-
作者：Nevo, A
作者单位：University of California System; University of California Berkeley
摘要：The ready-to-eat cereal industry is characterized by high concentration, high price-cost margins, large advertising-to-sales ratios, acid numerous introductions of new products. Previous researchers have concluded that the ready-to-eat cereal industry is a classic example of an industry with nearly collusive pricing behavior and intense nonprice competition. This paper empirically examines this conclusion. In particular, I estimate price-cost margins, but more importantly I am able empirically...
-
作者：Cochrane, JH
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the debt matters. For example, it determines whether news of future deficits implies current inflation or future inflation. When long-term debt is present, the government can trade current inflation for future inflation by debt operations: this tradeoff is no...
-
作者：Hirano, K; Imbens, GW; Ridder, G; Rubin, DB
-
作者：Kamihigashi, T
作者单位：State University of New York (SUNY) System; Stony Brook University; Kobe University
摘要：This paper studies necessity of transversality conditions for the continuous time, reduced form model. By generalizing Benveniste and Scheinkman's (1982) envelope condition and Michel's (1990) version of the squeezing argument, we show a generalization of Michel's (1990, Theorem 1) necessity result that does not assume concavity. The generalization enables us to generalize Ekeland and Scheinkman's (1986) result as well as to establish a new result that does not require the objective functional...
-
作者：Jehiel, P; Moldovanu, B
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; University of London; University College London; University of Mannheim
摘要：We study efficient, Bayes-Nash incentive compatible mechanisms in a social choice setting that allows for informational and allocative externalities. We show that such mechanisms exist only if a congruence condition relating private and social rates of information substitution is satisfied. If signals are multi-dimensional, the congruence condition is determined by an integrability constraint, and it can hold only in nongeneric cases where values are private or a certain symmetry assumption ho...
-
作者：Harris, C; Laibson, D
作者单位：University of London; King's College London; Harvard University
摘要：Laboratory and field studies of time preference find that discount rates are much greater in the short-run than in the long-run, Hyperbolic discount functions capture this property. This paper solves the decision problem of a hyperbolic consumer who faces stochastic income and a burrowing constraint. The paper uses the bounded variation calculus to derive the Hyperbolic Euler Relation, a natural generalization of the standard Exponential Euler Relation. The Hyperbolic Euler Relation implies th...
-
作者：Wolinsky, A
作者单位：Northwestern University; Hebrew University of Jerusalem; Hebrew University of Jerusalem; Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：This paper examines an employment relation in which individual workers enjoy some bargaining power-vis-g-vis the firm although they are not unionized. The main elements of the situations studied here are that the employment contracts are non-binding across periods of production and that the firm has opportunities to replace workers. The paper analyzes a dynamic model in which the processes of contracting and recontracting between the firm and its workers are intertwined with the dynamic evolut...
-
作者：Chari, VV; Kehoe, PJ; McGrattan, ER
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Pennsylvania; National Bureau of Economic Research
摘要：We construct a quantitative equilibrium model with firms setting prices in a staggered fashion and use it to ask whether monetary shocks can generate business cycle fluctuations. These fluctuations include persistent movements in output along with the other defining features of business cycles, like volatile investment and smooth consumption. We assume that prices are exogenously sticky for a short time. Persistent output fluctuations require endogenous price stickiness in the sense that firms...
-
作者：Hart, S; Mas-Colell, A
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：We propose a new and simple adaptive procedure for playing a game: regret-matching. In this procedure, players may depart from their current play with probabilities that are proportional to measures of regret for not having used other strategies in the past. It is shown that our adaptive procedure guarantees that, with probability one, the empirical distributions of play converge to the set of correlated equilibria of the game.
-
作者：Hall, AR
作者单位：North Carolina State University
