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作者：Kremer, Michael; Willis, Jack
作者单位：Harvard University
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作者：Awaya, Yu; Krishna, Vijay
作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the role of communication within a cartel. Our analysis is carried out in Stigler's (1964) model of repeated oligopoly with secret price cuts. Firms observe neither the prices nor the sales of their rivals. For a fixed discount factor, we identify conditions under which there are equilibria with cheap talk that result in near-perfect collusion, whereas all equilibria without such communication are bounded away from this outcome. In our model, communication improves monitoring and lead...
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作者：Gorodnichenko, Yuriy; Weber, Michael
作者单位：University of California System; University of California Berkeley; University of Chicago
摘要：We show that after monetary policy announcements, the conditional volatility of stock market returns rises more for firms with stickier prices than for firms with more flexible prices. This differential reaction is economically large and strikingly robust to a broad array of checks. These results suggest that menu costs-broadly defined to include physical costs of price adjustment, informational frictions, etc.-are an important factor for nominal price rigidity at the micro level. We also show...
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作者：Koudijs, Peter; Voth, Hans-Joachim
作者单位：Stanford University; National Bureau of Economic Research; University of Zurich
摘要：What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went bankrupt, many lenders were exposed. In the end, none of them actually lost money. Nonetheless, only those at risk of losing money changed their behavior markedly; they lent with much higher haircuts. ...
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作者：Lehmann-Hasemeyer, Sibylle; Streb, Jochen
作者单位：University Hohenheim; University of Mannheim
摘要：Analyzing 474 cases of firms going public in the German capital between 1892 and 1913, we show that innovative firms could rely on the Berlin stock market as a source of financing. Our data also reveal that initial public offerings (IPO) of innovative firms were characterized by particularly low underpricing, comparatively high first trading prices, and no long-run underperformance. We interpret these empirical results as evidence for the surprising fact that in the period of the Second Indust...
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作者：Danan, Eric; Gajdos, Thibault; Hill, Brian; Tallon, Jean-Marc
作者单位：Centre National de la Recherche Scientifique (CNRS); CY Cergy Paris Universite; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); Universite Paris Saclay; Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：We propose and operationalize normative principles to guide social decisions when individuals potentially have imprecise and heterogeneous beliefs, in addition to conflicting tastes or interests. To do so, we adapt the standard Pareto principle to those preference comparisons that are robust to belief imprecision and characterize social preferences that respect this robust principle. We also characterize a suitable restriction of this principle. The former principle provides stronger guidance ...
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作者：Jones, Charles I.; Klenow, Peter J.
作者单位：Stanford University; National Bureau of Economic Research; Stanford University
摘要：We propose a summary statistic for the economic well-being of people in a country. Our measure incorporates consumption, leisure, mortality, and inequality, first for a narrow set of countries using detailed micro data, and then more broadly using multi-country datasets. While welfare is highly correlated with GDP per capita, deviations are often large. Western Europe looks considerably closer to the United States, emerging Asia has not caught up as much, and many developing countries are furt...
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作者：Cette, Gilbert; Lopez, Jimmy; Mairesse, Jacques
作者单位：European Central Bank; Bank of France; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Universite Bourgogne Europe; Universite Bourgogne Europe; Institut National de la Sante et de la Recherche Medicale (Inserm); Maastricht University; Institut Polytechnique de Paris; ENSAE Paris; National Bureau of Economic Research
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作者：Mendelsohn, Robert; Prentice, Iain C.; Schmitz, Oswald; Stocker, Benjamin; Buchkowski, Robert; Dawson, Benjamin
作者单位：Yale University; Imperial College London
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作者：Neumark, David; Burn, Ian; Button, Patrick
作者单位：University of California System; University of California Irvine; Tulane University
