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作者：Wolitzky, Alexander
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I develop a simple model of social learning in which players observe others' outcomes but not their actions. A continuum of players arrives continuously over time, and each player chooses once-and-for-all between a safe action (which succeeds with known probability) and a risky action (which succeeds with fixed but unknown probability, depending on the state of the world). The actions also differ in their costs. Before choosing, a player observes the outcomes of K earlier players. There is alw...
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作者：McCaig, Brian; Pavcnik, Nina
作者单位：Wilfrid Laurier University; Dartmouth College
摘要：We study the effects of a positive export shock on labor allocation between the informal, microenterprise sector and the formal firm sector in a low-income country. The United States-Vietnam Bilateral Trade Agreement led to large reductions in US tariffs on Vietnamese exports. We find that the share of manufacturing workers in Vietnam in the formal sector increased by 5 percentage points in response to the US tariff reductions. The reallocation was greater for workers in more internationally i...
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作者：Jehiel, Philippe
作者单位：Paris School of Economics; University of London; University College London
摘要：Investors implement projects based on idiosyncratic signal observations, without knowing how signals and returns are jointly distributed. The following heuristic is studied: investors collect information on previously implemented projects with the same signal realization, and invest if the associated mean return exceeds the cost. The corresponding steady states result in suboptimal investments, due to selection bias and the heterogeneity of signals across investors. When higher signals are ass...
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作者：Rocheteau, Guillaume; Wright, Randall; Zhang, Cathy
作者单位：University of California System; University of California Irvine; Universite Paris-Pantheon-Assas; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Purdue University System; Purdue University
摘要：We develop a general equilibrium. model where entrepreneurs finance random investment opportunities using trade credit, bank-issued assets, or currency. They search for hank funding in over-the-counter markets where loan sizes, interest rates, and down payments are negotiated bilaterally. The theory generates pass-through from nominal interest rates to real lending rates depending on market microstructure, policy, and firm characteristics. Higher banks' bargaining power, or example, raises pas...
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作者：Chen, Kaiji; Ren, Jue; Zha, Tao
作者单位：Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Texas Christian University; Emory University; National Bureau of Economic Research
摘要：We study how monetary policy in China influences banks' shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009-2015 caused shadow banking loans to rise rapidly, offsetting the ex...
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作者：Gaubert, Cecile
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：To account for the uneven distribution of economic activity in space, I propose a theory of the location choices of heterogeneous firms in a variety of sectors across cities. In equilibrium, the distribution of city sizes and the sorting patterns of firms are uniquely determined and affect aggregate TFP and welfare. I estimate the model using French firm-level data and find that nearly half of the productivity advantage of large cities is due to firm sorting, the rest coming from agglomeration...
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作者：Thanh Nguyen; Vohra, Rakesh
作者单位：Purdue University System; Purdue University; University of Pennsylvania
摘要：The National Resident Matching program seeks a stable matching of medical students to teaching hospitals. With couples, stable matchings need not exist. Nevertheless, for any student preferences, we show that each instance of a matching problem has a nearby instance with a stable matching. The nearby instance is obtained by perturbing the capacities of the hospitals. In this perturbation, aggregate capacity is never reduced and can increase by at most four. The capacity of each hospital never ...
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作者：Lovo, Stefano; Spaenjers, Christophe
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：We present an infinite-horizon model of endogenous trading in the art auction market. Agents make purchase and sale decisions based on the relative magnitude of their private use value in each period. Our model generates endogenous cross-sectional and time-series patterns in investment outcomes. Average returns and buy-in probabilities are negatively correlated with the time between purchase and resale (attempt). Idiosyncratic risk does not converge to zero as the holding period shrinks. Price...
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作者：Hortacsu, Ali; Kastl, Jakub; Zhang, Allen
作者单位：University of Chicago; Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal National Mortgage Association (Fannie Mae)
摘要：We analyze bidding data from uniform price auctions of US Treasury bills and notes between July 2009 and October 2013. Primary dealers consistently bid higher yields compared to direct and indirect bidders. We estimate a structural model of bidding that takes into account informational asymmetries introduced by the bidding system employed by the US Treasury. While primary dealers' estimated willingness-to-pay is higher than direct and indirect bidders', their ability to bid-shade is even highe...
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作者：Hastings, Justine; Shapiro, Jesse M.
作者单位：Brown University; National Bureau of Economic Research
摘要：We use a novel retail panel with detailed transaction records to study the effect of the Supplemental Nutrition Assistance Program (SNAP) on household spending. We use administrative data to motivate three approaches to causal inference. The marginal propensity to consume SNAP-eligible food (MPCF) out of SNAP benefits is 0.5 to 0.6. The MPCF out of cash is much smaller. These patterns obtain even for households for whom SNAP benefits are economically equivalent to cash because their benefits a...
