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作者：Rudiger, Jesper; Vigier, Adrien
作者单位：Universidad Carlos III de Madrid; BI Norwegian Business School
摘要：We study information acquisition in dealer markets. We first identify a one-sided strategic complementarity in information acquisition: the more informed traders are, the larger market makers' gain from becoming informed. When quotes are observable, this effect in turn induces a strategic complementarity in information acquisition amongst market makers. We then derive the equilibrium pattern of information acquisition and examine the implications of our analysis for market liquidity and price ...
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作者：Gopinath, Gita; Boz, Emine; Casas, Camila; Diez, Federico J.; Gourinchas, Pierre-Olivier; Plagborg-Moller, Mikkel
作者单位：Harvard University; International Monetary Fund; Banco de la Republica Colombia; University of California System; University of California Berkeley; Princeton University
摘要：We propose a dominant currency paradigm with three key features: dominant currency pricing, pricing complementarities, and imported inputs in production. We test this paradigm using a new dataset of bilateral price and volume indices for more than 2,500 country pairs that covers 91 percent of world trade, as well as detailed firm-product-country data for Colombian exports and imports. In strong support of the paradigm we find that (i) noncommodities terms-of-trade are uncorrelated with exchang...
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作者：Beaudry, Paul; Galizia, Dana; Portier, Franck
作者单位：Bank of Canada; Carleton University; University of London; University College London; Center for Economic & Policy Research (CEPR)
摘要：Are business cycles mainly a response to persistent exogenous shocks, or do they instead reflect a strong endogenous mechanism which produces recurrent boom-bust phenomena? In this paper we present evidence in favor of the second interpretation and we highlight the set of key elements that influence our answer. The elements that tend to favor this type of interpretation of business cycles are (i) slightly extending the frequency window one associates with business cycle phenomena, (ii) allowin...
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作者：Fang, Hanming; Gong, Qing
作者单位：University of Pennsylvania; ShanghaiTech University; National Bureau of Economic Research; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：Matsumoto (2020) pointed out data and coding errors in Fang and Gong (2017). We show that these errors have limited impacts: all qualitative findings remain after correcting them. Matsumoto also discussed potential service overcounting in the aggregated utilization data we used to illustrate our method, and then quantified the extent of overcounting with a sample of Medicare claims. We acknowledge the issue but discuss the noise and the bias in his quantification. Overall, our proposed method ...
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作者：Angeletos, George-Marios; Collard, Fabrice; Dellas, Harris
作者单位：Massachusetts Institute of Technology (MIT); Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); University of Bern
摘要：We propose a new strategy for dissecting the macroeconomic time series, provide a template for the business-cycle propagation mechanism that best describes the data, and use its properties to appraise models of both the parsimonious and the medium-scale variety. Our findings support the existence of a main business-cycle driver but rule out the following candidates for this role; technology or other shocks that map to TFP movements; news about future productivity; and inflationary demand shock...
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作者：Colonnelli, Emanuele; Prem, Mounu; Teso, Edoardo
作者单位：University of Chicago; Universidad del Rosario; Northwestern University
摘要：In all modern bureaucracies, politicians retain some discretion in public employment decisions, which may lead to frictions in the selection process if political connections substitute for individual competence. Relying on detailed matched employer-employee data on the universe of public employees in Brazil over 1997-2014, and on a regression discontinuity design in close electoral races, we establish three main findings. First, political connections are a key and quantitatively large determin...
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作者：Lachowska, Marta; Mas, Alexandre; Woodbury, Stephen A.
作者单位：W.E. Upjohn Institute for Employment Research; Princeton University; National Bureau of Economic Research; Michigan State University; W.E. Upjohn Institute for Employment Research
摘要：We estimate the magnitudes of reduced earnings, work hours, and wage rates of workers displaced during the Great Recession using linked employer-employee panel data from Washington state. Displaced workers' earnings losses occurred mainly because hourly wage rates dropped at the time of displacement and recovered sluggishly. Lost employer-specific premiums explain only 17 percent of these losses. Fully 70 percent of displaced workers moved to employers paying the same or higher wage premiums t...
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作者：Levine, David K.; Mattozzi, Andrea
作者单位：Washington University (WUSTL)
摘要：We introduce a model where social norms of voting participation are strategically chosen by competing political parties and determine voters' turnout. Social norms must be enforced through costly peer monitoring and punishment. When the cost of enforcement of social norms is low, the larger party is always advantaged. Otherwise, in the spirit of Olson (1965), the smaller party may be advantaged. Our model shares features of the ethical voter model and it delivers novel and empirically relevant...
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作者：Jones, John Bailey; Pratap, Sangeeta
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; City University of New York (CUNY) System; Hunter College (CUNY); City University of New York (CUNY) System
摘要：Using a rich panel of owner-operated New York dairy farms, we provide new evidence on entrepreneurial behavior. We formulate a dynamic model of farms facing uninsured risks and financial constraints. Fanners derive nonpecuniary benefits from operating their businesses. We estimate the model via simulated minimum distance, matching both production and financial data. We find that financial factors and nonpecuniary benefits are of first-order importance. Collateral constraints and liquidity rest...
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作者：Bernanke, Ben S.
作者单位：Brookings Institution
摘要：To overcome the limits on traditional monetary policy imposed by the effective lower bound on-short-term interest rates, in recent years the Federal Reserve and other-advanced-economy central banks have deployed new policy tools. This lecture reviews what we know about the new monetary tools, focusing on quantitative easing (QE) and forward guidance, the principal new tools used by the Fed. I argue that the new tools have proven effective at easing financial conditions when policy rates are co...
