-
作者：Donna, Javier D.; Espin-Sanchez, Jose-Antonio
作者单位：University of Miami; Yale University; Center for Economic & Policy Research (CEPR)
摘要：We investigate the efficiency of a market relative to a non-market institution-an auction relative to a quota-as allocation mechanisms in the presence of frictions. We use data from water markets in southeastern Spain and explore a specific change in the institutions to allocate water. On the one hand, frictions arose because poor farmers were liquidity constrained. On the other hand, farmers who were part of the wealthy elite were not liquidity constrained. We estimate a structural dynamic de...
-
作者：Yang, Frank
作者单位：Harvard University
摘要：A screening instrument is costly if it is socially wasteful and productive otherwise. A principal screens an agent with multidimensional private information and quasilinear preferences that are additively separable across two components: a one-dimensional productive component and a multidimensional costly component. Can the principal improve upon simple one-dimensional mechanisms by also using the costly instruments? We show that if the agent has preferences between the two components that are...
-
作者：Anderson, Eric; Rebelo, Sergio; Wong, Arlene
作者单位：Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Sydney
摘要：In this article, we provide direct evidence on the behaviour of markups in the retail sector across space and time. Markups are measured using gross margins. We consider three levels of aggregation: the retail sector as a whole, the firm, and the product level. We find that: (1) markups are relatively stable over time and mildly procyclical; (2) there is a large regional dispersion in markups; (3) there is a positive cross-sectional correlation between local income and local markups; and (4) d...
-
作者：Baley, Isaac; Blanco, Andres
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We study aggregate capital dynamics in an investment model with idiosyncratic productivity shocks, fixed capital adjustment costs, and irreversibility driven by a wedge between capital purchase and resale prices. We derive sufficient statistics that capture the role of investment frictions in aggregate capital fluctuations, measure these statistics using investment microdata, and exploit them to discipline the capital price wedge. Irreversibility doubles the persistence of capital fluctuations...
-
作者：Lewis, Daniel J.; Mertens, Karel
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We develop a test for instrument strength based on the bias of two-stage least squares (2SLS) that (1) generalizes Stock and Yogo's and Sanderson and Windmeijer's tests to be robust to heteroskedasticity and autocorrelation, and (2) extends Montiel Olea and Pflueger's robust test for models with a single endogenous regressor to multiple endogenous regressors. Our test can be based either on an absolute bias criterion or on the 2SLS bias relative to a worst-case benchmark. We also develop exten...
-
作者：Howes, Cooper; Weitzner, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; McGill University
摘要：The information banks produce drives their lending decisions and macroeconomic outcomes, but this information is inherently difficult to analyse because it is private. We construct a novel measure of bank information quality from confidential regulatory data that include banks' private risk assessments for US corporate loans. Information quality improves as local economic conditions deteriorate, particularly for new loans, large loans, and loans with higher expected losses. Information quality...
-
作者：Gobillon, Laurent; Magnac, Thierry; Roux, Sebastien
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris
摘要：We derive wage equations with individual-specific coefficients from a structural model of human capital investment over the life-cycle. This model allows for interruptions in labour market participation and deals with missing data and attrition problems. We propose a new framework that deals with missingness at random and is based on factor decompositions that allow for flexible control of selection. Our approach leads to an interactive effect wage specification, which we estimate using long a...
-
作者：Jagadeesan, Ravi; Teytelboym, Alexander
作者单位：Stanford University; University of Oxford
摘要：This paper develops a theory of competitive equilibrium with indivisible goods based entirely on economic conditions on demand. The key idea is to analyze complementarity and substitutability between bundles of goods, rather than merely between goods themselves. This approach allows us to formulate sufficient and essentially necessary conditions for equilibrium existence-which unify settings with complements and settings with substitutes. Our analysis has implications for auction design.
-
作者：Manzini, Paola; Mariotti, Marco; Ulku, Levent
作者单位：University of Bristol; University of London; Queen Mary University London; Instituto Tecnologico Autonomo de Mexico; Instituto Tecnologico Autonomo de Mexico
摘要：We define the (physical) opportunity cost of a choice x as the alternative that would be chosen if x were not available, and the opportunity cost of any unchosen alternative as x itself. The agent has preferences over pairs consisting of alternatives and their opportunity costs. Because costs affect choice and vice-versa, choice results from an intrapersonal equilibrium rather than from simple maximisation. In spite of significant rationality assumptions, the resulting behaviour can be highly ...
-
作者：Ferrante, Francesco; Gornemann, Nils
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the aggregate and redistributive effects of currency devaluations in a small open economy model with leverage-constrained banks and heterogeneous households. Our framework captures three stylized facts about financial dollarization in emerging economies: (1) a sizable share of domestic deposits is denominated in foreign currency; (2) these deposits represent significant foreign currency liabilities for local banks; and (3) dollar deposits are mainly held by wealthier households. A dev...
