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作者：Lipnowski, Elliot; Ravid, Doron
作者单位：Columbia University; University of Chicago
摘要：We study a model of cheap talk with one substantive assumption: The sender's preferences are state independent. Our main observation is that such a sender gains credibility by degrading self-serving information. Using this observation, we examine the sender's benefits from communication, assess the value of commitment, and explicitly solve for sender-optimal equilibria in three examples. A key result is a geometric characterization of the value of cheap talk, described by thequasiconcave envel...
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作者：Ottonello, Pablo; Winberry, Thomas
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Chicago
摘要：We study the role of financial frictions and firm heterogeneity in determining the investment channel of monetary policy. Empirically, we find that firms with low default risk-those with low debt burdens and high distance to default- are the most responsive to monetary shocks. We interpret these findings using a heterogeneous firm New Keynesian model with default risk. In our model, low-risk firms are more responsive to monetary shocks because they face a flatter marginal cost curve for financ...
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作者：Cattaneo, Matias D.; Jansson, Michael; Nagasawa, Kenichi
作者单位：Princeton University; University of California System; University of California Berkeley; CREATES; University of Warwick
摘要：This paper proposes a valid bootstrap-based distributional approximation forM-estimators exhibiting a Chernoff (1964)-type limiting distribution. For estimators of this kind, the standard nonparametric bootstrap is inconsistent. The method proposed herein is based on the nonparametric bootstrap, but restores consistency by altering the shape of the criterion function defining the estimator whose distribution we seek to approximate. This modification leads to a generic and easy-to-implement res...
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作者：Kuersteiner, Guido M.; Prucha, Ingmar R.
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper considers a class of generalized methods of moments (GMM) estimators for general dynamic panel models, allowing for weakly exogenous covariates and cross-sectional dependence due to spatial lags, unspecified common shocks, and time-varying interactive effects. We significantly expand the scope of the existing literature by allowing for endogenous time-varying spatial weight matrices without imposing explicit structural assumptions on how the weights are formed. An important area of ...
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作者：Pei, Harry
作者单位：Northwestern University
摘要：A patient player privately observes a persistent state and interacts with an infinite sequence of myopic uninformed players. The patient player is either a strategic type who maximizes his payoff or one of several commitment types who mechanically play the same action in every period. I focus on situations in which the uninformed player's best reply to a commitment action depends on the state and where the total probability of commitment types is sufficiently small. I show that the patient pla...
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作者：Ergin, Haluk; Sonmez, Tayfun; Unver, M. Utku
作者单位：University of California System; University of California Berkeley; Boston College
摘要：Liver exchange has been practiced in small numbers, mainly to overcome blood-type incompatibility between patients and their living donors. A donor can donate either his smaller left lobe or the larger right lobe, although the former option is safer. Despite its elevated risk, right-lobe transplantation is often utilized due to size-compatibility requirement with the patient. We model liver exchange as a market-design problem, focusing on logistically simpler two-way exchanges, and introduce a...
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作者：Arieli, Itai; Babichenko, Yakov; Peretz, Ron; Young, H. Peyton
作者单位：Technion Israel Institute of Technology; Bar Ilan University; University of London; London School Economics & Political Science; University of Oxford
摘要：New ways of doing things often get started through the actions of a few innovators, then diffuse rapidly as more and more people come into contact with prior adopters in their social network. Much of the literature focuses on the speed of diffusion as a function of the network topology. In practice, the topology may not be known with any precision, and it is constantly in flux as links are formed and severed. Here, we establish an upper bound on the expected waiting time until a given proporti...
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作者：Lauermann, Stephan; Noldeke, Georg; Troger, Thomas
作者单位：University of Bonn; University of Basel; University of Mannheim
摘要：Most of the literature that studies frictional search-and-matching models with heterogeneous agents and random search investigates steady state equilibria. Steady state equilibrium requires, in particular, that the flows of agents into and out of the population of unmatched agents balance. We investigate the structure of this balance condition, taking agents' matching behavior as given. Building on the fundamental matching lemma for quadratic search technologies in Shimer and Smith (2000), we ...
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作者：Manacorda, Marco; Tesei, Andrea
作者单位：University of London; Queen Mary University London
摘要：Can digital information and communication technology foster mass political mobilization? We use a novel georeferenced data set for the entire African continent between 1998 and 2012 on the coverage of mobile phone signal together with georeferenced data from multiple sources on the occurrence of protests and on individual participation in protests to bring this argument to empirical scrutiny. We find that while mobile phones are instrumental to mass mobilization, this only happens during econo...
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作者：Acharya, Sushant; Dogra, Keshav
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Center for Economic & Policy Research (CEPR)
摘要：Using an analytically tractable heterogeneous agent New Keynesian model, we show that whether incomplete markets resolve New Keynesian paradoxes depends on the cyclicality of income risk. Incomplete markets reduce the effectiveness of forward guidance and multipliers in a liquidity trap only with procyclical risk. Countercyclical risk amplifies these puzzles. Procyclical risk permits determinacy under a peg; countercyclical risk may generate indeterminacy even under the Taylor principle. By af...
