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作者：Fan, Yiran
作者单位：University of Chicago
摘要：This paper develops a dynamic general equilibrium model on the interaction of bankers' asset and liability management with liquidity concerns. Bankers screen real production projects and issue deposit contracts. Liquidity concerns stem from endogenized early withdrawals of deposits. To fulfill early withdrawals, bankers sell assets in a secondary market. The paper argues that ex post asymmetric information in the secondary market distorts bankers' incentive to screen ex ante, as bad assets are...
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作者：Hachem, Kinda; Song, Zheng
作者单位：National Bureau of Economic Research; Chinese University of Hong Kong
摘要：This paper shows that liquidity regulation can trigger unintended credit booms in the presence of interbank market power. We consider a price setter and a continuum of price takers who trade reserves after the realization of idiosyncratic liquidity shocks. The price takers are endogenously less liquid and circumvent regulation by engaging in shadow banking, which leads to a reallocation of funding away from the more liquid price setter. This reallocation channel underlies the credit boom. Endo...
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作者：Cason, Timothy N.; Friedman, Daniel; Hopkins, Ed
作者单位：Purdue University System; Purdue University; University of Essex; University of California System; University of California Santa Cruz; University of Edinburgh
摘要：We report a continuous-time experiment studying the Burdett-Judd model, whose unique Nash equilibrium (NE) features dispersed prices. Adaptive dynamics predict that the NE is stable for one of our parameter sets and unstable for another. The empirical price distribution is close to the NE distribution for the stable parameter set, but for the unstable parameter set it skews toward higher prices in its NE support interval. We offer an empirical definition of price cycles in terms of changes ove...
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作者：Gollin, Douglas; Udry, Christopher
作者单位：University of Oxford; Northwestern University
摘要：Standard measures of productivity display enormous dispersion across farms in Africa. Crop yields and input intensities appear to vary greatly, seemingly in conflict with a model of efficient allocation across farms. In this paper, we present a theoretical framework for distinguishing between measurement error, unobserved heterogeneity, and potential misallocation. Using rich panel data from farms in Tanzania and Uganda, we estimate our model using a flexible specification in which we allow fo...
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作者：Itskhoki, Oleg; Mukhin, Dmitry
作者单位：University of California System; University of California Los Angeles; University of Wisconsin System; University of Wisconsin Madison
摘要：We propose a dynamic general equilibrium model of exchange rate determination that accounts for all major exchange rate puzzles, including Meese-Rogoff, Backus-Smith, purchasing power parity, and uncovered interest rate parity puzzles. We build on a standard international real business cycle model with home bias in consumption, augmented with shocks in the financial market that result in a volatile near-martingale behavior of exchange rates and ensure their empirically relevant comovement with...
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作者：Alos-Ferrer, Carlos; Fehr, Ernst; Netzer, Nick
作者单位：University of Zurich
摘要：When choice is stochastic, revealed preference analysis often relies on random utility models. However, it is impossible to infer preferences without assumptions on the distribution of utility noise. We show that this difficulty can be overcome by using response time data. A simple condition on response time distributions ensures that choices reveal preferences without distributional assumptions. Standard models from economics and psychology generate data fulfilling this condition. Sharper res...
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作者：Heblich, Stephan; Trew, Alex; Zylberberg, Yanos
作者单位：University of Toronto; University of Glasgow; University of Bristol
摘要：Why are the east sides of formerly industrial cities more deprived? To answer this question, we use individual-level census data and create historical pollution patterns derived from the locations of 5,000 industrial chimneys and an atmospheric model. We show that this observation results from path-dependent neighborhood sorting that began during the Industrial Revolution, as prevailing winds blew pollution eastward. Past pollution explains up to 20% of observed neighborhood segregation in 201...
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作者：Gaubert, Cecile; Itskhoki, Oleg
作者单位：University of California System; University of California Berkeley; University of California System; University of California Los Angeles
摘要：Large firms play a pivotal role in international trade. We develop a multisector granular model of trade where sectors host a finite number of firms. Both aggregate and granular firm-level forces shape comparative advantage. The model is estimated using French microdata on firm domestic and export sales. We find that granularity accounts for about 20% of the sectoral variation in export intensity and is more pronounced in highly export-intensive sectors. An extension to a dynamic environment w...
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作者：Awaya, Yu; Krishna, Vijay
作者单位：University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study an R&D race between an established firm and a startup under asymmetric information. R&D investment brings success stochastically, but only if the innovation is feasible. The only asymmetry is that the established firm has better information about the feasibility of the innovation. We show that there is an equilibrium in which the poorly informed startup wins more often, and has higher expected profits, than the better-informed incumbent. When the informational asymmetry is large, this...
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作者：Falk, Armin; Kosse, Fabian; Pinger, Pia; Schildberg-Horisch, Hannah; Deckers, Thomas
作者单位：University of Bonn; University of Bonn; University of Munich; University of Cologne; Heinrich Heine University Dusseldorf
摘要：This paper explores inequalities in IQ and economic preferences between children from families of high and low socioeconomic status (SES). We document that children from high-SES families are more intelligent, patient, and altruistic as well as less risk seeking. To understand the underlying mechanisms, we propose a framework of how SES, parental investments, as well as maternal IQ and preferences influence a child's IQ and preferences. Our results indicate that disparities in the level of par...
