者单位：Uppsala University; Uppsala University; Linnaeus University; Lund University
摘要：The stigma associated with long-term unemployment spells could create large inefficiencies in labor markets. While the existing literature points toward large stigma effects, it has proven difficult to estimate causal relationships. Using data from a field experiment, we find that long-term unemployment spells in the past do not matter for employers' hiring decisions, suggesting that subsequent work experience eliminates this negative signal. Nor do employers treat contemporary short-term unem...
