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作者：Campbell, John Y.; Pflueger, Carolin; Viceira, Luis M.
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago; Harvard University
摘要：Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from log-linear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly log-linear consumption Euler equation, commonly assumed in New Keynesian models. We estimate that the correlation between inflation and the output gap switched from negative to positive in 2001. Higher inflation lowers real bond returns, and higher output raises st...
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作者：Akbarpour, Mohammad; Li, Shengwu; Gharan, Shayan Oveis
作者单位：Stanford University; Harvard University; University of Washington; University of Washington Seattle
摘要：We introduce a simple model of dynamic matching in networked markets, where agents arrive and depart stochastically and the composition of the trade network depends endogenously on the matching algorithm. If the planner can identify agents who are about to depart, then waiting to thicken the market substantially reduces the fraction of unmatched agents. If not, then matching agents greedily is close to optimal. We specify conditions under which local algorithms that choose the right time to ma...
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作者：Ciscato, Edoardo; Galichon, Alfred; Gousse, Marion
作者单位：KU Leuven; New York University; Laval University
摘要：In this paper, we extend Gary Becker's empirical analysis of the marriage market to same-sex couples. We build an equilibrium model of the same-sex marriage market that allows for straightforward identification of the gains of marriage. We estimate the model with 2008-12 American Community Survey data on California and find that positive assortative mating is weaker for same-sex couples than for different-sex couples with respect to age and race. Positive assortative mating on education is str...
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作者：Krasnokutskaya, Elena; Song, Kyungchul; Tang, Xun
作者单位：Johns Hopkins University; University of British Columbia; Rice University
摘要：In online procurement markets, projects are often allocated through a mechanism that allows buyers to take into account a seller's nonprice characteristics as well as his bid. We design a methodology to recover primitives of the environment in the presence of unobserved seller heterogeneity while accommodating two important features of such markets: buyer-specific choice sets and the high turnover of sellers. We apply our method to data from an online market for programming services, to assess...
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作者：Halac, Marina; Yared, Pierre
作者单位：Yale University; Center for Economic & Policy Research (CEPR); Columbia University; National Bureau of Economic Research
摘要：A principal faces an agent who is better informed but biased toward higher actions. She can verify the agent's information and specify his permissible actions. We show that if the verification cost is small enough, a threshold with an escape clause (TEC) is optimal: the agent either chooses an action below a threshold or requests verification and the efficient action above the threshold. For higher costs, however, the principal may require verification only for intermediate actions, dividing t...
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作者：Chen, Yan; Kesten, Onur
作者单位：University of Michigan System; University of Michigan; Tsinghua University; University of Sydney
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作者：Foley-Fisher, Nathan; Narajabad, Borghan; Verani, Stephane
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The interaction of worsening fundamentals and strategic complementarities among investors renders identification of self-fulfilling runs challenging. We propose a dynamic model to show how exogenous variation in firms' liability structures can be exploited to obtain variation in the strength of strategic complementarities. Applying this identification strategy to puttable securities offered by US life insurers, we find that at least 40% of the $18 billion run on life insurers by institutional ...
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作者：Gosnell, Greer K.; List, John A.; Metcalfe, Robert D.
作者单位：University of London; London School Economics & Political Science; University of Chicago; Australian National University; Boston University
摘要：Increasing evidence indicates the importance of management in determining firms' productivity. Yet causal evidence regarding the effectiveness of management practices is scarce, especially for skilled labor in the developed world. In a field experiment measuring commercial airline captains' productivity, we test four distinct management practices: performance monitoring, performance feedback, target setting, and prosocial incentives. These practices-particularly monitoring and target setting-s...
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作者：Condorelli, Daniele; Szentes, Balazs
作者单位：University of Warwick; University of London; London School Economics & Political Science
摘要：We analyze a bilateral trade model where the buyer chooses the distribution of her valuation for the good. The seller, after observing the buyer's distribution but not the realized valuation, makes a take-it-or-leave-it offer. If distributions are costless, the price and the payoffs of both the buyer and the seller are shown to be 1/e in the unique equilibrium outcome. The buyer's equilibrium distribution generates a unit-elastic demand, and trade is ex post efficient. These properties are sho...
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作者：Fisman, Raymond; Sarkar, Arkodipta; Skrastins, Janis; Vig, Vikrant
作者单位：Boston University; Hong Kong University of Science & Technology; Washington University (WUSTL); University of London; London Business School
摘要：We provide microeconomic evidence on ethnic frictions and market efficiency, using dyadic data on managers and borrowers from a large Indian bank. We conjecture that, if exposure to religion-based communal violence intensifies intergroup animosity, riot exposure will lead to lending decisions that are more sensitive to a borrower's religion. We find that riot-exposed Hindu branch managers lend relatively less to Muslim borrowers and that these loans are less likely to default, consistent with ...
