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作者：Diette, Timothy M.; Oyelere, Ruth Uwaifo
作者单位：Washington & Lee University; University System of Georgia; Georgia Institute of Technology; IZA Institute Labor Economics
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作者：Pozo, Susan
作者单位：Western Michigan University
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作者：Acemoglu, Daron; Wolitzky, Alexander
作者单位：Massachusetts Institute of Technology (MIT); Stanford University
摘要：We propose a model of cycles of conflict and distrust. Overlapping generations of agents from two groups sequentially play coordination games under incomplete information about whether the other side consists of bad types who always take bad actions. Good actions may be misperceived as bad and information about past actions is limited. Conflict spirals start as a result of misperceptions but also contain the seeds of their own dissolution: Bayesian agents eventually conclude that the spiral li...
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作者：Born, Benjamin; Pfeifer, Johannes
作者单位：University of Mannheim
摘要：We show that the risk-shock business cycle model of Fernandez-Villaverde et al. (2011) must be recalibrated because it underpredicts the targeted business cycle moments by a factor of three once a time aggregation error is corrected. Recalibrating the corrected model for the benchmark case of Argentina, the peak response and the contribution of interest rate risk shocks to business cycle volatility increase. However, the recalibrated model does worse in capturing the business cycle properties ...
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作者：Robson, Arthur J.; Szentes, Balazs
作者单位：Simon Fraser University; University of London; London School Economics & Political Science
摘要：We consider a growth model in which intergenerational transfers are made via stocks of private and public capital. Private capital is the outcome of individuals' private savings while decisions regarding public capital are made collectively. We hypothesize that private saving choices evolve through individual selection while public saving decisions are the result of group selection. The main result of the paper is that the equilibrium rate of return to private capital is at least 2-3 percent m...
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作者：Barsky, Robert; Justiniano, Alejandro; Melosi, Leonardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Michigan System; University of Michigan; National Bureau of Economic Research
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作者：Budish, Eric; Cramton, Peter; Shim, John
作者单位：University of Chicago; University System of Maryland; University of Maryland College Park
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作者：Conesa, Juan Carlos; Kehoe, Timothy J.
作者单位：State University of New York (SUNY) System; Stony Brook University; University of Minnesota System; University of Minnesota Twin Cities
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作者：Apps, Patricia; Andrienko, Yuri; Rees, Ray
作者单位：University of Sydney; University of Munich
摘要：The existing literature on precautionary saving is based almost entirely on the assumption that the household acts as if it consisted of a single individual decision-taker. In reality saving decisions are typically taken by two-person households. This paper examines the implications of this observation for the existence of precautionary saving, and shows that the assumption that the individual utility functions satisfy the conditions for precautionary saving to exist can imply that the househo...
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作者：Besanko, David; Doraszelski, Ulrich; Kryukov, Yaroslav
作者单位：Northwestern University; University of Pennsylvania; Carnegie Mellon University
摘要：We formally characterize predatory pricing in a modern industry-dynamics framework that endogenizes competitive advantage and industry structure. As an illustrative example we focus on learning-by-doing. To disentangle predatory pricing from mere competition for efficiency on a learning curve we decompose the equilibrium pricing condition. We show that forcing firms to ignore the predatory incentives in setting their prices can have a large impact and that this impact stems from eliminating eq...
