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作者：Bilir, L. Kamran; Morales, Eduardo
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Princeton University
摘要：How global are the gains from innovation? When firms operate plants in multiple countries, technological improvements developed in one location may be shared with foreign sites for efficiency gain. We develop a model that accounts for such transfer and apply it to measure returns to R&D investment for a panel of US multinationals. Our estimates indicate that innovation increases performance at firm locations beyond the innovating site: the median multinational firm realizes abroad 20% of the r...
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作者：Aizawa, Naoki; Fang, Hanming
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; University of Pennsylvania; ShanghaiTech University
摘要：We present and empirically implement an equilibrium labor market search model where risk-averse workers facing medical expenditure shocks are matched with firms making health insurance coverage decisions. We use our estimated model to evaluate the equilibrium impact of many health care reform proposals, including the 2010 Affordable Care Act (ACA). We use the estimates of the early impact of the ACA as a model validation. We find that income-based subsidies for health insurance premiums are cr...
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作者：Karle, Heiko; Peitz, Martin; Reisinger, Markus
作者单位：Frankfurt School Finance & Management; University of Mannheim; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：For many products, platforms enable sellers to transact with buyers. We show that the competitive conditions among sellers shape the market structure in platform industries. If product market competition is tough, sellers avoid competitors by joining different platforms. This allows platforms to sustain high fees and explains why, for example, in some online markets, several homogeneous platforms segment the market. Instead, if product market competition is soft, agglomeration on a single plat...
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作者：Herskovic, Bernard; Kelly, Bryan; Lustig, Hanno; Van Nieuwerburgh, Stijn
作者单位：University of California System; University of California Los Angeles; Yale University; National Bureau of Economic Research; Stanford University; Columbia University; Center for Economic & Policy Research (CEPR)
摘要：Firm volatilities comove strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross section, smaller firms and firms with a more concentrated customer base display higher volatility. Network effects are essential to explaining the joint evolution of the empirical firm size and firm volatility distributions. We propose and estimate a simple network model of firm volatility in which shocks to customers influence their suppliers. Larger ...
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作者：Durlauf, Steven N.; Heckman, James J.
作者单位：University of Chicago
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作者：Glover, Andrew; Heathcote, Jonathan; Krueger, Dirk; Rios-Rull, Jose-Victor
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research; University of London; University College London
摘要：The Great Recession saw sharp drops in labor earnings and even larger declines in asset prices. How were the welfare losses from these declines distributed across different age groups? To address this question we construct an overlapping-generations general equilibrium model in which households face large aggregate shocks. A calibrated version of the model replicates observed dynamics for asset prices. Younger households experience larger earnings losses in a model Great Recession, but benefit...
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作者：Ameriks, John; Briggs, Joseph; Caplin, Andrew; Shapiro, Matthew D.; Tonetti, Christopher
作者单位：The Vanguard Group, Inc.; Federal Reserve System - USA; Federal Reserve System Board of Governors; New York University; National Bureau of Economic Research; University of Michigan System; University of Michigan; Stanford University
摘要：Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated usin...
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作者：Bagues, Manuel; Campa, Pamela
作者单位：University of Warwick
摘要：Casas-Arce and Saiz (2015) study how gender quotas in candidate lists affect voting behavior using evidence from the introduction of quotas in the 2007 Spanish local elections in municipalities with more than 5,000 inhabitants. Using a difference-in-differences strategy, they show that parties that listed fewer female candidates in the previous election obtained more votes in the subsequent election in larger municipalities, a pattern that they attribute to the quota. We show robustness and pl...
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作者：Deb, Joyee
作者单位：Yale University
摘要：I consider markets in which participants have very little information: for instance, agents are anonymous, cannot verify each other's identities, or have little information about each other's past transactions. I ask whether it is possible to prevent opportunistic behavior in such settings in the absence of contractual enforcement. I model such markets as repeated anonymous-random-matching games and show that cooperation is sustainable if players are sufficiently patient and can announce their...
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作者：de la Sierra, Raul Sanchez
作者单位：University of Chicago
摘要：A positive demand shock for coltan, a mineral whose bulky output cannot be concealed, leads armed actors to create illicit customs and provide protection at coltan mines, where they settle as stationary bandits. A similar shock for gold, easy to conceal, leads to stationary bandits in the villages where income from gold is spent, where they introduce illicit mining visas, taxes, and administrations. Having a stationary bandit from a militia or the Congolese army increases welfare. These findin...
