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作者：Michelacci, Claudio; Quadrini, Vincenzo
作者单位：Center for Economic & Policy Research (CEPR); University of Southern California; National Bureau of Economic Research
摘要：We study a labour market equilibrium model in which firms sign optimal long-term contracts with workers. Firms that are financially constrained offer an increasing wage profile: they pay lower wages today in exchange for higher future wages once they become unconstrained. Because constrained firms grow faster, the model predicts a positive correlation between the growth of wages and the growth of the firm. Under some conditions, the model also generates a positive relation between firm size an...
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作者：Aguiar, Mark; Amador, Manuel; Gopinath, Gita
作者单位：University of Rochester; National Bureau of Economic Research; Stanford University; Harvard University
摘要：We characterize optimal taxation of foreign capital and optimal sovereign debt policy in a small open economy where the government cannot commit to policy, seeks to insure a risk-averse domestic constituency, and is more impatient than the market. Optimal policy generates long-run cycles in both sovereign debt and foreign direct investment in an environment in which the first best capital stock is a constant. The expected tax on capital endogenously varies with the state of the economy, and in...
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作者：Li, Hong; Mueller, Ulrich K.
作者单位：Brandeis University; Princeton University
摘要：This paper considers time series Generalized Method of Moments (GMM) models where a subset of the parameters are time varying. We focus on an empirically relevant case with moderately large instabilities, which are well approximated by a local asymptotic embedding that does not allow the instability to be detected with certainty, even in the limit. We show that for many forms of the instability and a large class of GMM models, usual GMM inference on the subset of stable parameters is asymptoti...
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作者：Epstein, Larry G.
作者单位：Boston University
摘要：Living with risk can lead to anticipatory feelings such as anxiety or hopefulness. Such feelings can affect the choice between lotteries that will be played out in the future-choice may be motivated not only by the (static) risks involved but also by the desire to reduce anxiety or to promote savouring. This paper provides a model of preference in a three-period setting that is axiomatic and includes a role for anticipatory feelings. It is shown that the model of preference can accommodate int...
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作者：Baccara, Mariagiovanna; Bar-Isaac, Heski
作者单位：New York University
摘要：In criminal organizations, diffusing information widely throughout the organization might lead to greater internal efficiency (in particular, since these organizations are self-sustaining, through enhancing trust). However, this may come at the cost of leaving the organization more vulnerable to external threats such as law enforcement. We consider the implications of this trade-off and characterize the optimal information structure, rationalizing both hierarchical structures and organization ...
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作者：Martin, Philippe; Mayer, Thierry; Thoenig, Mathias
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; University of Geneva; Paris School of Economics
摘要：This paper analyses theoretically and empirically the relationship between military conflicts and trade. We show that the conventional wisdom that trade promotes peace is only partially true even in a model where trade is economically beneficial, military conflicts reduce trade, and leaders are rational. When war can occur because of the presence of asymmetric information, the probability of escalation is lower for countries that trade more bilaterally because of the opportunity cost associate...
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作者：Arzaghi, Mohammad; Henderson, J. Vernon
作者单位：American University of Sharjah; Brown University
摘要：This paper studies the advertising agency industry in Manhattan to infer networking benefits among agencies in close spatial proximity. We use economic census data that allow us to distinguish locations at a fine level of geographic detail, so as to infer the strong effect on productivity of having more near advertising agency neighbours. Paying close attention to identification issues, we show, however, that there is extremely rapid spatial decay in the benefits of more near neighbours, even ...
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作者：Brunner, Antje; Krahnen, Jan Pieter
作者单位：Humboldt University of Berlin; Goethe University Frankfurt
摘要：Multiple banking is a common characteristic of the corporate lending, particularly of medium-sized and large firms. However, if the firms are facing distress, multiple lenders may have serious coordination problems, as has been argued in the theoretical literature. In this paper we analyse the problems of multiple banking in borrower distress empirically. We rely on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particu...
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作者：Barlevy, Gadi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper shows how record-value theory, a branch of statistics that deals with the timing and magnitude of extreme values in sequences of random variables, can be used to recover features of the wage offer distribution in conventional search models. Using National Longitudinal Survey of Youth (NLSY) wage data, I show that the data are not compatible with specifications for the offer distribution characterized by extreme negative skewness. In addition, I show that my approach can be used to c...
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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
摘要：This paper shows that standard international business cycle models can be reconciled with the empirical evidence on the lack of consumption risk sharing. First, we show analytically that with incomplete asset markets productivity disturbances can have large uninsurable effects on wealth, depending on the value of the trade elasticity and shock persistence. Second, we investigate these findings quantitatively in a model calibrated to the U.S. economy. With the low trade elasticity estimated via...
