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作者：Almazan, Andres; De Motta, Adolfo; Titman, Sheridan
作者单位：University of Texas System; University of Texas Dallas; McGill University; National Bureau of Economic Research
摘要：This paper presents a theory of location choice that draws on insights from the incomplete contracts and investment flexibility (real option) literatures. Our analysis indicates that the choice of locating within rather than away from industry clusters is influenced by the extent to which training costs are borne by firms versus employees. In addition, the uncertainty about future productivity shocks and the ability of firms to modify the scale of their operations also influence location choic...
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作者：Hornstein, Andreas; Krusell, Per; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester; National Bureau of Economic Research; New York University
摘要：Does capital-embodied technological change play an important role in shaping labour-market outcomes? To address this question, we develop a model with vintage capital and search-matching frictions where irreversible investment in new vintages of capital creates heterogeneity in productivity among firms, matched as well as vacant. We demonstrate that capital-embodied technological change reduces labour demand and raises equilibrium unemployment and unemployment durations. In addition, the prese...
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作者：Gul, Faruk; Pesendorfer, Wolfgang
作者单位：Princeton University
摘要：We construct an infinite horizon model of harmful addiction. Consumption is compulsive if it differs from what the individual would have chosen had commitment been available. A good is addictive if its consumption leads to more compulsive consumption of the same good. We analyse the welfare implications of drug policies and find that taxes on drugs decrease welfare while prohibitive policies may increase welfare. We also analyse the agent's demand for voluntary commitment (rehab). For appropri...
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作者：Fernandez-Villaverde, Jesus; Rubio-Ramirez, Juan F.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper shows how particle filtering facilitates likelihood-based inference in dynamic macroeconomic models. The economies can be non-linear and/or non-normal. We describe how to use the output from the particle filter to estimate the structural parameters of the model, those characterizing preferences and technology, and to compare different economies. Both tasks can be implemented from either a classical or a Bayesian perspective. We illustrate the technique by estimating a business cycle...
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作者：Michelacci, Claudio; Lopez-Salido, David
摘要：We consider a version of the Solow growth model where technological progress can be investment specific or investment neutral. The labour market is subject to search frictions, and the existing productive units may fail to adopt the most recent technological advances. Technological progress can lead to the destruction of technologically obsolete jobs and cause unemployment. We calibrate the model to replicate the high persistence that characterizes the dynamics of firms' neutral technology and...
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作者：Miquel, Gerard Padro I.
作者单位：Stanford University; National Bureau of Economic Research
摘要：Autocrats in many developing countries have extracted enormous personal rents from power. In addition, they have imposed inefficient policies including pervasive patronage spending. I present a model in which the presence of ethnic identities and the absence of institutionalized succession processes allow the ruler to elicit support from a sizeable share of the population despite large reductions in welfare. The fear of falling under an equally inefficient and venal ruler that favours another ...
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作者：Weill, Pierre-Olivier
作者单位：University of California System; University of California Los Angeles
摘要：During financial disruptions, market makers provide liquidity by absorbing external selling pressure. They buy when the pressure is large, accumulate inventories, and sell when the pressure alleviates. This paper studies optimal dynamic liquidity provision in a theoretical market setting with large and temporary selling pressure and order-execution delays. I show that competitive market makers offer the socially optimal amount of liquidity, provided they have access to sufficient capital. If r...
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作者：Myatt, David P.
摘要：In a plurality-rule election, a group of voters must coordinate behind one of two challengers in order to defeat a disliked status quo. Departing from existing work, the support for each challenger must be inferred from the private observation of informative signals. The unique equilibrium involves limited strategic voting and incomplete coordination. This is driven by negative feedback: an increase in strategic voting by others reduces the incentives for a voter to act strategically. Strategi...
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作者：Nakajima, Ryo
作者单位：University of Tsukuba
摘要：This paper examines the role of peer effects in teenagers' smoking behaviour in the U.S.A. I present a random utility model that incorporates complementarity between individual and peer smoking. A Markov process model of smoking interactions between individuals is presented. I estimate the structural parameters of the model using a steady-state distribution that is determined by the Markov process. The empirical results strongly support the presence of positive peer effects. Interestingly, pee...
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作者：Kopczuk, Wojciech; Lupton, Joseph P.
作者单位：Columbia University
摘要：We examine the effect of observed and unobserved heterogeneity in the desire to die with positive net worth. Using a structural life-cycle model nested in a switching regression with unknown sample separation, we find that roughly three-fourths of the elderly single population has a bequest motive. Both the presence and the magnitude of the bequest motive are statistically and economically significant. On average, households with a bequest motive spend about 25% less on consumption expenditure...
