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作者：Bandiera, Oriana; Prat, Andrea; Valletti, Tommaso
作者单位：University of London; London School Economics & Political Science; Imperial College London; University of Rome Tor Vergata
摘要：s We propose a distinction between active and passive waste as determinants of the cost of public services. Active waste entails utility for the public decision maker, whereas passive waste does not. We analyze purchases of standardized goods by Italian public bodies and exploit a policy experiment associated with a national procurement agency. We find that: (i) some public bodies pay systematically more than others for equivalent goods; (ii) differences are correlated with governance structur...
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作者：Gershkov, Alex; Moldovanu, Benny
作者单位：University of Bonn
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作者：Ogawa, Hikaru; Wildasin, David E.
作者单位：Nagoya University; University of Kentucky; University of Kentucky
摘要：We analyze models with inter jurisdictional spillovers among heterogeneous jurisdictions, such as CO2 emissions that affect the global environment. Each jurisdiction's emissions depend upon the local stock of capital, which is inter-jurisdictionally mobile and subject to local taxation. In important cases, decentralized policymaking leads to efficient resource allocation, even in the complete absence of corrective interventions by higher-level governments or coordination of policy through Coas...
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作者：Jaimovich, Nir; Rebelo, Sergio
作者单位：Stanford University; Northwestern University
摘要：Aggregate and sectoral comovement are central features of business cycles, so the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most models fail. We propose a untied model that generates aggregate and sectoral comovement in response to contemporaneous and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral total factor productivity shocks as well as investment-specific technical change. The model...
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作者：Pastor, Lubos; Veronesi, Pietro
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We develop a general equilibrium model in which stock prices of innovative firms exhibit bubbles during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this uncertainty changes from idiosyncratic to systematic. The resulting bubbles in stock prices are observable ex post but unpredictable ex ante, and they are most pronounced for technologies characterized by high uncerta...
