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作者：Bianchi, Francesco
作者单位：Duke University
摘要：The evolution of the U.S. economy over the past 55 years is examined through the lens of a micro-founded model that allows for changes in the behaviour of the Federal Reserve and in the volatility of structural shocks. Agents are aware of the possibility of regime changes and their beliefs matter for the law of motion underlying the macroeconomy. Monetary policy is identified by repeated fluctuations between a Hawk and a Dove regime, with the latter prevailing in the 1970s and during the recen...
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作者：Bianchi, Milo; Bobba, Matteo
作者单位：Universite PSL; Universite Paris-Dauphine; Inter-American Development Bank
摘要：We explore which financial constraints matter most in the choice of becoming an entrepreneur. We consider a randomly assigned welfare programme in rural Mexico and show that cash transfers significantly increase entry into entrepreneurship. We then exploit cross-household variation in the timing of these transfers and find that current occupational choices are significantly more responsive to the transfers expected for the future than to those currently received. Guided by a simple occupationa...
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作者：Balafoutas, Loukas; Beck, Adrian; Kerschbamer, Rudolf; Sutter, Matthias
作者单位：University of Innsbruck; University of Gothenburg; IZA Institute Labor Economics; Leibniz Association; Ifo Institut
摘要：Credence goods are characterized by informational asymmetries between sellers and consumers that invite fraudulent behaviour by sellers. This article presents a natural field experiment on taxi rides in Athens, Greece, set up to measure different types of fraud and to examine the influence of passengers' presumed information and income on the extent of fraud. We find that passengers with inferior information about optimal routes are taken on significantly longer detours, while lack of informat...
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作者：Bhaskar, V.; Mailath, George J.; Morris, Stephen
作者单位：University of London; University College London; University of Pennsylvania; Princeton University
摘要：We study stochastic games with an infinite horizon and sequential moves played by an arbitrary number of players. We assume that social memory is finite-every player, except possibly one, is finitely lived and cannot observe events that are sufficiently far back in the past. This class of games includes games between a long-run player and a sequence of short-run players, and games with overlapping generations of players. An equilibrium is purifiable if some close-by behaviour is consistent wit...
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作者：Lise, Jeremy
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：In this article, I develop and estimate a model of on-the-job search in which risk averse workers choose search effort and can borrow or save using a single risk free asset. I derive the implications for optimal savings behaviour in this environment and relate this to the frictions that characterize the endogenous earnings process implied by on-the-job search. Savings behaviour depends in a very intuitive way on the rate at which offers are received, the rate at which jobs are destroyed, and a...
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作者：Wong, Maisy
作者单位：University of Pennsylvania
摘要：This article estimates people's taste for living with own-ethnic-group neighbours using variation from a natural experiment in Singapore: ethnic housing quotas. I develop a location choice model that informs the use of policy variation from the quotas to address endogeneity issues well known in the social interactions literature. I assembled a dataset on neighbourhood-level ethnic proportions by matching more than 500,000 names in the phonebook to ethnicities. I find that all groups want to li...
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作者：Gu, Chao; Mattesini, Fabrizio; Monnet, Cyril; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; University of Bern; University of Wisconsin System; University of Wisconsin Madison
摘要：We develop a model where: (i) banks take deposits and make investments; (ii) their liabilities facilitate third-party transactions. Other models have (i) or (ii), not both, although we argue they are intimately connected: we show that they both emerge from limited commitment. We describe an environment, characterize desirable allocations, and interpret the outcomes as banking arrangements. Banks are essential: without them, the set of feasible allocations is inferior. As a technical contributi...
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作者：Phelan, Christopher; Skrzypacz, Andrzej
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University
摘要：This paper develops new recursive, set based methods for studying repeated games with private monitoring. For any finite-state strategy profile, we find necessary and sufficient conditions for whether there exists a distribution over initial states such that the strategy, together with this distribution, form a correlated sequential equilibrium (CSE). Also, for any given correlation device for determining initial states (including degenerate cases where players' initial states are common knowl...
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作者：Duranton, Gilles; Turner, Matthew A.
作者单位：University of Toronto
摘要：We estimate the effects of interstate highways on the growth of U.S. cities between 1983 and 2003. We find that a 10% increase in a city's initial stock of highways causes about a 1.5% increase in its employment over this 20 year period. To estimate a structural model of urban growth and transportation, we rely on an instrumental variables estimation that uses a 1947 plan of the interstate highway system, an 1898 map of railroads, and maps of the early explorations of the U.S. as instruments f...
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作者：Beaman, Lori A.
作者单位：Northwestern University
摘要：This paper examines the dynamic implications of social networks for the labour market outcomes of refugees resettled in the U.S. A theoretical model of job information transmission shows that the relationship between social network size and labour market outcomes is heterogeneous and depends on the vintage of network members: an increase in network size can negatively impact some cohorts in a network while benefiting others. To test this prediction, I use new data on political refugees resettl...
