-
作者：van Binsbergen, Jules; Brandt, Michael; Koijen, Ralph
作者单位：Northwestern University; Duke University; University of Chicago; National Bureau of Economic Research; Tilburg University
-
作者：Card, David; Mas, Alexandre; Moretti, Enrico; Saez, Emmanuel
作者单位：University of California System; University of California Berkeley; Princeton University
-
作者：Chaney, Thomas; Sraer, David; Thesmar, David
作者单位：University of Chicago; Princeton University; Hautes Etudes Commerciales (HEC) Paris
摘要：What is the impact of real estate prices on corporate investment? In the presence of financing frictions, firms use pledgeable assets as collateral to finance new projects. Through this collateral channel, shocks to the value of real estate can have a large impact on aggregate investment. To compute the sensitivity of investment to collateral value, we use local variations in real estate prices as shocks to the collateral value of firms that own real estate. Over the 1993-2007 period, the repr...
-
作者：Gilchrist, Simon; Zakrajsek, Egon
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve System Board of Governors; National Bureau of Economic Research
-
作者：Bartling, Bjoern; Fehr, Ernst; Schmidt, Klaus M.
作者单位：University of Zurich; University of Munich
摘要：High-performance work systems give workers more discretion, thereby increasing effort productivity but also shirking opportunities. We show experimentally that screening for work attitude and labor market competition are causal determinants of the viability of high-performance work systems, and we identify the complementarities between discretion, rent-sharing, and screening that render them profitable. Two fundamentally distinct job designs emerge endogenously in our experiments: bad jobs wit...
-
作者：Blanes i Vidal, Jordi; Draca, Mirko; Fons-Rosen, Christian
作者单位：University of London; London School Economics & Political Science; University of Warwick; Pompeu Fabra University
-
作者：Chatterjee, Satyajit; Eyigungor, Burcu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We advance quantitative-theoretic models of sovereign debt by proving the existence of a downward sloping equilibrium price function for long-term debt and implementing a novel method to accurately compute it. We show that incorporating long-term debt allows the model to match Argentina's average external debt-to-output ratio, average spread on external debt, the standard deviation of spreads, and simultaneously improve upon the model's ability to account for Argentina's other cyclical facts. ...
-
作者：Martin, Alberto; Ventura, Jaume
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
-
作者：Acemoglu, Daron; Egorov, Georgy; Sonin, Konstantin
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; New Economic School
摘要：In dynamic collective decision making, current decisions determine the future distribution of political power and influence future decisions. We develop a general framework to study this class of problems. Under acyclicity, we characterize dynamically stable states as functions of the initial state and obtain two general insights. First, a social arrangement is made stable by the instability of alternative arrangements that are preferred by sufficiently powerful groups. Second, efficiency-enha...
-
作者：Davis, Steven J.; Faberman, R. Jason; Haltiwanger, John C.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University System of Maryland; University of Maryland College Park
