Review of Economic Studies

最新文章

• The role of portfolio constraints in the international propagation of shocks AI翻译
  作者：Pavlova, Anna; Rigobon, Roberto
  作者单位：University of London; London Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
  摘要：We study the comovement among stock prices and exchange rates in a three-good, three-country, Centre-Periphery, dynamic equilibrium model in which the Centre's agents face portfolio constraints. We characterize equilibrium in closed form for a broad class of portfolio constraints, solving for stock prices, terms of trade, and portfolio holdings. We show that portfolio constraints generate wealth transfers between the Periphery countries and the Centre, which increase the comovement of the stoc...
• Time-consistent public policy AI翻译
  作者：Klein, Paul; Krusell, Per; Rios-Rull, Jose-Victor
  作者单位：Western University (University of Western Ontario); Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Center for Economic & Policy Research (CEPR); University of Pennsylvania
  摘要：In this paper we study how a benevolent government that cannot commit to future policy should trade off the costs and benefits of public expenditure. We characterize and solve for Markov-perfect equilibria of the dynamic game between successive governments. The characterization consists of an inter-temporal first-order condition (a generalized Euler equation) for the government, and we use it both to gain insight into the nature of the equilibrium and as a basis for computations. For a calibra...
• Durable-goods monopoly with varying demand AI翻译
  作者：Board, Simon
  作者单位：University of California System; University of California Los Angeles; University of Toronto
  摘要：This paper solves for the profit-maximizing strategy of a durable-goods monopolist when incoming demand varies over time. We first characterize the consumers' optimal purchasing decision by a cut-off rule. We then show that, under a monotonicity condition, the profit-maximizing cut-offs can be derived through a myopic algorithm, which has an intuitive marginal revenue interpretation. Consumers' ability to delay creates an asymmetry in the optimal price path, which exhibits fast increases and s...
• Social preferences, skill segregation, and wage dynamics AI翻译
  作者：Cabrales, Antonio; Calvo-Armengol, Antoni; Pavoni, Nicola
  作者单位：Universidad Carlos III de Madrid; ICREA; Autonomous University of Barcelona; University of London; University College London; University of London; London School Economics & Political Science
  摘要：We study the earning structure and the equilibrium assignment of workers to firms in a model in which workers have social preferences, and skills are perfectly substitutable in production. Firms offer long-term contracts, and we allow for frictions in the labour market in the form of mobility costs. The model delivers specific predictions about the nature of worker flows, about the characteristics of workplace skill segregation, and about wage dispersion both within and across firms. We show t...
• A model of money and credit, with application to the credit card debt puzzle AI翻译
  作者：Telyukova, Irina A.; Wright, Randall
  作者单位：University of California System; University of California San Diego; University of Pennsylvania
  摘要：Many individuals simultaneously have significant credit card debt and money in the bank. The credit card debt puzzle is as follows: given high interest rates on credit cards and low rates on bank accounts, why not pay down debt? While some economists go to elaborate lengths to explain this, we argue it is a special case of the rate of return dominance puzzle from monetary economics. We extend standard monetary theory to incorporate consumer debt, which is interesting in its own right since dev...
• Optimal delegation AI翻译
  作者：Alonso, Ricardo; Matouschek, Niko
  作者单位：Northwestern University; University of Southern California
  摘要：We analyse the design of decision rules by a principal who faces an informed but biased agent and who is unable to commit to contingent transfers. The contracting problem reduces to a delegation problem in which the principal commits to a set of decisions from which the agent chooses his preferred one. We characterize the optimal delegation set and perform comparative statics on the principal's willingness to delegate and the agent's discretion. We also provide conditions for interval delegati...
• Partial identification in monotone binary models: Discrete regressors and interval data AI翻译
  作者：Magnac, Thierry; Maurin, Eric
  作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Paris School of Economics
  摘要：We investigate identification in semi-parametric binary regression models, y = 1(x beta + upsilon + epsilon > 0) when upsilon is either discrete or measured within intervals. The error term epsilon is assumed to be uncorrelated with a set of instruments z, epsilon is independent of upsilon conditionally on x and z, and the support of - (x beta + epsilon) is finite. We provide a sharp characterization of the set of observationally equivalent parameters beta. When there are as many instruments z...
• Manipulation and the allocational role of prices AI翻译
  作者：Goldstein, Itay; Guembel, Alexander
  作者单位：University of Pennsylvania; University of Oxford; University of Oxford
  摘要：It is commonly believed that prices in secondary financial markets play an important allocational role because they contain information that facilitates the efficient allocation of resources. This paper identifies a limitation inherent in this role of prices. It shows that the presence of a feedback effect from the financial market to the real value of a firm creates an incentive for an uninformed trader to sell the firm's stock. When this happens the informativeness of the stock price decreas...
• Beyond icebergs: Towards a theory of biased globalization AI翻译
  作者：Matsuyama, Kiminori
  作者单位：Northwestern University
  摘要：In contrast to domestic trade, international trade inherently requires more intensive use of skilled labour with expertise in areas such as international business, language skills, and maritime insurance, and the transoceanic transportation is more capital intensive than the local transportation. In the presence of such bias in factor demands, globalization caused by an improvement in the export technologies can lead to a worldwide increase in the relative prices of the factors used intensivel...
• Elimination of social security in a dynastic framework AI翻译
  作者：Fuster, Luisa; Imrohoroglu, Ayse; Imrohoroglu, Selahattin
  作者单位：University of Toronto; University of Southern California
  摘要：Much of the existing literature on social security has taken the extreme assumption that individuals have little or no altruism; this paper takes an opposite assumption that there is full two-sided altruism. When households insure members that belong to the same family line, privatizing social security can gain public support. In our benchmark model calibrated to the U.S. economy, privatization without compensation is favoured by 52% of the population. If social security participants are fully...