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作者：Ma, Lin; Mei, Yuan; Wu, Qunfeng; Xu, Mingzhi (Jimmy)
作者单位：Singapore Management University; Peking University
摘要：How does infrastructure shape rural development? Using household panel data from a nationally representative sample of Chinese villages, matched to high-resolution highway maps, we find that road expansion between 2000 and 2015 operates mainly through reallocation, with less productive farmers scaling down or exiting and more productive farmers remaining and expanding. We quantify the aggregate and distributional consequences in a dynamic spatial equilibrium model with heterogeneous households...
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作者：Fu, Chao; Lin, Hsuan-Chih (Luke); Tanaka, Atsuko
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; National Taiwan University; University of Calgary
摘要：College loans facilitate access to education, but the repayment burden may distort posteducation human capital investment. We examine the role of college loans and loan repayment policies through a structural model of individuals' dynamic decisions on borrowing/saving, labor supply, and costly human capital investment. We estimate two versions of the model using data from NLSY79: one with natural borrowing limits and another with parameterized limits. Counterfactual simulations suggest that, r...
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作者：Fang, Min; Huang, Zibin; Wang, Yushi; Yang, Yu (Alan)
作者单位：China Europe International Business School; State University System of Florida; University of Florida; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Hainan University; Peking University
摘要：We study how the interaction between demographic changes and spatial sorting affects marriage matching across space. Using data from China, we first present stylized facts on the diverging spatial distribution of singlehood characterized by a high singles rate for females (males) in more (less) developed cities. We then build a quantitative spatial equilibrium model. It reveals that more highly educated women sort into the service sector in more developed cities than men. With persistent socia...
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作者：Moiseeva, Yulia
作者单位：University of St Andrews
摘要：I study a novel two-way feedback between credit and labor market frictions. Running from credit to labor markets, amplitude in capital demand caused by collateral constraints spills over onto labor demand due to the complementarity of capital and labor; and, furthermore, credit frictions raise effective financial hiring costs, prompting firms to delay hiring in recessions. Running back from labor to credit markets, search frictions imply that wages move less than one-to-one with productivity; ...
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作者：Fasani, Stefano; Miescu, Mirela; Rossi, Lorenza
作者单位：Lancaster University
摘要：Using a nonlinear VAR, we examine the asymmetric effects of shocks to long-run inflation expectations. Negative shocks, which temporarily lower long-run inflation expectations, have a stronger and more persistent impact on output, investment, and firm entry compared to positive shocks. We provide a novel theoretical explanation, demonstrating how these shocks influence the second-order components of the model, shaping firms' wait-and-see behavior-particularly along both the intensive and exten...
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作者：Crawley, Edmund; Holm, Martin B.; Tretvoll, Hakon
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Oslo; BI Norwegian Business School; Statistics Norway
摘要：The standard permanent and transitory income model is known to be misspecified. Estimates of income volatility within this model differ depending on the specific data moments used-whether they are in levels or differences-and how these moments are weighted during estimation. We suggest a simple modification to the standard model: allowing for two transitory shocks that persist for different lengths of time. Our proposed model, which introduces only one additional parameter, consistently and ac...
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作者：Noda, Shunya; Okumura, Kyohei; Hashimoto, Yoshinori
作者单位：University of Tokyo; University of Wisconsin System; University of Wisconsin Madison
摘要：We study the stability of cryptocurrency systems through difficulty adjustment. Bitcoin's difficulty adjustment algorithm (DAA) exhibits instability when the reward elasticity of the hash rate is high, implying that a sharp price reduction could disrupt the current Bitcoin system. By contrast, newer DAAs developed and installed for other cryptocurrencies remain stably under substantially weaker conditions; thus, Bitcoin can inherently address this concern by upgrading its DAA. However, miners ...
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作者：Bo, Erlend Eide
作者单位：Oslo Metropolitan University (OsloMet)
摘要：How do rental investors affect housing price dynamics? I develop a search model that allows housing owners to invest in rental housing. The model matches the high investor share and housing price increase observed in a housing boom in Oslo, Norway, while featuring increasing price-to-rent, and correlation of the buy-to-let share with housing price growth. In the model, an exogenous shock to population inflow increases demand for both owned and rented housing. Increased rental demand induces mo...
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作者：Yang, Zaifu; Yu, Jingsheng
作者单位：University of Macau; University of York - UK; Wuhan University
摘要：This paper proposes an efficient and incentive-compatible dynamic auction for selling multiple heterogeneous indivisible goods when bidders have unit demand, quasi-linear preferences, and hard budgets. Valuations and budgets are private information. The auction generates an efficient outcome that is not only in the core but also strongly Pareto efficient. When no bidder is budget-constrained, the auction returns a Walrasian equilibrium with the minimal equilibrium prices.
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作者：Ma, Xiao; Nakab, Alejandro; Zhang, Yiran
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Universidad Torcuato Di Tella; Fudan University; Fudan University
摘要：This paper studies the impact of trade openness on welfare through alterations in workers' skill acquisition. Guided by empirical evidence, we integrate endogenous choices of learning investments into a multisector Eaton-Kortum model. Our model reveals that trade openness influences skill acquisition by two channels: (1) reallocating labor between sectors with varying skill intensities and on-the-job learning opportunities and (2) allowing producers in each country to source varieties from mor...
