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作者：Chen, Zhijun; Rey, Patrick
作者单位：University of Auckland; Institut Polytechnique de Paris; Ecole Polytechnique; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We show that large retailers competing with smaller stores that carry a narrower range, can exercise market power by pricing below cost some of the products also offered by the smaller rivals, in order to discriminate multistop shoppers from one-stop shoppers. Loss leading thus appears as an exploitative device rather than as an exclusionary instrument, although it hurts the smaller rivals as well; banning below-cost pricing increases consumer surplus, rivals' pro fits, and social welfare. Our...
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作者：Williamson, Stephen D.
作者单位：Washington University (WUSTL)
摘要：A model of public and private liquidity integrates financial intermediation theory with a New Monetarist monetary framework. Non-passive fiscal policy and costs of operating a currency system imply that an optimal policy deviates from the Friedman rule. A liquidity trap can exist in equilibrium away from the Friedman rule, and there exists a permanent nonneutrality of money, driven by an illiquidity effect. Financial frictions can produce a financial-crisis phenomenon that can be mitigated by ...
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作者：Ashlagi, Itai; Roth, Alvin E.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Harvard University
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作者：Geweke, John; Amisano, Gianni
作者单位：University of Technology Sydney; European Central Bank
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作者：Graves, John A.; Gruber, Jonathan
作者单位：Vanderbilt University; Massachusetts Institute of Technology (MIT)
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作者：Winston, Clifford
作者单位：Brookings Institution
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作者：De Loecker, Jan; Warzynski, Frederic
作者单位：Princeton University; National Bureau of Economic Research; Aarhus University
摘要：In this paper, we develop a method to estimate markups using plant-level production data. Our approach relies on cost-minimizing producers and the existence of at least one variable input of production. The suggested empirical framework relies on the estimation of a production function and provides estimates of plant-level markups without specifying how firms compete in the product market. We rely on our method to explore the relationship between markups and export behavior. We find that marku...
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作者：Michalopoulos, Stelios
作者单位：Brown University
摘要：This study explores the determinants of ethnolinguistic diversity within as well as across countries, shedding light on its geographic origins. The empirical analysis conducted across countries, virtual countries, and pairs of contiguous regions establishes that geographic variability, captured by variation in regional land quality and elevation, is a fundamental determinant of contemporary linguistic diversity. The findings are consistent with the proposed hypothesis that differences in land ...
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作者：Benmelech, Efraim; Bergman, Nittai K.
作者单位：Northwestern University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
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作者：Fitzgerald, Doireann
作者单位：Stanford University
摘要：I use bilateral import data to test for and quantify the importance of trade costs and asset market frictions in explaining the failure of perfect international consumption risk sharing. I find that while frictions in international asset markets significantly impede optimal consumption risk sharing between developed and developing countries over the period 1970-2000, developed countries are close to optimal risk sharing with each other. Trade costs, in contrast, significantly impede risk shari...
