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作者：Ferrari, Stijn; Verboven, Frank; Degryse, Hans
作者单位：European Central Bank; National Bank of Belgium; Tilburg University
摘要：The success of new technologies depends on both the firms' investment and consumers' usage decisions. We study this problem in a shared ATM network. Inefficiencies may arise because banks coordinate investment, and consumers may not make proper use of the network. Based on an empirical model of ATM investment and demand, we find that banks substantially underinvested in ATMs, in contrast with earlier findings of strategic overinvestment in the United States. Furthermore, ATM usage was too low,...
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作者：Wang, Joseph Tao-yi; Spezio, Michael; Camerer, Colin F.
作者单位：National Taiwan University; California Institute of Technology; Claremont Colleges; Scripps College
摘要：We report experiments on sender-receiver games with an incentive for senders to exaggerate. Subjects overcommunicate-messages are more informative of the true state than they should be, in equilibrium. Eyetracking shows that senders look at payoffs in a way that is consistent with a level-k model. A combination of sender messages and lookup patterns predicts the true state about twice as often as predicted by equilibrium. Using these measures to infer the state would enable receiver subjects t...
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作者：Romer, Christina D.; Romer, David H.
作者单位：University of California System; University of California Berkeley
摘要：This paper investigates the impact of tax changes on economic activity. We use the narrative record, such as presidential speeches and Congressional reports, to identify the size, timing, and principal motivation for all major postwar tax policy actions. This analysis allows us to separate legislated changes into those taken for reasons related to prospective economic conditions and those taken for more exogenous reasons. The behavior of output following these more exogenous changes indicates ...
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作者：Williamson, Oliver E.
作者单位：University of California System; University of California Berkeley
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作者：Artuc, Erhan; Chaudhuri, Shubham; McLaren, John
作者单位：Koc University; The World Bank; University of Virginia
摘要：The welfare effects of trade shocks turn on the nature and magnitude of the costs workers face in moving between sectors. Using an Euler-type equilibrium condition derived from a rational expectations model of dynamic labor adjustment, we estimate the mean and variance of workers' switching costs from the US CPS. We estimate high values of both parameters, implying slow adjustment of the economy and sharp movements in wages in response to trade shocks. However, import-competing workers can sti...
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作者：Epple, Dennis; Gordon, Brett; Sieg, Holger
作者单位：Carnegie Mellon University; Columbia University
摘要：Dating to the classic works of Alonso, Mills, and Muth, the production function for housing has played a central role in urban economics and local public finance. This paper provides a new flexible approach for estimating the housing production function which treats housing quantities and prices as latent variables. The empirical analysis is based on a comprehensive database of recently built properties in Allegheny County, Pennsylvania. We find that the new method proposed in this paper works...
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作者：Tinn, Katrin
作者单位：University of Essex
摘要：This paper focuses on the importance of equity markets in facilitating the exit of entrepreneurs investing in technology. Entrepreneurs' willingness to invest and aggregate output is affected in two opposite ways. First, uncertainty about equity price or lack of market liquidity discourages technology adoption. This can explain slow technology adoption and limited participation by venture capitalists in underdeveloped equity markets. Second, fast adoption is a positive signal to imperfectly in...
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作者：Bacchetta, Philippe; van Wincoop, Eric
作者单位：University of Lausanne; Swiss Finance Institute (SFI); University of Virginia
摘要：A major puzzle in international finance is that high interest rate currencies tend to appreciate (forward discount puzzle). Motivated by the fact that only a small fraction of foreign currency holdings is actively managed, we calibrate a two-country model in which agents make infrequent portfolio decisions. We show that the model can account for the forward discount puzzle. It can also account for several related empirical phenomena, including that of delayed overshooting. We also show that ma...
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作者：Ostrom, Elinor
作者单位：Indiana University System; Indiana University Bloomington; Arizona State University; Arizona State University-Tempe
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作者：Landry, Craig E.; Lange, Andreas; List, John A.; Price, Michael K.; Rupp, Nicholas G.
作者单位：University of North Carolina; East Carolina University; University System of Maryland; University of Maryland College Park; University of Chicago; National Bureau of Economic Research; University of Tennessee System; University of Tennessee Knoxville; University of Tennessee System; University of Tennessee Knoxville
摘要：This study examines why people initially give to charities, why they remain committed to the cause, and what factors attenuate these influences. Using an experimental design that links donations across distinct treatments separated in time, we present several results. For example, previous donors are more likely to give, and contribute more, than other donor types. Yet, how previous donors were acquired is critical: agents initially attracted by an economic mechanism are more likely to continu...
