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作者：Jordà, O
作者单位：University of California System; University of California Davis
摘要：This paper introduces methods to compute impulse responses without specification and estimation of the underlying multivariate dynamic system. The central idea consists in estimating local projections at each period of interest rather than extrapolating into increasingly distant horizons from a given model, as it is done with vector autoregressions (VAR). The advantages of local projections are numerous: (1) they can be estimated by simple regression techniques with standard regression package...
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作者：Hatfield, JW; Milgrom, PR
作者单位：Stanford University; Stanford University
摘要：We develop a model of matching with contracts which incorporates, as special cases, the college admissions problem, the Kelso-Crawford labor market matching model, and ascending package auctions. We introduce a new law of aggregate demand for the case of discrete heterogeneous workers and show that, when workers are substitutes, this law is satisfied by profit-maximizing firms. When workers are substitutes and the law is satisfied, truthful reporting is a dominant strategy for workers in a wor...
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作者：Peek, J; Rosengren, ES
作者单位：University of Kentucky; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：We examine the misallocation of credit in Japan associated with the perverse incentives faced by banks to provide additional credit to the weakest firms. Finns are more likely to receive additional bank credit if they are in poor financial condition, because troubled Japanese banks have an incentive to allocate credit to severely impaired borrowers in order to avoid the realization of losses on their own balance sheets. This evergreening behavior is more prevalent among banks that have reporte...
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作者：Urquiola, M
作者单位：Columbia University; Columbia University
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作者：Zak, PJ; Borja, K; Matzner, WT; Kurzban, R
作者单位：Claremont Colleges; Claremont Graduate University; Claremont Colleges; Claremont Graduate University; Loma Linda University; Pepperdine University; University of Pennsylvania
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作者：Charness, G; Levin, D
作者单位：University of California System; University of California Santa Barbara; University System of Ohio; Ohio State University
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作者：Dow, J; Gorton, G; Krishnamurthy, A
作者单位：University of London; London Business School; University of Pennsylvania; National Bureau of Economic Research; Northwestern University
摘要：We integrate a widely accepted version of the separation of ownership and control-Michael Jensen's (1986)free cash flow theory-into a dynamic equilibrium model, and study the effect of imperfect corporate control on asset prices and investment. Aggregate free cash flow of the corporate sector is an important state variable in explaining asset prices, investment, and the cyclical behavior of interest rates and the yield curve. The financial friction causes cash-flow shocks to affect investment,...
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作者：Gaynor, M; Seider, H; Vogt, WB
作者单位：Carnegie Mellon University; National Bureau of Economic Research; University of Augsburg
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作者：Cervellati, M; Sunde, U
作者单位：University of Bologna; IZA Institute Labor Economics; University of Bonn
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作者：Doepke, M; Zilibotti, F
作者单位：University of California System; University of California Los Angeles; Stockholm University
摘要：We develop a positive theory of the adoption of child labor laws. Workers who compete with children in the labor market support a child labor ban, unless their own working children provide a large fraction of family income. Fertility decisions lock agents into specific political preferences, and multiple steady states can arise. The introduction of child labor laws can be triggered by skill-biased technological change, which induces parents to choose smaller families. The theory can account fo...
