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作者：Sargent, Thomas J.; Selvakumar, Yatheesan J.; Yang, Ziyue
作者单位：New York University; Australian National University
摘要：We establish connections between dynamic mode decompositions (DMDs), vector autoregressions, and linear state-space models, showing that DMD provides a computationally efficient, SVD-based estimator of low-rank first-order VAR projection coefficients in high-dimensional settings. When the measurement matrix has full column rank, the recovered nonzero eigenvalues coincide with those of the underlying state transition matrix. We apply DMD to a 100-household heterogeneous-agent economy with compl...
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作者：Zennyo, Yusuke
作者单位：Kobe University
摘要：This paper develops a model of platform liability for ex post compensation of consumer harm caused by third-party sellers. A platform chooses how liability is shared with sellers, but assumes no liability because it reduces sellers' safety investments. Mandated platform liability can increase or decrease consumer surplus: it is more likely to be beneficial when the platform has weak market power or faces competition, but less so when it sells first-party goods or third-party sellers are judgme...
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作者：Bagwell, Kyle; Lee, Seung Hoon
作者单位：Stanford University; National Bureau of Economic Research; Yonsei University
摘要：We analyze market entry efficiency in single- and two-sector closed-economy Melitz-Ottaviano (MO) models without an outside good. Comparing market and second-best outcomes, we find that market entry is efficient in the single-sector model. This efficiency also holds in a symmetric two-sector setting. When sectors have asymmetric demand and the level of asymmetry is sufficiently small, the market yields excessive entry into the high-demand sector. This inefficiency arises from the presence of a...
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作者：Guler, Bulent; Michaud, Amanda
作者单位：Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We argue that transitional dynamics play a critical role in evaluating the effects of punitive incarceration reform on crime, inequality, and labor markets. Individuals' past choices regarding crime and employment under previous policies have persistent consequences that limit their responsiveness to policy changes. A quantitative model of this theory, calibrated using administrative data, predicts nuanced dynamics of crime and incarceration that are distinct across property and violent crime ...
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作者：Ishida, Junichiro; Suen, Wing
作者单位：University of Osaka; University of Hong Kong
摘要：We study a signaling game where agents signal their type by choosing when to quit pursuing an uncertain project. High types observe news about project quality and quit when bad news arrives. Low types who do not observe any news may mimic high types by quitting continuously over a phase of time. The reputation dynamics may exhibit nonmonotonicity with respect to quitting time. Our analysis offers a unifying explanation for how and when both early and late quitting can enhance reputation and su...
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作者：Steger, Thomas; Trimborn, Timo
作者单位：Leipzig University; Aarhus University
摘要：To better understand the structure and core mechanisms of a broad class of climate-growth models, we study a simplified version of the dynamic integrated model of climate and the economy (DICE) through the lens of growth theory. We analytically show that this model features a continuum of saddle-point stable steady states. Initial conditions of stock variables, which are notoriously difficult to calibrate, matter for long-run economic and climate outcomes. However, we also demonstrate that a m...
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作者：Greinecker, Michael; Kuzmics, Christoph
作者单位：University of Graz
摘要：A wide variety of financial instruments allows risk-averse traders to reduce their exposure to risk. This raises the question of what financial instruments allow ambiguity-averse traders to reduce their exposure to ambiguity. We show in this paper that price-contingent orders, such as limit orders, are sufficient: In a two-period trading model, an ambiguity-averse trader who trades with limit orders is observationally indistinguishable from an ambiguity-neutral trader with the same risk prefer...
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作者：Lee, Sang Yoon (Tim); Roys, Nicolas; Seshadri, Ananth
作者单位：University of London; Queen Mary University London; Centre for Economic Policy Research - UK; University of London; Royal Holloway University London; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop and estimate a model of endogenous schooling and earnings to isolate the causal effect of parents' education on children's outcomes. Identification uses earnings differences among children with equal schooling whose parents have different schooling. Health and Retirement Study data indicate that the observed intergenerational schooling correlation is largely driven by correlated unobserved preferences for schooling. This is partly offset by a slightly negative structural relationshi...
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作者：Li, Jingyuan; Peter, Richard; Zhou, Lin
作者单位：Lingnan University; University of Iowa; Lingnan University
摘要：In this paper, we study optimal prevention in the presence of a correlated nonfinancial background risk. Under positive correlation, cross-prudence in the nonfinancial attribute reduces optimal prevention. We establish this result in the most direct extension of the standard prevention problem with binary marginal distributions and show that it extends to richer settings. Our analysis highlights a broader implication: in economically relevant cases with loss probabilities below one-half and po...
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作者：Dioikitopoulos, Evangelos V.; Varvarigos, Dimitrios
作者单位：Athens University of Economics & Business; University of Leicester
摘要：We highlight the role of economic materialism as a cultural phenomenon of significance in relation to economic transformation and development. By inducing material aspirations, an endogenous cultural change toward more widespread adherence to materialistic values is both a cause and an effect of productivity growth. This cultural-economic complementarity is a powerful mechanism of endogenous productivity growth; it also determines the prevalence of different cultural values vis-& agrave;-vis t...
