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作者：Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo
作者单位：Northwestern University; European Central Bank
摘要：We augment a standard monetary dynamic general equilibrium model to include a Bernanke-Gertler-Gilchrist financial accelerator mechanism. We fit the model to US data, allowing the volatility of cross-sectional idiosyncratic uncertainty to fluctuate over time. We refer to this measure of volatility as risk. We find that fluctuations in risk are the most important shock driving the business cycle.
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作者：Agarwal, Sumit; Qian, Wenlan
作者单位：National University of Singapore
摘要：This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $ 1 received, consumers on average spent $ 0.80. We find a strong announcement effect-19 percent of the response occurs during the first two-month announcement period via credit cards. Subsequently, consumers switched to debit cards afte...
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作者：Pallais, Amanda
作者单位：Harvard University; National Bureau of Economic Research
摘要：Hiring inexperienced workers generates information about their abilities. If this information is public, workers obtain its benefits. If workers cannot compensate firms for hiring them, firms will hire too few inexperienced workers. I determine the effects of hiring workers and revealing more information about their abilities through a field experiment in an online marketplace. I hired 952 randomly-selected workers, giving them either detailed or coarse public evaluations. Both hiring workers ...
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作者：Anderson, Michael L.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Public transit accounts for 1 percent of US passenger miles traveled but attracts strong public support. Using a simple choice model, we predict that transit riders are likely to be individuals who commute along routes with severe roadway delays. These individuals' choices thus have high marginal impacts on congestion. We test this prediction with data from a strike in 2003 by Los Angeles transit workers. Estimating a regression discontinuity design, we find that average highway delay increase...
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作者：Battaglini, Marco; Nunnari, Salvatore; Palfrey, Thomas R.
作者单位：Princeton University; Columbia University; California Institute of Technology
摘要：We study the Markov equilibria of a model of free riding in which n infinitely lived agents choose between private consumption and irreversible contributions to a durable public good. We show that the set of equilibrium steady states converges to a unique point as depreciation converges to zero. For any level of depreciation, moreover, the highest steady state converges to the efficient level as agents become increasingly patient. These results are in contrast to the case with reversible inves...
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作者：Epstein, Larry G.; Farhi, Emmanuel; Strzalecki, Tomasz
作者单位：Boston University; Harvard University; National Bureau of Economic Research
摘要：Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny, the long-run risks literature as well as the broader literature using recursive utility to address asset pricing puzzles has ignored the full implications of their parameter specifications. Recursive utility implies that the temporal resolution of risk matters and a quantitative assessment thereof should be part of the calibration process. This paper gives a sense of the magnitudes...
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作者：Bresnahan, Timothy; Greenstein, Shane
作者单位：Stanford University; Northwestern University
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作者：Cole, Shawn; Stein, Daniel; Tobacman, Jeremy
作者单位：Harvard University; National Bureau of Economic Research; The World Bank; University of Pennsylvania
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作者：Watson, Mark W.
作者单位：Princeton University
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作者：Bachmann, Ruediger; Bayer, Christian
作者单位：RWTH Aachen University; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; University of Bonn
摘要：The cross-sectional dispersion of firm-level investment rates is procyclical. This makes investment rates different from productivity, output, and employment growth, which have countercyclical dispersions. A calibrated heterogeneous-firm business cycle model with nonconvex capital adjustment costs and countercyclical dispersion of firm-level productivity shocks replicates these facts and produces a correlation between investment dispersion and aggregate output of 0.53, close to 0.45 in the dat...
