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作者：Beraja, Martin; Hurst, Erik; Ospina, Juan
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago; Banco de la Republica Colombia
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作者：Nelson, Scott T.
作者单位：University of Chicago
摘要：The 2009 CARD Act limited credit card lenders' ability to raise borrowers' interest rates on the basis of new information. Pricing became less responsive to public and private signals of borrowers' risk and demand characteristics, and price dispersion fell by one-third. I estimate the efficiency and distributional effects of this shift toward more pooled pricing. Prices fell for high-risk and price-inelastic consumers, but prices rose elsewhere in the market and newly exceeded willingness to p...
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作者：Agarwal, Nikhil; Hodgson, Charles; Somaini, Paulo
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Yale University; Stanford University
摘要：While the mechanism design paradigm emphasizes notions of efficiency based on agent preferences, policymakers often focus on alternative objectives. School districts emphasize educational achievement, and transplantation communities focus on patient survival. It is unclear whether choice-based mechanisms perform well when assessed based on these outcomes. This paper evaluates the assignment mechanism for allocating deceased donor kidneys on the basis of patient life-years from transplantation ...
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作者：de Ridder, Maarten; Grassi, Basile; Morzenti, Giovanni
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Bocconi University; Analysis Group Inc.
摘要：Macroeconomic outcomes depend on the distribution of markups across firms and over time, making firm-level markup estimates key for macroeconomic analysis. Methods to obtain these estimates require data on the prices that firms charge. Firm-level data with wide coverage, however, primarily come from financial statements, which lack information on prices. We use an analytical framework to show that trends in markups over time or the dispersion of markups across firms can still be well-measured ...
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作者：Fieler, Ana Cecilia; Eaton, Jonathan
作者单位：Yale University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Welfare depends on the quantity, quality, and range of goods consumed. We use trade data, which report the quantities and prices of the individual goods that countries exchange, to learn about how the gains from trade and growth break down into these different margins. Our general equilibrium model, in which both quality and quantity contribute to consumption and to production, captures (i) how prices increase with importer and exporter per capita income, (ii) how the range of goods traded ris...
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作者：Ryan, Nicholas
作者单位：Yale University
摘要：This paper studies how the risk of hold-up affects procurement. I use data on the universe of solar power auctions in India. The Indian context allows clean estimates of counterparty risk, because solar plants set up in the same states, by the same firms, are procured in auctions intermediated by either risky states themselves or the trusted central government. I find that the counterparty risk of an average state increases solar prices by 10%. This risk premium sharply reduces investment, bec...
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作者：Battigalli, Pierpaolo; Catonini, Emiliano
作者单位：Bocconi University; Bocconi University; New York University; NYU Shanghai
摘要：In sequential games, the set of paths consistent with rationality and forward-induction reasoning may change nonmonotonically when adding transparent restrictions on players' beliefs. Yet, we prove that-in an incomplete-information environment-predictions become sharper when the restrictions only concern initial beliefs about types. Thus, strong rationalizability for games with payoff uncertainty characterizes the path predictions of forward-induction reasoning across all possible restrictions...
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作者：Dix-carneiro, Rafael; Goldberg, Pinelopi; Meghir, Costas; Ulyssea, Gabriel
作者单位：Duke University; Yale University; University of London; University College London
摘要：We examine the effects of international trade in the presence of a set of domestic distortions giving rise to informality, a prevalent phenomenon in developing countries. In our quantitative model, the informal sector arises from burdensome taxes and regulations that are imperfectly enforced by the government. In equilibrium, smaller, less productive firms face fewer distortions than larger, more productive ones, potentially leading to substantial misallocation. We show that in settings with a...
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作者：Schennach, Susanne; Starck, Vincent
作者单位：Brown University; University of Munich
摘要：We propose a novel optimal transport-based version of the Generalized Method of Moment (GMM). Instead of handling overidentification by reweighting the data to satisfy the moment conditions (as in Generalized Empirical Likelihood methods), this method proceeds by allowing for errors in the variables of the least mean-square magnitude necessary to simultaneously satisfy all moment conditions. This approach, based on the notions of optimal transport and Wasserstein metric, aims to address the pr...
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作者：Itskhoki, Oleg; Mukhin, Dmitry
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：The Mussa (1986) puzzle is the observation of a sharp and simultaneous increase in the volatility of both nominal and real exchange rates following the end of the Bretton Woods System of pegged exchange rates in 1973. It is commonly viewed as a central piece of evidence in favor of monetary non-neutrality because it is an instance in which a change in the monetary regime caused a dramatic change in the equilibrium behavior of a real variable-the real exchange rate-and is often further interpre...
