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作者：Dinlersoz, Emin M.; Yorukoglu, Mehmet
作者单位：Central Bank of the Republic of Turkey
摘要：This paper develops a model of industry dynamics where firms compete to acquire customers over time by disseminating information about themselves in the presence of random shocks to their efficiency. The properties of the model's stationary equilibrium are related to empirical regularities on firm and industry dynamics. As an application of the model, the effects of a decline in the cost of information dissemination on firm and industry dynamics are explored. (JEL D11, D83, L11, L81, M37)
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作者：Henderson, J. Vernon; Storeygard, Adam; Weil, David N.
作者单位：Brown University; National Bureau of Economic Research
摘要：We develop a statistical framework to use satellite data on night lights to augment official income growth measures. For countries with poor national income accounts, the optimal estimate of growth is a composite with roughly equal weights on conventionally measured growth and growth predicted from lights. Our estimates differ from official data by up to three percentage points annually. Using lights, empirical analyses of growth need no longer use countries as the unit of analysis; we can mea...
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作者：Bajari, Patrick; Fruehwirth, Jane Cooley; Kim, Kyoo il; Timmins, Christopher
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Cambridge; University of Cambridge; Duke University; National Bureau of Economic Research
摘要：We propose a new strategy for a pervasive problem in the hedonics literature: recovering hedonic prices in the presence of time-varying correlated unobservables. Our approach relies on an assumption about home buyer rationality, under which prior sales prices can be used to control for time-varying unobservable attributes of the house or neighborhood. Using housing transactions data from California's Bay Area between 1990 and 2006, we apply our estimator to recover marginal willingness to pay ...
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作者：Glaeser, Edward L.; Gottlieb, Joshua D.; Tobio, Kristina
作者单位：Harvard University; National Bureau of Economic Research; Harvard University
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作者：Zivin, Joshua Graff; Neidell, Matthew
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego; National Bureau of Economic Research; Columbia University
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作者：Bils, Mark; Klenow, Peter J.; Malin, Benjamin A.
作者单位：University of Rochester; Stanford University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Many business cycle models use a flat short-run Phillips curve, due to time-dependent pricing and strategic complementarities, to explain fluctuations in real output. But, in doing so, these models predict unrealistically high persistence and stability of US inflation in recent decades. We calculate reset price inflation based on new prices chosen by the subsample of price changers-to dissect this discrepancy. We find that the models generate too much persistence and stability both in reset pr...
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作者：Abrevaya, Jason; Puzzello, Laura
作者单位：University of Texas System; University of Texas Austin; Monash University
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作者：Swanson, Eric T.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
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作者：Bacchetta, Philippe; Tille, Cedric; van Wincoop, Eric
作者单位：University of Lausanne; University of Virginia; National Bureau of Economic Research
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作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University; Columbia University
摘要：In the microdata underlying US trade price indexes, 40 percent of products are replaced before a single price change is observed and 70 percent are replaced after two price changes or fewer. A price index that focuses on price changes for identical items may, therefore, miss an important component of price adjustment occurring at the time of product replacements. We provide a model of this product replacement bias and quantify its importance using US data. Accounting for product replacement bi...
