Review of Economic Studies

最新文章

• Foreign Exchange Intervention with UIP and CIP Deviations AI翻译
  作者：Bacchetta, Philippe; Benhima, Kenza; Berthold, Brendan
  作者单位：University of Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK
  摘要：We examine the welfare-based opportunity cost of foreign exchange (FX) intervention when both covered interest rate parity (CIP) and uncovered interest rate parity (UIP) deviations are present. We consider a small open economy that receives international capital flows through constrained international financial intermediaries. Deviations from CIP come from limited arbitrage or through a convenience yield, while UIP deviations are also affected by global risk. We show that the sign of CIP and U...
• The Selective Disclosure of Evidence: An Experiment AI翻译
  作者：Farina, Agata; Frechette, Guillaume R.; Ispano, Alessandro; Lizzeri, Alessandro; Perego, Jacopo
  作者单位：University of Chicago; New York University; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Universite PSL; Laboratoire dEconomie de Dauphine LEDa; Universite Paris-Dauphine; Institut Universitaire de France; Princeton University; Columbia University
  摘要：We conduct an experimental analysis of selective disclosure in communication. In the model, an informed sender aims to influence a receiver by disclosing verifiable evidence that is selected from a larger pool of available evidence. Our experimental design leverages this model's rich comparative statics, allowing us to systematically quantify the effects of selection relative to concealment. Our findings confirm the key qualitative predictions of the theory, suggesting that selection, rather t...
• The Micro and Macro Dynamics of Capital Flows AI翻译
  作者：Saffie, Felipe; Varela, Liliana; Yi, Kei-Mu
  作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Dallas
  摘要：We study empirically and theoretically the effects of international financial flows on resource allocation. Using the universe of firms in Hungary, we show that removing capital controls lowers firms' cost of capital and increases household consumption, with the latter playing a dominant role. The consumption channel leads to reallocation of resources toward high expenditure elasticity activities-such as services-promoting both the expansion of incumbents and firm entry. A multi-sector heterog...
• Monetary Policy and Endogenous Financial Crises AI翻译
  作者：Boissay, F.; Collard, F.; Gali, J.; Manea, C.
  作者单位：Bank for International Settlements (BIS); Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
  摘要：What are the channels through which monetary policy affects financial stability? Can (and should) central banks prevent financial crises by deviating from price stability? To what extent may monetary policy itself unintentionally breed financial vulnerabilities? We answer these questions using a New Keynesian model with capital accumulation and endogenous financial crises due to adverse selection and moral hazard in credit markets. Our findings are threefold. First, monetary policy affects the...
• When is TSLS Actually LATE? AI翻译
  作者：Blandhol, Christine; Bonney, John; Mogstad, Magne; Torgovitsky, Alexander
  作者单位：Princeton University; Stanford University; University of Chicago; Statistics Norway; National Bureau of Economic Research; University of Chicago
  摘要：Linear instrumental variable estimators, such as two-stage least squares (TSLS), are commonly interpreted as estimating non-negatively weighted averages of causal effects, referred to as local average treatment effects (LATEs). We examine whether the LATE interpretation actually applies to the types of TSLS specifications that are used in practice. We show that if the specification includes covariates-which most empirical work does-then the LATE interpretation does not apply in general. Instea...
• The Effect of Provider Diversity on Racial Health Disparities: Evidence from the Military* AI翻译
  作者：Frakes, Michael; Gruber, Jonathan
  作者单位：National Bureau of Economic Research; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
  摘要：We assess the relationship between the racial diversity of medical providers and racial health disparities in the use of preventive care and in patient outcomes. We use unique data from the Military Health System, where we observe providers as patients so that we can identify their race, and where moves across bases change exposure to provider race in a plausibly exogenous fashion. We consider patients with four chronic, deadly, but manageable illnesses, where the relationship with the provide...
• Revisiting the Non-Parametric Analysis of Time-Inconsistent Preferences AI翻译
  作者：Echenique, Federico; Tserenjigmid, Gerelt
  作者单位：University of California System; University of California Berkeley; University of California System; University of California Santa Cruz
  摘要：We revisit the recent revealed preference analysis of sophisticated quasi-hyperbolic consumers by Blow et al. [(2021), Non-parametric Analysis of Time-Inconsistent Preferences, The Review of Economic Studies, 88, 2687-2734] (BBC). We show that BBC's revealed preference test is too lax. There are non-rationalizable data that would pass their test. A basic problem with their test is that it requires finding a certain endogenous elasticity, without regard to the rationalizing utility. Their appro...
• How People Use Statistics AI翻译
  作者：Bordalo, Pedro; Conlon, John; Gennaioli, Nicola; Kwon, Spencer; Shleifer, Andrei
  作者单位：University of Oxford; Carnegie Mellon University; Bocconi University; Bocconi University; Brown University; Harvard University
  摘要：For standard statistical problems, we provide new evidence documenting (1) multimodality and (2) instability in probability estimates, including from irrelevant changes in problem description. The evidence motivates a model in which, when solving a problem, people represent each hypothesis by attending to its salient features while neglecting other, potentially more relevant, ones. Only the statistics associated with salient features are used. The model unifies biases in judgments about i.i.d....
• Bid Shopping in Procurement Auctions with Subcontracting AI翻译
  作者：Deneckere, Raymond; Quint, Daniel
  作者单位：University of Wisconsin System; University of Wisconsin Madison
  摘要：We analyse the equilibrium effects of bid shopping-a contractor soliciting a subcontractor bid for part of a project prior to a procurement auction, then showing that bid to a competing subcontractor in an attempt to secure a lower price. Such conduct is widely criticized as unethical by professional organizations and has been the target of legislation at both the federal and state level but is widespread in procurement auctions in many places. We find that in equilibrium, a winning contractor...
• Smooth Diagnostic Expectations AI翻译
  作者：Bianchi, Francesco; Ilut, Cosmin; Saijo, Hikaru
  作者单位：Johns Hopkins University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Duke University; University of California System; University of California Santa Cruz
  摘要：We show that the formalization of representativeness (Kahneman and Tversky, 1972, Cognitive Psychology, 3, 430-454) developed by Gennaioli and Shleifer (2010, The Quarterly Journal of Economics, 125, 1399-1433) features an intrinsic connection between uncertainty and overreaction. In the time series domain, we develop this connection in a smooth version of diagnostic expectations (DE), where overreaction varies smoothly with uncertainty. Intuitively, under smoothness, lower uncertainty leaves ...