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作者：Del Boca, Daniela; Flinn, Christopher; Wiswall, Matthew
作者单位：Collegio Carlo Alberto; New York University; Arizona State University; Arizona State University-Tempe
摘要：The growth in labour market participation among women with young children has raised concerns about its implications for child cognitive development. We estimate a model of the cognitive development process of children nested within an otherwise standard model of household behaviour. The household makes labour supply decisions and provides time and money inputs into the child quality production process during the development period. Our empirical results indicate that both parents' time inputs...
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作者：Atakan, Alp E.; Ekmekci, Mehmet
作者单位：Koc University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This article considers a two-sided search market where firms and workers are paired to bargain over a unit surplus. The matching market serves as an endogenous outside option for the agents. The market includes inflexible commitment types who demand a constant portion of any match surplus. The frequency of such types is determined in equilibrium.An equilibrium where there are significant delays in reaching an agreement and where negotiations occasionally break down on the equilibrium path is c...
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作者：Cason, Timothy N.; Friedman, Daniel; Hopkins, E. D.
作者单位：Purdue University System; Purdue University; University of California System; University of California Santa Cruz; University of Edinburgh
摘要：We report laboratory experiments that use new, visually oriented software to explore the dynamics of 3x3 games with intransitive best responses. Each moment, each player is matched against the entire population, here 8 human subjects. A heat map offers instantaneous feedback on current profit opportunities. In the continuous slow adjustment treatment, we see distinct cycles in the population mix. The cycle amplitude, frequency and direction are consistent with the standard learning models. Cyc...
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作者：Paciello, Luigi; Wiederholt, Mirko
作者单位：Goethe University Frankfurt
摘要：This article studies optimal monetary policy when decision-makers in firms choose how much attention they devote to aggregate conditions. When the amount of attention that decision-makers in firms devote to aggregate conditions is exogenous, complete price stabilization is optimal only in response to shocks that cause efficient fluctuations under perfect information. When decision-makers in firms choose how much attention they devote to aggregate conditions, complete price stabilization is opt...
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作者：Goldberg, Pinelopi Koujianou; Hellerstein, Rebecca
作者单位：Yale University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The inertia of the local currency prices of traded goods in the face of exchange rate changes is a well-documented phenomenon in International Economics. This paper develops a structural model to identify the sources of this local currency price stability and applies it to micro-data from the beer market. The empirical procedure exploits manufacturers' and retailers' first-order conditions in conjunction with detailed information on the frequency of price adjustments following exchange rate ch...
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作者：Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano
作者单位：Stanford University; National Bureau of Economic Research; University of Cagliari
摘要：We use variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. We find that firms operating in less financially developed markets offer lower entry wages but faster wage growth than firms in more financially developed markets. This helps firms finance their operations by implicitly raising funds from workers. We control for local market fixed effects and only exploit time variation in the deg...
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作者：Edmond, Chris
作者单位：University of Melbourne
摘要：This article presents a model of information manipulation and political regime change. There is a regime that can be overthrown but only if enough citizens participate in an uprising. Citizens are imperfectly informed about the regime's ability to resist an uprising and the regime can engage in propaganda that, taken at face-value, makes the regime seem stronger than it truly is. This coordination game with endogenous information manipulation has a unique equilibrium and the article gives a co...
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作者：Ramondo, Natalia; Rappoport, Veronica; Ruhl, Kim J.
作者单位：University of California System; University of California San Diego; University of London; London School Economics & Political Science; New York University
摘要：In this article, we analyse the firm's choice between serving a foreign market through exports or through foreign affiliate sales in an environment characterized by country-specific shocks to the cost of production. Our model predicts that country pairs with less-correlated output fluctuations trade more, relative to affiliate sales, whereas countries with more-volatile fluctuations are served relatively more by exporters than by foreign affiliates selling abroad. Using detailed data on trade ...
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作者：Beaulieu, Marie-Claude; Dufour, Jean-Marie; Khalaf, Lynda
作者单位：Laval University; McGill University; Carleton University
摘要：We propose exact simulation-based procedures for: (i) testing mean-variance efficiency when the zero-beta rate is unknown; (ii) building confidence intervals for the zero-beta rate. On observing that this parameter may be weakly identified, we propose likelihood-ratio-type tests as well as Fieller-type procedures based on a Hotelling-HAC statistic, which are robust to weak identification and allow for non-Gaussian distributions including parametric GARCH structures. The Fieller-Hotelling-HAC p...
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作者：Hugonnier, Julien; Pelgrin, Florian; St-Amour, Pascal
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); University of Lausanne; Swiss Finance Institute (SFI); University of Lausanne
摘要：Despite clear evidence of correlations between financial and medical statuses and decisions, most models treat financial and health-related choices separately. This article bridges this gap by proposing a tractable dynamic framework for the joint determination of optimal consumption, portfolio holdings, health investment, and health insurance. We solve for the optimal rules in closed form and capitalize on this tractability to gain a better understanding of the conditions under which separatio...
