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作者：Takahashi, Shuhei
作者单位：Kyoto University
摘要：Chang and Kim (2007) develop an incomplete asset markets model incorporating discrete labor supply and idiosyncratic labor productivity. Their results resolve long-standing puzzles for business cycle models. Specifically, they produce a low correlation between aggregate hours worked and labor productivity (0.23) and a labor wedge with 76 percent the volatility of output. I show that these results arise from errors in their computational method. I resolve their model using a corrected method an...
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作者：Asker, John; Bar-Isaac, Heski
作者单位：University of Toronto
摘要：Resale price maintenance (RPM), slotting fees, loyalty rebates, and other related vertical practices can allow an incumbent manufacturer to transfer profits to retailers. If these retailers were to accommodate entry, upstream competition could lead to lower industry profits and the breakdown of these profit transfers. Thus, in equilibrium, retailers can internalize the effect of accommodating entry on the incumbent's profits. Consequently, if entry requires downstream accommodation, entry can ...
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作者：Krasa, Stefan; Polborn, Mattias
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Many observers argue that political polarization, particularly on social and cultural issues, has increased in the United States. How does this influence the political competition on economic issues? We analyze this question using a framework in which two-office-motivated candidates differ in their fixed ideological position and choose a level of government spending to maximize their vote share. In equilibrium, candidates cater to a set of swing voters who contain socially conservative and eco...
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作者：Huang, Ling; Smith, Martin D.
作者单位：University of Connecticut; Duke University; Duke University
摘要：We conduct the first empirical investigation of common-pool resource users' dynamic and strategic behavior at the micro level using -real-world data. Fishermen's strategies in a fully dynamic game account for latent resource dynamics and other players' actions, revealing the profit structure of the fishery. We compare the fishermen's actual and socially optimal exploitation paths under a time-specific vessel allocation policy and find a sizable dynamic externality. Individual fishermen respond...
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作者：Gavazza, Alessandro; Lizzeri, Alessandro; Roketskiy, Nikita
作者单位：University of London; London School Economics & Political Science; New York University; University of London; University College London
摘要：Quantitatively, we investigate the allocative and welfare effects of secondary markets for cars. An important source of gains from trade in these markets is the heterogeneity in the willingness to pay for higher-quality (newer) goods, but transaction costs are an impediment to instantaneous trade. Calibration of the model successfully matches several aggregate features of the US and French used-car markets. Counterfactual analyses show that transaction costs have a large effect on volume of tr...
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作者：Atakan, Alp E.; Ekmekci, Mehmet
作者单位：Koc University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We study a uniform-price auction where k identical common-value objects are allocated amongst z > k bidders who have imperfect signals about the state of the world. The common valuation is determined jointly by the state and an action that is chosen after winning an object. In large auctions, there are symmetric equilibria where the auction price aggregates no information. Moreover, market statistics other than price (e.g., the amount of rationing or the bid distribution) contain extra informa...
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作者：Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Oslo; New York University
摘要：We develop a model with partial insurance against idiosyncratic wage shocks to quantify risk sharing. Closed-form solutions are obtained for equilibrium allocations and for moments of the joint distribution of consumption, hours, and wages. We prove identification and demonstrate how labor supply data are informative about risk sharing. The model, estimated with US data over the period 1967-2006, implies that (i) 39 percent of permanent wage shocks pass through to consumption; (ii) the share o...
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作者：Crost, Benjamin; Felter, Joseph; Johnston, Patrick
作者单位：University of Colorado System; University of Colorado Denver; Children's Hospital Colorado; University of Colorado Anschutz Medical Campus; Stanford University; Stanford University; RAND Corporation
摘要：We estimate the causal effect of a large development program on conflict in the Philippines through a regression discontinuity design that exploits an arbitrary poverty threshold used to assign eligibility for the program. We find that barely eligible municipalities experienced a large increase in conflict casualties compared to barely ineligible ones. This increase is mostly due to insurgent-initiated incidents in the early stages of program preparation. Our results are consistent with the hy...
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作者：Kearns, Michael; Pai, Mallesh M.; Roth, Aaron; Ullman, Jonathan
作者单位：University of Pennsylvania; University of Pennsylvania; Harvard University
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作者：Sheiner, Louise
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
