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作者：Hirano, Keisuke
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Duranton, Gilles; Puga, Diego
作者单位：University of Pennsylvania
摘要：We develop an urban growth model where human capital spillovers foster entrepreneurship and learning in heterogeneous cities. Incumbent residents limit city expansion through planning regulations so that commuting and housing costs do not outweigh productivity gains from agglomeration. The model builds on strong microfoundations, matches key regularities at the city and economy-wide levels, and generates novel predictions for which we provide evidence. It can be quantified by relying on few pa...
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作者：Guo, Yingni; Shmaya, Eran
作者单位：Northwestern University; State University of New York (SUNY) System; Stony Brook University
摘要：An agent observes the set of available projects and proposes some, but not necessarily all, of them. A principal chooses one or none from the proposed set. We solve for a mechanism that minimizes the principal's worst-case regret. We compare the single-project environment in which the agent can propose only one project with the multiproject environment in which he can propose many. In both environments, if the agent proposes one project, it is chosen for sure if the principal's payoff is suffi...
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作者：Bau, Natalie; Matray, Adrien
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Princeton University; National Bureau of Economic Research
摘要：We show that foreign capital liberalization reduces capital misallocation and increases aggregate productivity for affected industries in India. The staggered liberalization of access to foreign capital across disaggregated industries allows us to identify changes in firms' input wedges, overcoming major challenges in the measurement of the effects of changing misallocation. Liberalization increases capital overall. For domestic firms with initially high marginal revenue products of capital (M...
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作者：Kochov, Asen; Song, Yangwei
作者单位：University of Rochester; University of Colorado System; University of Colorado Boulder
摘要：Two key features distinguish the general class of recursive preferences from the standard model of dynamic choice: (i) agents may care about the intertemporal distribution of risk, and (ii) their rates of time preference, rather than being fixed, may vary with the level of consumption. We investigate what these features imply in the context of a repeated strategic interaction. First, we show that opportunities for intertemporal trade may expand the set of feasible payoffs relative to that in a...
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作者：Bolotnyy, Valentin; Vasserman, Shoshana
作者单位：Stanford University; Stanford University; National Bureau of Economic Research
摘要：Most U.S. government spending on highways and bridges is done through scaling procurement auctions, in which private construction firms submit unit price bids for each piece of material required to complete a project. Using data on bridge maintenance projects undertaken by the Massachusetts Department of Transportation (MassDOT), we present evidence that firm bidding behavior in this context is consistent with optimal skewing under risk aversion: firms limit their risk exposure by placing lowe...
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作者：Fan, Tianyu; Peters, Michael; Zilibotti, Fabrizio
作者单位：Yale University; National Bureau of Economic Research
摘要：Structural transformation in most currently developing countries takes the form of a rapid rise in services but limited industrialization. In this paper, we propose a new methodology to structurally estimate productivity growth in service industries that circumvents the notorious difficulties in measuring quality improvements. In our theory, the expansion of the service sector is both a consequence-due to income effects-and a cause-due to productivity growth-of the development process. We esti...
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作者：Terry, Stephen J.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：R&D investment reduces current profits, so short-term pressure to hit profit targets may distort R&D. In the data, firms just meeting Wall Street forecasts have lower R&D growth and subsequent innovation, while managers just missing receive lower pay. But short-termist distortions might not quantitatively matter if aggregation or equilibrium dampen their impact. So I build and estimate a quantitative endogenous growth model in which short-termism arises naturally as discipline on conflicted ma...
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作者：Rubbo, Elisa
作者单位：University of Chicago
摘要：This paper revisits the New Keynesian framework, theoretically and quantitatively, in an economy with multiple sectors and input-output linkages. Analytical expressions for the Phillips curve and welfare, derived as a function of primitives, show that the slope of all sectoral and aggregate Phillips curves is decreasing in intermediate input shares, while productivity fluctuations endogenously generate an inflation-output tradeoff-except when inflation is measured according to the novel divine...
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作者：Lagakos, David; Mobarak, Ahmed Mushfiq; Waugh, Michael E.
作者单位：Boston University; National Bureau of Economic Research; Yale University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper studies the welfare effects of encouraging rural-urban migration in the developing world. To do so, we build and analyze a dynamic general-equilibrium model of migration that features a rich set of migration motives. We estimate the model to replicate the results of a field experiment that subsidized seasonal migration in rural Bangladesh, leading to significant increases in migration and consumption. We show that the welfare gains from migration subsidies come from providing better...
