-
作者：Richardson, Gary; Troost, William
作者单位：University of California System; University of California Irvine; National Bureau of Economic Research; University of Southern California
摘要：The Federal Reserve Act divided Mississippi between the 6th (Atlanta) and 8th (St. Louis) Districts. During the Great Depression, these districts' policies differed. Atlanta championed monetary activism and the extension of aid to ailing banks. St. Louis eschewed expansionary initiatives. During a banking crisis in 1930, Atlanta expedited lending to banks in need. St. Louis did not. Outcomes differed across districts. In Atlanta, banks survived at higher rates, lending continued at higher leve...
-
作者：Hall, Robert E.
作者单位：Stanford University; National Bureau of Economic Research
摘要：Recessions appear to be times when the marginal rate of substitution between goods and workers' time falls below the marginal product of labor. If so, the allocation of workers' time is inefficient. I develop a model of households and production that reconciles cyclical movements in the marginal value of time and the marginal product. The model embodies the findings of research that the Frisch elasticity of labor supply is less than one. It treats unemployment in a search-and-matching setup. R...
-
作者：Antras, Pol; Caballero, Ricardo J.
作者单位：National Bureau of Economic Research; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, a very different conclusion emerges. In particular, in less financially developed economies (South), trade and capital mobility are complements in the sense that trade integration increases the return to capi...
-
作者：Gerardi, Kristopher S.; Shapiro, Adam Hale
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We analyze the effects of competition on price dispersion in the airline industry, using panel data from 1993: Q1 through 2006: Q3. Competition has a negative effect on price dispersion, in line with the textbook treatment of price discrimination. This effect is pronounced for routes with consumers characterized by relatively heterogeneous elasticities of demand. On routes with a homogeneous customer base, the effects of competition on price dispersion are smaller. Our results contrast with th...
-
作者：Brown, Jennifer; Morgan, John
作者单位：Northwestern University; University of California System; University of California Berkeley
摘要：Theory models of platform competition predict that prices and buyer-seller ratios should be approximately equal on coexisting auction sites. Using field experiments on eBay and Yahoo Auctions, we find evidence that is inconsistent with equilibrium hypotheses and suggest that the market is tipping. Prices on eBay are consistently 20-70 percent higher than those on Yahoo, and eBay attracts two additional buyers per seller. On Yahoo, prices and bidders counts are unaffected by the auction ending ...
-
作者：Kocherlakota, Narayana; Pistaferri, Luigi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Stanford University
摘要：We compare the empirical performance of a standard incomplete markets asset pricing model with that of a novel model with constrained Pareto-optimal allocations. We represent the models' stochastic discount factors in terms of the cross-sectional distribution of consumption and use these representations to evaluate the models' empirical implications. The first model is inconsistent with the equity premium in the United States, United Kingdom, and Italy. The second model is consistent with the ...
-
作者：Kircher, Philipp
作者单位：University of Pennsylvania; IZA Institute Labor Economics
摘要：This paper presents an equilibrium labor search model in which workers can simultaneously apply to multiple firms to increase their search intensity. They observe firms' wage postings before choosing where to apply. Owing to coordination frictions, a firm may not receive any applications; otherwise it is able to hire unless all its applicants have better offers. It is shown that the equilibrium converges to the efficient Walrasian outcome as application costs vanish. Even for nonnegligible app...
-
作者：Lazear, Edward P.
作者单位：Stanford University
摘要：The theory of human capital is agnostic on what constitutes firm-specific skills. The theory specifies that specific skills contribute to productivity only at the current firm. A broader approach lets all skills be general, but firms use them with different weights attached. For example, computer programming, economics, and accounting are general skills, but there may be only one firm that wants workers trained in all three. One implication is that wage profiles and the split of human capital ...
-
作者：Hayashi, Fumio; Prescott, Edward C.
作者单位：University of Tokyo; National Bureau of Economic Research; University of Arizona; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Why didn't the Japanese miracle take place before World War II? The culprit we identify is a barrier that kept prewar agricultural employment constant. Using a standard neoclassical two-sector growth model, we show that the barrier-induced sectoral distortion and an ensuring lack of capital accumulation account well for the depressed output level. Without the barrier, Japan's prewar GNP per worker would have been at least about a half of that of the United States, not about a third as in the d...
-
作者：Hansen, Lars Peter; Heaton, John C.; Li, Nan
作者单位：University of Chicago; National University of Singapore
摘要：We characterize and measure a long-term risk-return trade-off for the valuation of cash flows exposed to fluctuations in macroeconomic growth. This trade-off features risk prices of cash flows that are realized far into the future but continue to be reflected in asset values. We apply this analysis to claims on aggregate cash flows and to cash flows from value and growth portfolios by imputing values to the long-run dynamic responses of cash flows to macroeconomic shocks. We explore the sensit...
