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作者：Cowen, Tyler; Tabarrok, Alex
作者单位：George Mason University
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作者：Kaboski, Joseph P.; Lipscomb, Molly; Midrigan, Virgiliu
作者单位：University of Notre Dame; National Bureau of Economic Research; University of Virginia; New York University; National Bureau of Economic Research
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作者：Lafortune, Jeanne; Lee, Soohyung
作者单位：Pontificia Universidad Catolica de Chile; University System of Maryland; University of Maryland College Park
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作者：Brunnermeier, Markus K.; Sannikov, Yuliy
作者单位：Princeton University
摘要：This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by asset illiquidity, persists in crisis even for very low levels of exogenous risk. This phenomenon, which we call the volatility paradox, resolves the Kocherlakota (2000) critique. Endogenous leverage determines the distance to crisis. Securitizati...
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作者：Frankel, Alexander
作者单位：University of Chicago
摘要：A principal delegates multiple decisions to an agent, who has private information relevant to each decision. The principal is uncertain about the agent's preferences. I solve for max-min optimal mechanisms those which maximize the principal's payoff against the worst case agent preference types. These mechanisms are characterized by a property I call aligned delegation: all agent types play identically, as if they shared the principal's preferences. Max-min optimal mechanisms may take the simp...
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作者：Sahin, Ayseguel; Song, Joseph; Topa, Giorgio; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University; New York University; National Bureau of Economic Research
摘要：We develop a framework where mismatch between vacancies and job seekers across sectors translates into higher unemployment by lowering the aggregate job-finding rate. We use this framework to measure the contribution of mismatch to the recent rise in US unemployment by exploiting two sources of cross-sectional data on vacancies, JOLTS and HWOL. Our calculations indicate that mismatch, across industries and three-digit occupations, explains at most one-third of the total observed increase in th...
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作者：Cheng, Ing-Haw; Raina, Sahil; Xiong, Wei
作者单位：Dartmouth College; University of Michigan System; University of Michigan; Princeton University; Princeton University
摘要：We analyze whether midlevel managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. We find that the average person in our sample neither timed the market nor were cautious in their home transactions, and did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, s...
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作者：Kellogg, Ryan
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：This paper estimates the response of investment to changes in uncertainty using data on oil drilling in Texas and the expected volatility of the future price of oil. Using a dynamic model of firms' investment problem, I find that: (i) the response of drilling activity to changes in price volatility has a magnitude consistent with the optimal response prescribed by theory, (ii) the cost of failing to respond to volatility shocks is economically significant, and (iii) implied volatility data der...
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作者：Einav, Liran; Levin, Jonathan; Popov, Igor; Sundaresan, Neel
作者单位：Stanford University; National Bureau of Economic Research; eBay Inc.
摘要：Mr. Spitz said he was recently stopped at a traffic light and the sun was bothering his eyes. By the time the light turned green, he had used his phone to order and pay for sunglasses.
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作者：Hatfield, John William; Kojima, Fuhito; Kominers, Scott Duke
作者单位：University of Texas System; University of Texas Austin; Stanford University; Harvard University; Harvard University; Harvard University
