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作者：Livshits, Igor; Park, Youngmin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Bank of Canada
摘要：We establish that inefficiently lax financial regulation can arise democratically. Lax regulation leads to banks issuing risky mortgages at less than actuarially fair interest rates. This creates additional demand for houses and increases house prices, generating nontrivial distribution of winners and losers. Renters and individuals with large nonhousing wealth suffer from the induced banking fragility, while young middle-wealth households benefit from mispriced mortgages and old homeowners be...
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作者：Ourens, Guzman
作者单位：Tilburg University
摘要：This paper documents that agricultural sectors diversify less than other manufacturing activities. A simple model shows that this difference can contribute to welfare divergence in a way that is qualitatively different to what results when uneven growth happens in the intensive margin. When consumers have love of variety, they endogenously reduce their expenditure share on the sector that diversifies production the least, pushing terms of trade against the lagging economy. Empirical evidence s...
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作者：Loewenfeld, Moritz; Zheng, Jiakun
作者单位：University of Vienna; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：Allowing risk preferences to depend on the correlation between lottery outcomes can explain behavioral anomalies, while empirical evidence is limited and mixed. Using the framework of correlation sensitivity, we classify preferences into three types and adapt a choice task to categorize subjects. Experiments show that aggregate choices exhibit correlation sensitivity opposite to regret and salience theory predictions. Clustering analysis reveals that a correlation-sensitive minority drives the...
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作者：Shi, Wei; Wang, Chunchao; Yu, Pei
作者单位：Jinan University; South China Normal University; Rice University
摘要：We propose a model for network-mediated interactions incorporating higher-order relationships such as triadic interactions. The marginal utility of an individual's action depends explicitly on endogenous actions of multiple units. Conditions ensuring a unique Nash equilibrium are derived using a variational inequality approach. We estimate the model parameters via maximum likelihood and derive their large sample properties. Applying our model to data from a primary school teamwork experiment i...
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作者：Bounie, David; Camara, Youssouf; Galbraith, John W.
作者单位：Centre National de la Recherche Scientifique (CNRS); IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris; McGill University; Universite de Montreal; McGill University
摘要：The shift from offline to online purchasing is reshaping trade patterns: a weaker effect of distance has been observed in digital transactions. This study analyzes these dynamics at an unprecedented scale and granularity, using interregional gravity models estimated from billions of geolocated French card transactions. Using a matched sample of merchants active in both online and offline channels, with unambiguous regional identification, we compare purchasing behavior across channels. We esti...
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作者：Dudley, Evan; Sun, Hongfei; Diao, Chengjie
作者单位：Queens University - Canada; Queens University - Canada; University System of Georgia; Georgia Institute of Technology
摘要：We investigate the sources of the dealer centrality premium in the over-the-counter market for corporate bonds. We model dealer heterogeneity by allowing the dealer's status in the network to determine search effort and inventory costs when choosing to conduct riskless principal or principal trades. Structural estimates match the observed centrality premium across transaction types and trade count deciles. Counterfactual analyses reveal that measures that limit core dealer bargaining power vis...
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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：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：Zhang, Qian; Wang, Jianxin; Houser, Daniel
作者单位：Central South University; George Mason University
摘要：Academic cheating can detrimentally impact students' learning outcomes and increase the likelihood they will later behave unethically. To improve student learning outcomes, it is important to understand why students choose to cheat. Here we develop a model, based on guilt aversion and disappointment aversion, that predicts parent-child differences in educational expectations promote children's dishonesty. We test this prediction using a nationally representative survey of secondary school stud...
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作者：Cooper, Russell; Gong, Guan; Hu, Guanliang; Yan, Ping
作者单位：Liaoning University; European University Institute; Shanghai University of Finance & Economics; City University of Hong Kong
摘要：This paper studies Chinese firms' export status, distinguishing state and privately controlled enterprises. A dynamic model of export decisions is estimated by ownership types. The estimated models capture distinctive differences between ownership types including the productivity gap between exporters and nonexporters, the interaction between domestic and foreign sales, the skewed distribution of export shares, and the dynamic response of employment to changes in export status. Our analysis hi...
