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作者：Angeletos, George-Marios; La'O, Jennifer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Columbia University
摘要：We study optimal policy in a business-cycle setting in which firms hold dispersed private information about, or are rationally inattentive to, the state of the economy. The informational friction is the source of both nominal and real rigidity. Because of the latter, the optimal monetary policy does not target price stability. Instead, it targets a negative relation between the nominal price level and real economic activity. Such leaning against the wind helps maximize production efficiency. A...
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作者：Loertscher, Simon; Marx, Leslie M.
作者单位：University of Melbourne; Duke University
摘要：We analyze the competitive effects of mergers in markets with buyer power. Using mechanism design arguments, we show that without cost synergies, mergers harm buyers, regardless of buyer power. However, buyer power mitigates the harm to a buyer from a merger of symmetric suppliers. With buyer power, a merger increases incentives for entry, increases investment incentives for rivals, and can increase investment incentives for merging parties. Because buyer power reduces the profitability of a m...
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作者：[Anonymous]
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作者：Alfaro, Laura; Chor, Davin; Antras, Pol; Conconi, Paola
作者单位：Harvard University; Dartmouth College; National University of Singapore; Universite Libre de Bruxelles
摘要：A key decision facing firms is the extent of control to exert over the different stages in their production processes. We develop and test a property rights model of firm boundary choices along the value chain. We construct firm-level measures of the upstreamness of integrated and nonintegrated inputs by combining information on firms' production activities in more than 100 countries with input-output tables. Whether a firm integrates upstream or downstream suppliers depends crucially on the e...
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作者：Yagan, Danny
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper uses US local areas as a laboratory to test for long-term impacts of the Great Recession. In administrative longitudinal data, I estimate that exposure to a 1 percentage point larger 2007-9 local unemployment shock reduced 2015 working-age employment rates by over 0.3 percentage points. Rescaled, this long-term recession impact accounts for over half of the 2007-15 US age-adjusted employment decline. Impacts were larger among older and lower-earning individuals and typically involve...
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作者：Stroebel, Johannes; Vavra, Joseph
作者单位：New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Chicago
摘要：We document a causal response of local retail prices to changes in local house prices, with elasticities of 15-20 percent across housing cycles. These price responses are largest in zip codes with many homeowners and are driven by changes in markups rather than local costs. We argue that markups rise with house prices because greater housing wealth reduces homeowners' demand elasticity, and firms raise markups in response. Shopping data confirm that house price changes affect the price sensiti...
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作者：Finkelstein, Amy; Hendren, Nathaniel; Luttmer, Erzo F. P.
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Dartmouth College
摘要：We develop frameworks for welfare analysis of Medicaid and apply them to the Oregon Health Insurance Experiment. Across different approaches, we estimate low-income uninsured adults' willingness to pay for Medicaid between $0.5 and $1.2 per dollar of the resource cost of providing Medicaid; estimates of the expected transfer Medicaid provides to recipients are relatively stable across approaches, but estimates of its additional value from risk protection are more variable. We also estimate tha...
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作者：Lee, Sang Yoon (Tim); Seshadri, Ananth
作者单位：University of London; Queen Mary University London; Center for Economic & Policy Research (CEPR); University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We present a model in which human capital investments occur over the life cycle and across generations, a la Becker and Tomes. The human capital technology features multiple stages of childhood investments, college, and life cycle accumulation. The model can explain a wide range of intergenerational relationships while remaining empirically consistent with cross-sectional inequality. Much of the latter is determined by early investments in children, so that borrowing constraints faced by young...
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作者：Natenzon, Paulo
作者单位：Washington University (WUSTL)
摘要：Context-dependent individual choice challenges the principle of utility maximization. I explain context dependence as the optimal response of an imperfectly informed agent to the ease of comparison of the options. I introduce a discrete choice model, the Bayesian probit, which allows the analyst to identify stable preferences from context-dependent choice data. My model accommodates observed behavioral phenomena-including the attraction and compromise effects-that lie beyond the scope of any r...
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作者：Bryan, Gharad; Morten, Melanie
作者单位：University of London; London School Economics & Political Science; Stanford University; National Bureau of Economic Research
摘要：We estimate the aggregate productivity gains from reducing barriers to internal labor migration in Indonesia, accounting for worker selection and spatial differences in human capital. We distinguish between movement costs, which mean workers will move only if they expect higher wages, and amenity differences, which mean some locations must pay more to attract workers. We find modest but important aggregate impacts. We estimate a 22 percent increase in labor productivity from removing all barri...
