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作者：Afonso, Gara; Lagos, Ricardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; New York University
摘要：We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and normative questions: What are the determinants of the fed funds rate? How does the market reallocate funds? Is the market able to achieve an efficient reallocation of funds? We also use the model for t...
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作者：Gul, Faruk; Natenzon, Paulo; Pesendorfer, Wolfgang
作者单位：Princeton University; Washington University (WUSTL)
摘要：We develop an extension of Luce's random choice model to study violations of the weak axiom of revealed preference. We introduce the notion of a stochastic preference and show that it implies the Luce model. Then, to address well-known difficulties of the Luce model, we define the attribute rule and establish that the existence of a well-defined stochastic preference over attributes characterizes it. We prove that the set of attribute rules and random utility maximizers are essentially the sam...
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作者：Bryan, Gharad; Chowdhury, Shyamal; Mobarak, Ahmed Mushfiq
作者单位：University of London; London School Economics & Political Science; University of Sydney; Yale University
摘要：Hunger during pre-harvest lean seasons is widespread in the agrarian areas of Asia and Sub-Saharan Africa. We randomly assign an $8.50 incentive to households in rural Bangladesh to temporarily out-migrate during the lean season. The incentive induces 22% of households to send a seasonal migrant, their consumption at the origin increases significantly, and treated households are 8-10 percentage points more likely to re-migrate 1 and 3 years after the incentive is removed. These facts can be ex...
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作者：Turner, Matthew A.; Haughwout, Andrew; van der Klaauw, Wilbert
作者单位：University of Toronto; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We evaluate the effect of land use regulation on the value of land and on welfare. Our estimates are based on a decomposition of the effects of regulation into three components: an own-lot effect, which reflects the cost of regulatory constraints to the owner of a parcel; an external effect, which reflects the value of regulatory constraints on one's neighbors; a supply effect, which reflects the effect of regulated scarcity of developable land. Using this decomposition, we arrive at a novel s...
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作者：Buchinsky, Moshe; Gotlibovski, Chemi; Lifshitz, Osnat
作者单位：University of California System; University of California Los Angeles; Academic College of Tel Aviv Yaffo
摘要：We develop and estimate a comprehensive dynamic programming (DP) model for the joint decisions of residential location, employment location, occupational choices, and labor market outcomes. We use data on immigrants from the former Soviet Union (FSU). We provide an extensive empirical evaluation of policies that have been designed to affect the residential and employment location decisions of the migrant population. The results shed new, and important, light on several issues regarding this gr...
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作者：Barelli, Paulo; Govindan, Srihari; Wilson, Robert
作者单位：University of Rochester; Stanford University
摘要：We define the class of two-player zero-sum games with payoffs having mild discontinuities, which in applications typically stem from how ties are resolved. For such games, we establish sufficient conditions for existence of a value of the game, maximin and minimax strategies for the players, and a Nash equilibrium. If all discontinuities favor one player, then a value exists and that player has a maximin strategy. A property called payoff approachability implies existence of an equilibrium, an...
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作者：Chambers, Christopher P.; Hayashi, Takashi
作者单位：University of California System; University of California San Diego; University of Glasgow
摘要：We show in an environment of incomplete information that monotonicity and the Pareto property applied only when there is common knowledge of Pareto dominance imply (i) there must exist a common prior over the smallest common knowledge event, and (ii) aggregation must be ex ante and ex post utilitarian with respect to that common prior and individual von Neumann-Morgenstern utility indices.
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作者：Mian, Atif; Sufi, Amir
作者单位：Princeton University; National Bureau of Economic Research; University of Chicago
摘要：We show that deterioration in household balance sheets, or the housing net worth channel, played a significant role in the sharp decline in U.S. employment between 2007 and 2009. Counties with a larger decline in housing net worth experience a larger decline in non-tradable employment. This result is not driven by industry-specific supply-side shocks, exposure to the construction sector, policy-induced business uncertainty, or contemporaneous credit supply tightening. We find little evidence o...
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作者：Jimenez, Gabriel; Ongena, Steven; Peydro, Jose-Luis; Saurina, Jesus
作者单位：Banco de Espana; University of Zurich; ICREA; Pompeu Fabra University; Barcelona School of Economics; City St Georges, University of London
摘要：We identify the effects of monetary policy on credit risk-taking with an exhaustive credit register of loan applications and contracts. We separate the changes in the composition of the supply of credit from the concurrent changes in the volume of supply and quality, and the volume of demand. We employ a two-stage model that analyzes the granting of loan applications in the first stage and loan outcomes for the applications granted in the second stage, and that controls for both observed and u...
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作者：Krishna, R. Vijay; Sadowski, Philipp
作者单位：Duke University
摘要：We consider a decision maker who faces dynamic decision situations that involve intertemporal trade-offs, as in consumption-savings problems, and who experiences taste shocks that are transient contingent on the state of the world. We axiomatize a recursive representation of choice over state contingent infinite horizon consumption problems, where uncertainty about consumption utilities depends on the observable state and the state follows a subjective Markov process. The parameters of the rep...
