-
作者：Shiller, Robert J.
作者单位：Yale University; National Bureau of Economic Research
摘要：This address considers the epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Stories motivate and connect activities to deeply felt values and needs. Narratives go viral and spread far, even worldwide, with economic impact. The 1920-1921 Depression, the Great Depression of the 1930s, the so-called Great Recession of 2...
-
作者：Nekoei, Arash; Weber, Andrea
作者单位：Stockholm University; Vienna University of Economics & Business
摘要：Contrary to standard search models predictions, past studies have not found a positive effect of unemployment insurance (UI) on reemployment wages. We estimate a positive UI wage effect exploiting an age-based regression discontinuity design in Austria. A search model incorporating duration dependence predicts two countervailing forces: UI induces workers to seek higher-wage jobs, but reduces wages by lengthening unemployment. Matching-function heterogeneity plausibly generates a negative rela...
-
作者：Cesarini, David; Lindqvist, Erik; Notowidigdo, Matthew J.; Ostling, Robert
作者单位：New York University; New York University; National Bureau of Economic Research; Research Institute of Industrial Economics (IFN); Stockholm School of Economics; Research Institute of Industrial Economics (IFN); Northwestern University; Stockholm University
摘要：We study the effect of wealth on labor supply using the randomized assignment of monetary prizes in a large sample of Swedish lottery players. Winning a lottery prize modestly reduces earnings, with the reduction being immediate, persistent, and quite similar by age, education, and sex. A calibrated dynamic model implies lifetime marginal propensities to earn out of unearned income from -0.17 at age 20 to -0.04 at age 60, and labor supply elasticities in the lower range of previously reported ...
-
作者：Iaryczower, Matias; Oliveros, Santiago
作者单位：Princeton University; University of Essex
摘要：We consider a class of dynamic collective action problems in which either a single principal or two competing principals vie for the support of members of a group. We focus on the dynamic problem that emerges when agents negotiate and commit their support to principals sequentially. We show that competition reduces agents' welfare with public goods, or if and only if there are positive externalities on uncommitted agents, and increases agents' welfare with public bads. We apply the model to th...
-
作者：Kurmann, Andre; Otrok, Christopher
作者单位：Drexel University; University of Missouri System; University of Missouri Columbia; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This reply to Cascaldi-Garcia's (2017) comment argues that by using the original code of Kurmann and Otrok (2013) with new data on utilization-adjusted TFP, Cascaldi-Garcia (2017) confounds positive and negative news shocks. With a small modification to the code-how a news shock is signed as positive-we obtain news shock responses consistent with Sims (2016) and Kurmann and Sims (2017) and largely reestablish the results of Kurmann and Otrok (2013).
-
作者：Asriyan, Vladimir; Fuchs, William; Green, Brett
作者单位：Centre de Recerca en Economia Internacional (CREI); University of Texas System; University of Texas Austin; Universidad Carlos III de Madrid; University of California System; University of California Berkeley
摘要：We study information spillovers in a dynamic setting with correlated assets owned by privately informed sellers. In the model, a trade of one asset can provide information about the value of other assets. Importantly, the information content of trading behavior is endogenously determined. We show that this endogeneity leads to multiple equilibria when assets are sufficiently correlated. The equilibria are ranked in terms of both trade volume and efficiency. The model has implications for polic...
-
作者：Ambuehl, Sandro; Ockenfels, Axel
作者单位：University of Toronto; University Toronto Scarborough; University of Toronto; University of Cologne
-
作者：di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle
作者单位：ICREA; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan; National Bureau of Economic Research; Institut Polytechnique de Paris; Ecole Polytechnique
-
作者：Hoyt, Gail M.; McGoldrick, KimMarie
作者单位：University of Kentucky; University of Richmond
-
作者：Logan, Trevon D.; Parman, John M.
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; William & Mary
