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作者：Ho, Kate; Lee, Robin S.
作者单位：Princeton University; Harvard University
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作者：Imbert, Clement; Ulyssea, Gabriel
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of London; University College London
摘要：This paper studies the economic effects of rural-urban migration on Brazilian cities. Using a shift-share IV design, we show that, over a decade, drought-induced immigration reduces informality, has no effect on unemployment, and increases the number of formal firms and jobs. Downward formal wage adjustments play a key role, as these long-run effects are weaker in regions with stronger wage rigidity. In the short run, when wage rigidity is strongest, we replicate the informality-increasing eff...
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作者：Dogan, Battal; Ehlers, Lars
作者单位：University of Bristol; Universite de Montreal; Universite de Montreal
摘要：In the context of one-to-one matching markets, we study myopic-farsighted stable sets, which are internally and externally stable when myopic agents consider immediate payoffs from their deviations, while farsighted agents anticipate counter-deviations and consider final payoffs. We constructively prove the existence of a (rational expectations) myopic-farsighted stable set, in which farsighted agents receive a single payoff while myopic agents may receive multiple payoffs. Our existence resul...
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作者：Pham, Ngoc-Sang; Toda, Alexis Akira
作者单位：Emory University
摘要：Tirole (1985) studied an overlapping generations model with capital accumulation and showed that the emergence of asset bubbles solves the capital over-accumulation problem. His Proposition 1(c) claims that if the dividend growth rate is above the bubbleless interest rate (the steady-state interest rate in the economy without the asset) but below the population growth rate, then bubbles are necessary in the sense that there exists no bubbleless equilibrium but there exists a unique bubbly equi...
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作者：Hristakeva, Sylvia
作者单位：Cornell University
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作者：Lachowska, Marta; Mas, Alexandre; Saggio, Raffaele; Woodbury, Stephen A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of California System; University of California Berkeley; University of Cambridge; University of British Columbia; University of British Columbia Okanagan; Michigan State University; W.E. Upjohn Institute for Employment Research
摘要：We apply a revealed preference approach to administrative data from Washington to show that constraints on work hours are widespread: Workers have limited discretion over hours at a given employer, and there is substantial mismatch of workers who prefer long hours to employers that provide short hours. Voluntary job transitions imply a ratio of the marginal rate of substitution of earnings for hours to the wage rate of 0.5-0.6 for prime-age workers. The average absolute deviation between obser...
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作者：Samuelson, Larry
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作者：Cattaneo, Matias D.; Cox, Gregory F.; Jansson, Michael; Nagasawa, Kenichi
作者单位：Princeton University; National University of Singapore; University of California System; University of California Berkeley; University of Warwick
摘要：Certain extremum estimators have asymptotic distributions that are non-Gaussian, yet characterizable as the distribution of the arg max of a Gaussian process. This paper presents high-level sufficient conditions under which such asymptotic distributions admit a continuous distribution function. The plausibility of the sufficient conditions is demonstrated by verifying them in three examples, namely, maximum score estimation, empirical risk minimization, and threshold regression estimation. In ...
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作者：Fanning, Jack
作者单位：Brown University
摘要：A buyer and seller bargain in continuous time over a good. Bargainers can be rational or committed to some fixed price. A rational buyer has a private value and outside option. If the set of buyer values and commitment types is rich and the probability of commitment vanishes, outcomes are partially consistent with the Coase conjecture: the seller chooses a price below the maximum of the lowest outside option and half the lowest value; the buyer immediately accepts or takes his outside option.
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作者：Ho, Kate; Lee, Robin S.
作者单位：Princeton University; Harvard University
摘要：We investigate how formularies used by pharmacy benefit managers (PBMs) affect equilibrium manufacturer rebates for branded drugs through tiering and exclusion. We develop a theoretical model of multidimensional contracting in which a PBM negotiates with drug manufacturers over menus of formulary-contingent rebates and chooses a formulary. We then estimate consumer demand responses to tier placement for statins using claims data from Princeton University, a large employer contracting with a si...
