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作者：Czura, Kristina; John, Anett; Spantig, Lisa
作者单位：University of Groningen; University of Birmingham; RWTH Aachen University; University of Essex
摘要：Flexible repayment benefits borrowers, but practitioners fear increased moral hazard. Investigating their concerns requires disentangling repayment choices from repayment capacity, which is typically infeasible in field studies. We use a lab-in-the-field experiment with 645 microcredit borrowers to cleanly identify the effect of repayment flexibility on moral hazard. We also quantify social pressure. Payoff maximization predicts low repayment in our rigid benchmark contract, and increased repa...
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作者：Ando, Yoshiki
作者单位：Singapore Management University
摘要：Motivated by the substantial growth and upfront investments of venture capital (VC)-backed firms observed in administrative US Census data, this study develops a life-cycle firm dynamics model. In the model, startups choose the source of financing from VC, angel investors, or banks, depending on their growth potential, and invest in innovation. The calibrated model explains the life-cycle dynamics of firms with different sources of financing and suggests that venture capitalists' managerial ad...
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作者：Lan, Ting; Li, Lerong; Li, Minghao
作者单位：International Monetary Fund; University of International Business & Economics; Peking University
摘要：This paper documents that households with higher marginal propensities to consume (MPCs) consume goods with more flexible prices. Consequently, they face more cyclical and volatile inflation, and experience higher inflation following expansionary monetary policy shocks. We embed this MPC-price stickiness relationship into a tractable multi-sector two-agent New Keynesian (TANK) model and show that it dampens monetary policy effectiveness by about 15% relative to a homogeneous-basket benchmark. ...
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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...
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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...
