The American Economic Review

最新文章

• Bidder discounts and target premia in takeovers AI翻译
  作者：Jovanovic, B; Braguinsky, S
  作者单位：New York University; State University of New York (SUNY) System; University at Buffalo, SUNY
  摘要：On news of a takeover, the sum of the stock market values of the firms involved often falls, and the value of the acquirer almost always does. Does this mean that takeovers do not raise the values of the firms involved? Not necessarily. We set up a model in which the equilibrium number of takeovers is constrained efficient. Yet upon news of a takeover, a target's price rises, the bidder's price falls, and most of the time the joint value of the target and acquirer also falls.
• Why does the cyclical behavior of real wages change over time? AI翻译
  作者：Huang, KXD; Liu, Z; Phaneuf, L
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Wuhan University; Emory University; University of Quebec; University of Quebec Montreal
  摘要：The cyclical behavior of real wages has evolved from mildly countercyclical during the interwar period to modestly procyclical in the postwar era. This paper presents a general-equilibrium business-cycle model that helps explain the evolution. In the model, changes in the real wage cyclicality arise from interactions between nominal wage and price rigidities and an evolving input-output structure.
• Irreversible decisions and record-setting news principles AI翻译
  作者：Boyarchenko, S
  作者单位：University of Texas System; University of Texas Austin
  摘要：In the now-classical real options theory, the price of an underlying asset is modeled as a geometric Brownian motion, and optimal exercise strategies are described by simple explicit formulas. This paper extends the classical theory to allow any geometric Levy process to model prices. Such processes may account for fat tails and skewness of probability distributions of commodity prices. The optimal exercise strategies are specified in the paper in terms of statistics of record-setting low or h...
• Managed care, information, and diffusion: The case of treatment for heart-attack patients AI翻译
  作者：Baker, LC; Afendulis, CC; Heidenreich, PA
  作者单位：Stanford University; National Bureau of Economic Research; US Department of Veterans Affairs; Veterans Health Administration (VHA); VA Palo Alto Health Care System
• Dynamic pricing in the presence of antidumping policy: Theory and evidence AI翻译
  作者：Blonigen, BA; Park, JH
  作者单位：University of Oregon; Wayne State University
  摘要：Antidumping (AD) trade protection policies allow government agencies to recalculate AD duties based on foreign firms' most recent pricing behavior. We examine the resulting dynamic pricing problem of a foreign firm facing such policy. We show that the expected pattern of AD duty recalculations over time crucially depends on the foreign firm's ex ante expectations of possible outcomes of AD policy enforcement. Our empirical analysis then confirms the role of ex ante expectations in explaining o...
• Markups, aggregation, and inventory adjustment AI翻译
  作者：Coen-Pirani, D
  作者单位：Carnegie Mellon University
  摘要：In this paper I suggest a unified explanation for two puzzles in the inventory literature: first, estimates of inventory speeds of adjustment in aggregate data are very small relative to the apparent rapid reaction of stocks to unanticipated variations in sales. Second, estimates of inventory speeds of adjustment in firm-level data are significantly higher than in aggregate data. The paper develops a multi-sector model where inventories are held to avoid stockouts, and price markups vary along...
• What students remember and say about college economics years later AI翻译
  作者：Allgood, S; Bosshardt, W; Van der Klaauw, W; Watts, M
  作者单位：University of Nebraska System; University of Nebraska Lincoln; State University System of Florida; Florida Atlantic University; University of North Carolina; University of North Carolina Chapel Hill; Purdue University System; Purdue University
• Wealth, health, and health services in rural Rajasthan AI翻译
  作者：Banerjee, A; Deaton, A; Duflo, E
  作者单位：Massachusetts Institute of Technology (MIT); Princeton University; Princeton University
• Can portfolio rebalancing explain the dynamics of equity returns, equity flows, and exchange rates? AI翻译
  作者：Hau, H; Rey, H
  作者单位：Princeton University; Princeton University
• The cost of business cycles under endogenous growth AI翻译
  作者：Barlevy, G
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
  摘要：Robert E. Lucas, Jr. argued that the welfare gains from reducing aggregate consumption volatility are negligible. Subsequent work that revisited his calculation continued to find small welfare benefits, further reinforcing the perception that business cycles do not matter. This paper argues instead that fluctuations can affect welfare, by affecting the growth rate of consumption. I show that fluctuations can reduce growth starting from a given initial consumption, which can imply substantial w...