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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...
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作者：Rahman, David
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：Suppose that providing incentives for a group of individuals in a strategic context requires a monitor to detect their deviations. What about the monitor's deviations? To address this question, I propose a contract that makes the monitor responsible for monitoring, and thereby provides incentives even when the monitor's observations are not only private, but costly, too. I also characterize exactly when such a contract can provide monitors with the right incentives to perform. In doing so, I e...
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作者：Bils, Mark; Klenow, Peter J.; Malin, Benjamin A.
作者单位：University of Rochester; Stanford University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Many business cycle models use a flat short-run Phillips curve, due to time-dependent pricing and strategic complementarities, to explain fluctuations in real output. But, in doing so, these models predict unrealistically high persistence and stability of US inflation in recent decades. We calculate reset price inflation based on new prices chosen by the subsample of price changers-to dissect this discrepancy. We find that the models generate too much persistence and stability both in reset pr...
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作者：Gourio, Francois
作者单位：Boston University; National Bureau of Economic Research
摘要：Motivated by the evidence that risk premia are large and countercyclical, this paper studies a tractable real business cycle model with a small risk of economic disaster, such as the Great Depression. An increase in disaster risk leads to a decline of employment, output, investment, stock prices, and interest rates, and an increase in the expected return on risky assets. The model matches well data on quantities, asset prices, and particularly the relations between quantities and prices, sugge...
