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作者：Galichon, Alfred; Henry, Marc
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Universite de Montreal
摘要：We propose a computationally feasible way of deriving the identified features of models with multiple equilibria in pure or mixed strategies. It is shown that in the case of Shapley regular normal form games, the identified set is characterized by the inclusion of the true data distribution within the core of a Choquet capacity, which is interpreted as the generalized likelihood of the model. In turn, this inclusion is characterized by a finite set of inequalities and efficient and easily impl...
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作者：Rege, Mari; Telle, Kjetil; Votruba, Mark
作者单位：Universitetet i Stavanger; University System of Ohio; Case Western Reserve University
摘要：Using Norwegian register data, we estimate how children's school performance is affected by their parents' exposure to plant closure. Our estimates suggest that paternal job loss has a negative effect on children's school performance. In contrast, maternal job loss is associated with a non-significant increase in school performance. Importantly, the negative effect of paternal job loss appears largely unrelated to its effect on father's income, father's employment status, a shift in maternal t...
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作者：Rodriguez-Lopez, Jose Antonio
作者单位：University of California System; University of California Irvine
摘要：I present a sticky-wage model of exchange rate pass-through with heterogeneous producers and endogenous markups. The model shows that low levels of exchange rate pass-through to firm-and aggregate-level import prices coexist with large movements in trade flows. After an exchange rate shock, aggregate import prices are subject to a composition bias due to changes in the extensive margin of trade (the number of goods traded between countries). At the firm level, each producer adjusts its markups...
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作者：Duggan, J.; Martinelli, C.
作者单位：University of Rochester
摘要：We develop a theory of media slant as a systematic filtering of political news that reduces multidimensional politics to the one-dimensional space perceived by voters. Economic and political choices are interdependent in our theory: expected electoral results influence economic choices, and economic choices in turn influence voting behaviour. In a two-candidate election, we show that media favouring the front-runner will focus on issues unlikely to deliver a surprise, while media favouring the...
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作者：Eeckhout, Jan; Kircher, Philipp
作者单位：University of Pennsylvania; University of Oxford
摘要：Assortative matching between workers and firms provides evidence of the complementarities or substitutes in production. The presence of complementarities is important for policies that aim to achieve the optimal allocation of resources, e. g. unemployment insurance. We argue that using wage data alone, it is virtually impossible to identify whether assortative matching is positive or negative. Even though we cannot identify the sign of the sorting, we can identify the strength, i.e. the magnit...
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作者：Goldstein, Itay; Ozdenoren, Emre; Yuan, Kathy
作者单位：University of Pennsylvania; University of London; London Business School; University of London; London School Economics & Political Science
摘要：We study a model where the aggregate trading of currency speculators reveals new information to the central bank and affects its policy decision. We show that the learning process gives rise to coordination motives among speculators leading to large currency attacks and introducing non-fundamental volatility into exchange rates and policy decisions. We show that the central bank can improve the ex ante effectiveness of its policy by committing to put a lower weight ex post on the information f...
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作者：Condie, Scott; Ganguli, Jayant V.
作者单位：Brigham Young University; University of Cambridge
摘要：This paper demonstrates the existence and robustness of partially revealing rational expectations equilibria in general exchange economies when some traders have non-smooth ambiguity-averse preferences. This finding illustrates that models with non-smooth ambiguity aversion provide a relatively tractable framework through which partial information revelation may be studied in a general equilibrium setting without relying on particular distributional or von Neumann-Morgenstern utility assumptio...
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作者：Baliga, Sandeep; Lucca, David O.; Sjoestroem, Tomas
作者单位：Northwestern University; Federal Reserve System - USA; Federal Reserve System Board of Governors; Rutgers University System; Rutgers University New Brunswick
摘要：We build a game-theoretic model where aggression can be triggered by domestic political concerns as well as the fear of being attacked. In the model, leaders of full and limited democracies risk losing power if they do not stand up to threats from abroad. In addition, the leader of a fully democratic country loses the support of the median voter if he attacks a non-hostile country. The result is a non-monotonic relationship between democracy and peace. Using Polity data, we classify countries ...
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作者：Campo, Sandra; Guerre, Emmanuel; Perrigne, Isabelle; Vuong, Quang
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of London; Queen Mary University London; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In view of the non-identification of the first-price auction model with risk-averse bidders, this paper proposes some parametric identifying restrictions and a semiparametric estimator for the risk aversion parameter(s) and the latent distribution of private values. Specifically, we exploit heterogeneity across auctioned objects to establish semiparametric identification under a conditional quantile restriction of the bidders' private value distribution and a parameterization of the bidders' u...
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作者：Chiang, Chun-Fang; Knight, Brian
作者单位：National Taiwan University; Brown University
摘要：This paper investigates the relationship between media bias and the influence of the media on voting in the context of newspaper endorsements. We first develop a simple econometric model in which voters choose candidates under uncertainty and rely on endorsements from better informed sources. Newspapers are potentially biased in favour of one of the candidates and voters thus rationally account for the credibility of any endorsements. Our primary empirical finding is that endorsements are infl...
