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作者:Ericson, Keith Marzilli; Starc, Amanda
作者单位:Boston University; National Bureau of Economic Research; University of Pennsylvania
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作者:Hanlon, W. Walker; Tian, Yuan
作者单位:University of California System; University of California Los Angeles; National Bureau of Economic Research
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作者:Hoxby, Caroline M.; Turner, Sarah
作者单位:Stanford University; University of Virginia
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作者:Sprenger, Charles
作者单位:University of California System; University of California San Diego; University of California System; University of California San Diego
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作者:Hsiang, Solomon M.; Meng, Kyle C.
作者单位:University of California System; University of California Berkeley; University of California System; University of California Santa Barbara
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作者:O'Donoghue, Ted
作者单位:Cornell University
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作者:Pinotti, Paolo
作者单位:Bocconi University
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作者:Summers, Lawrence H.
作者单位:Harvard University
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作者:Rajan, Raghuram; Ramcharan, Rodney
作者单位:University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要:Does credit availability exacerbate asset price inflation? Are there long-run consequences? During the farm land price boom and bust before the Great Depression, we find that credit availability directly inflated land prices. Credit also amplified the relationship between positive fundamentals and land prices, leading to greater indebtedness. When fundamentals soured, areas with higher credit availability suffered a greater fall in land prices and had more bank failures. Land prices and credit...
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作者:Bergemann, Dirk; Brooks, Benjamin; Morris, Stephen
作者单位:Yale University; University of Chicago; Princeton University
摘要:We analyze the welfare consequences of a monopolist having additional information about consumers' tastes, beyond the prior distribution; the additional information can be used to charge different prices to different segments of the market, i.e., carry out third degree price discrimination. We show that the segmentation and pricing induced by the additional information can achieve every combination of consumer and producer surplus such that: (i) consumer surplus is nonnegative, (ii) producer s...