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作者：Adam, Klaus; Weber, Henning
作者单位：University of Mannheim; Deutsche Bundesbank
摘要：Sticky price models featuring heterogeneous firms and systematic firm-level productivity trends deliver radically different predictions for the optimal inflation rate than their popular homogenous-firm counterparts: (i) the optimal steady-state inflation rate generically differs from zero and (ii) inflation optimally responds to productivity disturbances. We show this by aggregating a heterogeneous-firm model with sticky prices in closed form. Using firm-level data from the US Census Bureau, w...
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作者：Casaburi, Lorenzo; Macchiavello, Rocco
作者单位：University of Zurich; University of London; London School Economics & Political Science
摘要：Despite extensive evidence that preferences are often time-inconsistent, there is only scarce evidence of willingness to pay for commitment. Infrequent payments for frequently provided goods and services are a common feature of many markets and they may naturally provide commitment to save for lumpy expenses. Multiple experiments in the Kenyan dairy sector show that: i) farmers are willing to incur sizable costs to receive infrequent payments as a commitment device, ii) poor contract enforceme...
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作者：Agarwal, Nikhil; Ashlagi, Itai; Azevedo, Eduardo; Featherstone, Clayton R.; Karaduman, Omer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University; Massachusetts Institute of Technology (MIT)
摘要：We show that kidney exchange markets suffer from market failures whose remedy could increase transplants by 30 to 63 percent. First, we document that the market is fragmented and inefficient; most transplants are arranged by hospitals instead of national platforms. Second, we propose a model to show two sources of inefficiency: hospitals only partly internalize their patients' benefits from exchange, and current platforms suboptimally reward hospitals for submitting patients and donors. Third,...
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作者：Bazzi, Samuel; Gaduh, Arya; Rothenberg, Alexander D.; Wong, Maisy
作者单位：Boston University; University of Arkansas System; University of Arkansas Fayetteville; Syracuse University; University of Pennsylvania
摘要：We use a population resettlement program in Indonesia to identify long-run effects of intergroup contact on national integration. In the 1980s, the government relocated two million ethnically diverse migrants into hundreds of new communities. We find greater integration in fractionalized communities with many small groups, as measured by national language use at home, intermarriage, and children's name choices. However, in polarized communities with a few large groups, ethnic attachment increa...
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作者：Naritomi, Joana
作者单位：University of London; London School Economics & Political Science
摘要：To investigate the enforcement value of third-party information on potentially collusive taxpayers, I study an anti-tax evasion program that rewards consumers for ensuring that firms report sales and establishes a verification system to aid whistle-blowing consumers in Sao Paulo, Brazil (Nota Fiscal Paulista). Firms reported sales increased by at least 21 percent over 4 years. The results are consistent with fixed costs of concealing collusion, increased detection probability from whistle-blow...
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作者：Morris, Stephen; Yildiz, Muhamet
作者单位：Princeton University; Massachusetts Institute of Technology (MIT)
摘要：We study the informational events that trigger equilibrium shifts in coordination games with incomplete information. Assuming that the distribution of the changes in fundamentals has fat tails, we show that majority play shifts either if fundamentals reach a critical threshold or if there are large common shocks, even before the threshold is reached. The fat-tail assumption matters because it implies that large shocks make players more unsure about whether their payoffs are higher than others....
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作者：Bergemann, Dirk; Brooks, Benjamin; Morris, Stephen
作者单位：Yale University; University of Chicago; Princeton University
摘要：We revisit the revenue comparison of standard auction formats, including first-price, second-price, and English auctions. We rank auctions according to their revenue guarantees, i.e., the greatest lower bound of revenue across all informational environments, where we hold fixed the distribution of bidders' values. We conclude that if we restrict attention to the symmetric affiliated models of Milgrom and Weber (1982) and monotonic pure-strategy equilibria, first-price, second-price, and Englis...
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作者：He, Zhiguo; Krishnamurthy, Arvind; Milbradt, Konstantin
作者单位：University of Chicago; National Bureau of Economic Research; Stanford University; Northwestern University
摘要：What makes an asset a safe asset? We study a model where two countries each issue sovereign bonds to satisfy investors' safe asset demands. The countries differ in the float of their bonds and the fundamental resources available to rollover debts. A sovereign's debt is safer if its fundamentals are strong relative to other possible safe assets, not merely strong on an absolute basis. If demand for safe assets is high, a large float enhances safety through. a market depth benefit. If demand for...
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作者：de Bromhead, Alan; Fernihough, Alan; Lampe, Markus; O'Rourke, Kevin Hjortshoj
作者单位：Vienna University of Economics & Business; University of Oxford
摘要：International trade collapsed, and also became much less multi-lateral, during the 1930s. Previous studies, looking at aggregate trade flows, have argued that trade policies had relatively little to do with either phenomenon. Using a new dataset incorporating highly disaggregated information on the United Kingdom's imports and trade policies, we find that while conventional wisdom is correct regarding the impact of trade policy on the total value of British imports, discriminatory trade polici...
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作者：Couttenier, Mathieu; Petrencu, Veronica; Rohner, Dominic; Thoenig, Mathias
作者单位：Ecole Normale Superieure de Lyon (ENS de LYON); Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Center for Economic & Policy Research (CEPR); University of Geneva; University of Lausanne
摘要：We study empirically how past exposure to conflict in origin countries makes migrants more violence-prone in their host country, focusing on asylum seekers in Switzerland. We exploit a novel and unique dataset on all crimes reported in Switzerland by the nationalities of perpetrators and of victims over 2009-2016. Our baseline result is that cohorts exposed to civil conflict/mass killing during childhood are 35 percent more prone to violent crime than the average cohort. This effect is particu...
