-
作者：Shao, Lin; Sohail, Faisal; Yurdagul, Emircan
作者单位：University of North Carolina; University of North Carolina Greensboro; University of Melbourne; Universidad Carlos III de Madrid; Centre for Economic Policy Research - UK
摘要：Larger firms feature (i) longer hours worked, (ii) higher wages, and (iii) smaller (larger) wage penalties for working long (short) hours. We reconcile these patterns in a general equilibrium model, which features the endogenous interaction of hours, wages, and firm size. In the model, workers willing to work longer hours sort into larger firms that offer a wage premium. Complementarities in hours generate wage penalties that increase with the distance from the usual hours. We use the model to...
-
作者：Saka, Orkun; Ji, Yuemei; Minaudier, Clement
作者单位：University of London; University of London; London School Economics & Political Science; Leibniz Association; Ifo Institut; University of London; University College London
摘要：We show that politicians facing a binding term limit are more likely to engage in financial deliberalization than those facing reelection, but only in the wake of a financial crisis. In particular, they implement policies that tend to favor incumbent financial institutions over the general population, such as increasing barriers to entry in the banking sector. We propose a conceptual framework and several mechanisms to rationalize this behavior and show that revolving doors between the governm...
-
作者：Dubey, Pradeep; Geanakoplos, John
作者单位：State University of New York (SUNY) System; Stony Brook University; Yale University; The Santa Fe Institute
摘要：Modern macroeconomics ignores the recent proliferation of new monies. We show in our model that new monies like credit cards or stable coins or crypto currencies or helicopter money can cause a huge increase in prices, like the 1970s inflation when credit cards emerged in full use. These monies are not perfect substitutes, so shrinking conventional money supply to compensate for the growth of new monies comes at a welfare cost. Price levels are determined by money chasing goods, measured by th...
-
作者：Smith, Eric; Xie, Zoe; Fang, Lei
作者单位：University of Essex; The World Bank; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：From 2006 until 2020, the probability of selling a house in the U.S. declined sharply after listing for 2 weeks. Moreover, sales within the first 2 weeks of listing (quick sales) and sales happening afterward (slow sales) behaved differently over the housing cycle. The probability and associated price of a quick sale recovered from the slump sooner, faster, and more prominently than a slow sale. This paper demonstrates that a calibrated stock-flow matching model not only generates quantitative...
-
作者：Moschini, Emily G.; Raveendranathan, Gajendran
作者单位：McMaster University
摘要：We document that 11 percent of recent U.S. high school graduates did not apply for federal student aid due to difficulty in applying, mistaken beliefs, or lack of awareness. Not applying due to such application frictions negatively predicts college enrollment after controlling for other attributes. We represent application frictions as heterogeneous filing costs in a general equilibrium life cycle model of college enrollment. We find that eliminating these frictions generates modest gains on a...
-
作者：Kawaguchi, Kohei; Komiyama, Junpei; Noda, Shunya
作者单位：Hong Kong University of Science & Technology; New York University; University of Tokyo
摘要：Proof-of-Work cryptocurrencies employ miners to sustain the system through algorithmic reward adjustments. We develop a stochastic model of the multicurrency mining and identify conditions for stable transaction speeds. Bitcoin's algorithm requires hash supply elasticity 1 for stability, while ASERT remains stable for any elasticity and can be interpreted as a form of stochastic gradient descent. Interactions with other currencies can relax Bitcoin's stability requirements. Using a halving eve...
-
作者：Gierlinger, Johannes; Milan, Pau
作者单位：Autonomous University of Barcelona; Barcelona School of Economics
摘要：We propose a model of categorization in financial markets where states are defined by payoff-relevant variables, but all securities are measurable with respect to strict subsets of these variables. This limits insurance against variable interactions: no combination of securities can compensate the absence of an instrument targeting a given set of variables. We provide a decomposition result that identifies the uninsurable component of income risk for any market. We derive a lower bound on the ...
-
作者：Mukoyama, Toshihiko; Zhang, Gang
作者单位：Georgetown University; Fudan University
摘要：We quantitatively analyze the impact of US banking deregulation in the 1980s on the aggregate economy. Using recent econometric techniques, we first reexamine existing empirical evidence on the real effects of banking deregulation. We then construct a quantitative model that integrates imperfectly competitive banks into a general equilibrium framework of firm dynamics and occupational choice. Consistent with the empirical evidence, deregulation significantly increases output growth and firm en...
