Review of Economic Studies

最新文章

• Uncertainty and investment dynamics AI翻译
  作者：Bloom, Nick; Bond, Stephen; Van Reenen, John
  作者单位：Stanford University; National Bureau of Economic Research; University of Oxford; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
  摘要：This paper shows that with (partial) irreversibility higher uncertainty reduces the responsiveness of investment to demand shocks. Uncertainty increases real option values making firms more cautious when investing or disinvesting. This is confirmed both numerically for a model with a rich mix of adjustment costs, time-varying uncertainty, and aggregation over investment decisions and time and also empirically for a panel of manufacturing firms. These cautionary effects of uncertainty are large...
• Learning by doing vs. learning about match quality:: Can we tell them apart? AI翻译
  作者：Nagypal, Eva
  作者单位：Northwestern University
  摘要：Understanding the accumulation of match-specific capital is crucial in shedding light on the reasons for the prevalence of long-term employment relationships and on the welfare consequences of turnover in the labour market. One of the most important sources of match-specific capital is human capital acquired through match-specific learning. Such learning can take on two distinct forms. In the first case, workers accumulate match-specific human capital through learning by doing. In the second c...
• Interest rates, irreversibility, and backward-bending investment AI翻译
  作者：Chetty, Raj
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
  摘要：This paper studies the effect of interest rates on investment in an environment where firms make irreversible investments with uncertain pay-offs. In this setting, changes in the interest rate affect both the cost of capital and the cost of delaying investment to acquire information. These two forces combine to generate an aggregate investment demand curve that is a backward-bending function of the interest rate. At low rates, increasing the interest rate raises investment by increasing the co...
• Rational pessimism, rational exuberance, and asset pricing models AI翻译
  作者：Bansal, Ravi; Gallant, A. Ronald; Tauchen, George
  作者单位：Duke University
  摘要：The paper estimates and examines the empirical plausibility of asset pricing models that attempt to explain features of financial markets such as the size of the equity premium and the volatility of the stock market. In one model, the long-run risks (LRR) model of Bansal and Yaron, low-frequency movements, and time-varying uncertainty in aggregate consumption growth are the key channels for understanding asset prices. In another, as typified by Campbell and Cochrane, habit formation, which gen...
• Building the family nest: Premarital investments, marriage markets, and spousal allocations AI翻译
  作者：Iyigun, Murat; Walsh, Randall P.
  作者单位：University of Colorado System; University of Colorado Boulder; University of Colorado System; University of Colorado Boulder
  摘要：We develop a transferable utility model of the household in which the marriage market is characterized by (negative or positive) assortative matching, and spousal allocations are determined by premarital investments. We demonstrate that all sharing rules along the assortative order support efficient outcomes both in terms of premarital investments and intra-household allocations. The efficiency of premarital choices and household allocations then enables us to show that, for each couple, the m...
• International equity flows and returns: A quantitative equilibrium approach AI翻译
  作者：Albuquerque, Rui; Bauer, Gregory H.; Schneider, Martin
  作者单位：Boston University; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
  摘要：This paper considers the role of foreign investors in developed country equity markets. It presents a quantitative model of trading that is built around two new assumptions about investor sophistication: (i) both the foreign and domestic populations contain investors with superior information sets; and (ii) these knowledgeable investors have access to both public equity markets and private investment opportunities. The model delivers a unified explanation for three stylized facts about U.S. in...
• Coalition formation with binding agreements AI翻译
  作者：Hyndman, Kyle; Ray, Debraj
  作者单位：Southern Methodist University; New York University
  摘要：We study coalition formation in real time, a situation in which coalition formation is intertwined with the ongoing receipt of pay-offs. Agreements are assumed to be permanently binding: They can only be altered with the full consent of existing signatories. For characteristic function games we prove that equilibrium processes-whether or not these are history dependent-must converge to efficient absorbing states. For three-player games with externalities each player has enough veto power that ...
• Household intertemporal behaviour: A collective characterization and a test of commitment AI翻译
  作者：Mazzocco, Maurizio
  作者单位：University of California System; University of California Los Angeles; University of Wisconsin System; University of Wisconsin Madison
  摘要：In this paper, a formal test of intra-household commitment is derived and performed. To that end, two models of household intertemporal behaviour are developed. In both models, household members are characterized by individual preferences. In the first formulation, household decisions are always on the ex ante Pareto frontier. In the second model, the assumption of intra-household commitment required by ex ante efficiency is relaxed. It is shown that the full-efficiency household Euler equatio...
• Foundations of dominant-strategy mechanisms AI翻译
  作者：Chung, Kim-Sau; Ely, J. C.
  摘要：Robert Wilson criticizes applied game theory's reliance on common-knowledge assumptions. In reaction to Wilson's critique, the recent literature of mechanism design has adopted the goal of finding detail-free mechanisms in order to eliminate this reliance. In practice this has meant restricting attention to simple mechanisms such as dominant-strategy mechanisms. However, there has been little theoretical foundation for this approach. In particular it is not clear the search for an optimal mech...
• Collective labour supply: Heterogeneity and non-participation AI翻译
  作者：Blundell, Richard; Chiappori, Pierre-Andre; Magnac, Thierry; Meghir, Costas
  作者单位：University of London; University College London; University of Chicago; Columbia University; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole
  摘要：We present identification and estimation results for the collective model of labour supply in which there are discrete choices, censoring of hours, and non-participation in employment. We derive the collective restrictions on labour supply functions and contrast them with restrictions implied by the usual unitary framework. Using the large changes in the wage structure between men and women in the U.K. over the last two decades, we estimate a collective labour supply model for married couples ...