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作者：Chatterjee, Satyajit; Eyigungor, Burcu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We advance quantitative-theoretic models of sovereign debt by proving the existence of a downward sloping equilibrium price function for long-term debt and implementing a novel method to accurately compute it. We show that incorporating long-term debt allows the model to match Argentina's average external debt-to-output ratio, average spread on external debt, the standard deviation of spreads, and simultaneously improve upon the model's ability to account for Argentina's other cyclical facts. ...
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作者：Martin, Alberto; Ventura, Jaume
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
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作者：Acemoglu, Daron; Egorov, Georgy; Sonin, Konstantin
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University; New Economic School
摘要：In dynamic collective decision making, current decisions determine the future distribution of political power and influence future decisions. We develop a general framework to study this class of problems. Under acyclicity, we characterize dynamically stable states as functions of the initial state and obtain two general insights. First, a social arrangement is made stable by the instability of alternative arrangements that are preferred by sufficiently powerful groups. Second, efficiency-enha...
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作者：Davis, Steven J.; Faberman, R. Jason; Haltiwanger, John C.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University System of Maryland; University of Maryland College Park
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作者：Beaman, Lori; Magruder, Jeremy
作者单位：Northwestern University; University of California System; University of California Berkeley
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作者：Bronnenberg, Bart J.; Dube, Jean-Pierre H.; Gentzkow, Matthew
作者单位：Tilburg University; University of Chicago
摘要：We study the long-run evolution of brand preferences, using new data on consumers' life histories and purchases of consumer packaged goods. Variation in where consumers have lived in the past allows us to isolate the causal effect of past experiences on current purchases, holding constant contemporaneous supply-side factors. We show that brand preferences form endogenously, are highly persistent, and explain 40 percent of geographic variation in market shares. Counterfactuals suggest that bran...
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作者：Gine, Xavier; Goldberg, Jessica; Yang, Dean
作者单位：The World Bank; University System of Maryland; University of Maryland College Park; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：We implemented a randomized field experiment in Malawi examining borrower responses to being fingerprinted when applying for loans. This intervention improved the lender's ability to implement dynamic repayment incentives, allowing it to withhold future loans from past defaulters while rewarding good borrowers with better loan terms. As predicted by a simple model, fingerprinting led to substantially higher repayment rates for borrowers with the highest ex ante default risk, but had no effect ...
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作者：Moscarini, Giuseppe; Postel-Vinay, Fabien
作者单位：Yale University; National Bureau of Economic Research; University of Bristol
摘要：We document a negative correlation, at business cycle frequencies, between the net job creation rate of large employers and the level of aggregate unemployment that is much stronger than for small employers. The differential growth rate of employment between initially large and small employers has an unconditional correlation of -0.5 with the unemployment rate, and varies by about 5 percent over the business cycle. We exploit several datasets from the United States, Denmark, and France, both r...
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作者：Kretschmer, Tobias; Miravete, Eugenio J.; Pernias, Jose C.
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Texas System; University of Texas Austin; Universitat Jaume I
摘要：Liberalization of the European automobile distribution system in 2002 limits the ability of manufacturers to impose vertical restraints, leading to a substantial increase in competitive pressure among dealers. We estimate an equilibrium model of profit maximization to evaluate how dealers change their innovation adoption strategies following the elimination of exclusive territories. Using French data we evaluate the existence of complementarities between the adoption of software applications a...
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作者：Mueller, Hannes
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
