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作者：Ismail, Mehmet S.
作者单位：University of London; King's College London
摘要：In this paper, I introduce a novel benchmark in games, super-Nash performance, and a solution concept, optimin, whereby players maximize their minimal payoff under unilateral profitable deviations by other players. Optimin achieves super-Nash performance in that, for every Nash equilibrium, there exists an optimin where each player not only receives but also guarantees super-Nash payoffs under unilateral profitable deviations by others. Furthermore, optimin generalizes Nash equilibrium in -per...
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作者：Akbar, Prottoy A.
作者单位：Aalto University
摘要：What are the implications of mass transit improvements for residential income segregation within cities? I observe large income differences in households' usage of and residential proximity to fast versus slow transit (e.g., subways vs. buses on shared lanes). Consistent with these observations, I propose a theoretical framework to characterize the relationship between income segregation and the spatial distribution of transit speeds and travel mode choices within cities. I find that transit i...
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作者：Broer, Tobias; Druedahl, Jeppe; Harmenberg, Karl; Oeberg, Erik
作者单位：Paris School of Economics; Centre for Economic Policy Research - UK; University of Copenhagen; University of Oslo; BI Norwegian Business School; Uppsala University
摘要：The unemployment-risk channel (URC) amplifies an initial contraction through a reduction in consumption demand by workers who fear unemployment. Crucial for this are the dynamics of job separations and firm hiring. In US data, the job-finding rate responds slower to identified macroeconomic shocks than the separation rate, but accounts for a similar share of the unemployment response. We calibrate a tractable heterogeneous-agent new-Keynesian model with endogenous separations and sluggish vaca...
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作者：Klumpp, Tilman; Su, Xuejuan
作者单位：University of Alberta
摘要：We examine the feedback loop between shortages and consumer stockpiling. The expectation of shortages induces consumers to stockpile, which amplifies the shortages they experience, which further encourages stockpiling. We show that, when aggregate supply is insufficient to meet aggregate demand and prices cannot adjust to clear the market, multiple equilibria exist which feature stockpiling to different degrees. Even when the fundamental supply shortfall is small, significant stockpiling can a...
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作者：Rivera-Padilla, Alberto
作者单位：Tulane University
摘要：I document new facts on life-cycle wage growth within three countries: Brazil, Mexico, and the United States. In every case, I find that experience-wage profiles are steeper in rich states. Differences in education and industry mix can account for a large share of the covariance between income and profile steepness in both developing countries, while differences in occupations are key in every case. Using a general equilibrium model, I estimate meaningful productivity gains from inducing migra...
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作者：Ennis, Huberto M.; Klee, Elizabeth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study banks' use of the Fed's discount window during a time of relative calm in financial markets. We merge transaction-level data on discount window borrowings with quarterly bank balance sheet information between 2010 and 2019. We develop a model of the borrowing decisions of banks and contrast its implications with the data. In line with the model, we find that discount window borrowing is tightly linked to the composition of banks' balance sheets. Importantly, banks holding less reserve...
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作者：Crawford, Ian
作者单位：University of Oxford
摘要：This paper describes a novel method for combining revealed preference analysis in the tradition of Afriat (1967, International Economic Review, 8: 76-77) with a statistical demand model. The approach is illustrated with an analysis of the labor supply of the nonneoclassical taxi drivers described in Farber (2005, Journal of Political Economy, 113, no. 1: 46-82; 2008, American Economic Review, 98, no. 2: 1069-1082) and Crawford and Meng (2011, American Economic Review, 101: 1912-1932).
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作者：Cha'ngom, Narcisse; Deuster, Christoph; Docquier, Frederic; Machado, Joel
作者单位：European Commission Joint Research Centre; EC JRC ISPRA Site
摘要：International migration is a selective process with ambiguous effects on human capital and economic development in sending countries. We establish the theoretical microfoundations of the relationship between selective emigration and human capital accumulation in a multicountry context. We embed this migration-education nexus into a development accounting framework to quantify the effects of migration on development and inequality. Selective emigration stimulates human capital accumulation and ...
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作者：Lu, Dong; Puzzello, Daniela; Zhu, Aiyong
作者单位：Renmin University of China; Indiana University System; Indiana University Bloomington; Southwestern University of Finance & Economics - China
摘要：This paper integrates theory and transaction-level data from China's interbank over-the-counter (OTC) FX market to examine how search frictions affect prices, asset distributions, and welfare. We document that: (1) larger banks face lower transaction costs, decreasing with trade size; (2) easing search frictions increases dispersion in asset holdings; and (3) search frictions distort counterparty selection. These patterns follow naturally from an OTC model with heterogeneous investor search ab...
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作者：Shangguan, Ruo; Devaro, Jed; Owan, Hideo
作者单位：Jinan University; Waseda University
摘要：Modern workplaces extensively use teams of white-collar knowledge workers to complete complex projects. Data on architects designing construction projects in a Japanese firm reveal that a five-person team's highest contributor invests over 60% of the team's working hours. Following the financial crisis of 2008, the average team productivity increased by 8.9%, while hours became more concentrated within teams. A theoretical model of team productivity is used to explain the changes. The counterf...
