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作者：Buera, Francisco J.; Kaboski, Joseph P.; Shin, Yongseok
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Notre Dame; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
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作者：Greenwood, Jeremy; Guner, Nezih; Kocharkov, Georgi; Santos, Cezar
作者单位：University of Pennsylvania; University of Konstanz; University of Mannheim
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作者：Swanson, Eric T.; Williams, John C.
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：According to standard macroeconomic models, the zero lower bound greatly reduces the effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current short-term rate. Put differently, longer-term yields matter. We show how to measure the zero bound's effects on yields of any maturity. Indeed, 1- and 2-year Treasury yields were surprisingly unconstrained th...
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作者：Ilut, Cosmin L.; Schneider, Martin
作者单位：Duke University; Stanford University; National Bureau of Economic Research
摘要：This paper studies a New Keynesian business cycle model with agents who are averse to ambiguity (Knightian uncertainty). Shocks to confidence about future TFP are modeled as changes in ambiguity. To assess the size of those shocks, our estimation uses not only data on standard macro variables, but also incorporates the dispersion of survey forecasts about growth as a measure of confidence. Our main result is that TFP and confidence shocks together can explain roughly two thirds of business cyc...
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作者：Mayzlin, Dina; Dover, Yaniv; Chevalier, Judith
作者单位：University of Southern California; Dartmouth College; Yale University
摘要：Firms' incentives to manufacture biased user reviews impede review usefulness. We examine the differences in reviews for a given hotel between two sites: Expedia.com (only a customer can post a review) and TripAdvisor.com (anyone can post). We argue that the net gains from promotional reviewing are highest for independent hotels with single-unit owners and lowest for branded chain hotels with multiunit owners. We demonstrate that the hotel neighbors of hotels with a high incentive to fake have...
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作者：Fama, Eugene F.
作者单位：University of Chicago
摘要：The Nobel Foundation asks that the Nobel lecture cover the work for which the Prize is awarded. The announcement of this year's Prize cites empirical work in asset pricing. I interpret this to include work on efficient capital markets and work on developing and testing asset pricing models-the two pillars, or perhaps more descriptive, the Siamese twins of asset pricing. I start with efficient markets and then move on to asset pricing models.
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作者：Elliott, Matthew; Golub, Benjamin; Kirilenko, Andrei
作者单位：California Institute of Technology; Harvard University; Harvard University; Massachusetts Institute of Technology (MIT)
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作者：Johnson, William R.
作者单位：University of Virginia
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作者：Gali, Jordi
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
摘要：examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call ...
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作者：Cervellati, Matteo; Jung, Florian; Sunde, Uwe; Vischer, Thomas
作者单位：University of Bologna; University of St Gallen; University of Munich
摘要：Acemoglu et al. (2008) document that the correlation between income per capita and democracy disappears when including time and country fixed effects. While their results are robust for the full sample, we find evidence for significant but heterogeneous effects of income on democracy: negative for former colonies, but positive for non-colonies. Within the sample of colonies we detect heterogeneous effects related to colonial history and early institutions. The zero mean effect estimated by Ace...
