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作者：Arkolakis, Costas; Costinot, Arnaud; Rodriguez-Clare, Andres
作者单位：National Bureau of Economic Research; Yale University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Micro-level data have had a profound influence on research in international trade over the last ten years. In many regards, this research agenda has been very successful. New stylized facts have been uncovered and new trade models have been developed to explain these facts. In this paper we investigate to what extent answers to new micro-level questions have affected answers to an old and central question in the field: how large are the welfare gains from trade? A crude summary of our results ...
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作者：Mazzocco, Maurizio; Saini, Shiv
作者单位：University of California System; University of California Los Angeles; Cornerstone Research
摘要：We propose a method that enables one to test efficient risk sharing even when households have different risk preferences. The method is composed of three tests. The first one determines whether in the data households have homogeneous risk preferences. The second and third tests evaluate efficient risk sharing when the hypothesis of homogeneous risk preferences is rejected. We use this method to test efficient risk sharing in rural India. Using the first test, we strongly reject the hypothesis ...
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作者：Farhi, Emmanuel; Tirole, Jean
作者单位：Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The article shows that time-consistent, imperfectly targeted support to distressed institutions makes private leverage choices strategic complements. When everyone engages in maturity mismatch, authorities have little choice but intervening, creating both current and deferred (sowing the seeds of the next crisis) social costs. In turn, it is profitable to adopt a risky balance sheet. These insights have important consequences, from banks choosing to correlate their risk exposures to the need f...
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作者：Muller, Nicholas Z.; Mendelsohn, Robert
作者单位：Middlebury College; Yale University
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作者：Jermann, Urban; Quadrini, Vincenzo
作者单位：University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Southern California
摘要：We document the cyclical properties of US firms' financial flows and show that equity payout is procyclical and debt payout is counter-cyclical. We then develop a model with debt and equity financing to explore how the dynamics of real and financial variables are affected by financial shocks. We find that financial shocks contributed significantly to the observed dynamics of real and financial variables. The recent events in the financial sector show up as a tightening of firms' financing cond...
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作者：Acemoglu, Daron; Aghion, Philippe; Bursztyn, Leonardo; Hemous, David
作者单位：Massachusetts Institute of Technology (MIT); Canadian Institute for Advanced Research (CIFAR); Harvard University; University of California System; University of California Los Angeles
摘要：This paper introduces endogenous and directed technical change in a growth model with environmental constraints. The final good is produced from dirty and clean inputs. We show that: (i) when inputs are sufficiently substitutable, sustainable growth can be achieved with temporary taxes/subsidies that redirect innovation toward clean inputs; (ii) optimal policy involves both carbon taxes and research subsidies, avoiding excessive use of carbon taxes; (iii) delay in intervention is costly, as it...
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作者：Simcoe, Timothy
作者单位：Boston University; National Bureau of Economic Research
摘要：Voluntary Standard Setting Organizations (SSOs) use a consensus process to create new compatibility standards. Practitioners have suggested that SSOs are increasingly politicized and perhaps incapable of producing timely standards. This article develops a simple model of standard setting committees and tests its predictions using data from the Internet Engineering Task Force, an SSO that produces many of the standards used to run the Internet. The results show that an observed slowdown in stan...
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作者：Eggertsson, Gauti B.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Iaryczower, Matias; Shum, Matthew
作者单位：Princeton University; California Institute of Technology
摘要：We estimate an equilibrium model of decision making in the US Supreme Court that takes into account both private information and ideological differences between justices. We measure the value of information in the court by the probability that a justice votes differently from how she would have voted without case-specific information. Our results suggest a sizable value of information: in 44 percent of cases, justices' initial leanings are changed by their personal assessments of the case. Our...
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作者：Gill, David; Prowse, Victoria
作者单位：University of Oxford; Cornell University
摘要：We develop a novel computerized real effort task, based on moving sliders across a screen, to test experimentally whether agents are disappointment averse when they compete in a real effort sequential-move tournament. We predict that a disappointment averse agent, who is loss averse around her endogenous choice-acclimating expectations-based reference point, responds negatively to her rival's effort. We find significant evidence for this discouragement effect, and use the Method of Simulated M...
