-
作者：Valmari, Nelli
摘要：Multiproduct firms constitute a considerable share of firms and account for an even greater share of production. Nevertheless, the vast majority of production function estimates are based on the assumption that firms are single-product manufacturers. This assumption is due to a lack of data on how firms allocate their inputs across their various product lines. I provide a strategy for estimating product-specific input allocations and production functions of multiproduct firms involved in monop...
-
作者：Kekre, Rohan
作者单位：National Bureau of Economic Research
摘要：I study unemployment insurance (UI) in general equilibrium with incomplete markets, search frictions, and nominal rigidities. An increase in generosity raises the aggregate demand for consumption if the unemployed have a higher marginal propensity to consume than the employed or if agents precautionary save in light of future income risk. This raises output and employment unless monetary policy raises the nominal interest rate. In an analysis of the U.S. economy over 2008-2014, UI benefit exte...
-
作者：Dias, Mateus; Rocha, Rudi; Soares, Rodrigo R.
作者单位：Princeton University; Getulio Vargas Foundation
摘要：This paper documents an externality from the agricultural use of the most widely applied herbicide in the world-glyphosate-on birth outcomes of surrounding populations. We focus on the subclinical effects of water contamination in areas distant from the original locations of application. Our identification relies on: (i) the regulation allowing the introduction of genetically modified seeds in Brazil; (ii) the potential gain in municipality-level productivity from adoption of genetically modif...
-
作者：Agarwal, Sumit; Amromin, Gene; Chomsisengphet, Souphala; Landvoigt, Tim; Piskorski, Tomasz; Seru, Amit; Yao, Vincent
作者单位：National University of Singapore; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Columbia University; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：We examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP) that relaxed housing equity constraints by extending government credit guarantee on insufficiently collateralized refinanced mortgages. Difference-in-difference tests based on program eligibility criteria reveal a significant increase in refinancing activity by HARP. More than three million eligible borrowers with primarily fixed-rate...
-
作者：Frick, Mira; Iijima, Ryota; Ishii, Yuhta
作者单位：Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We present an approach to analyse learning outcomes in a broad class of misspecified environments, spanning both single-agent and social learning. We introduce a novel prediction accuracy order over subjective models and observe that this makes it possible to partially restore standard martingale convergence arguments that apply under correctly specified learning. Based on this, we derive general conditions to determine when beliefs in a given environment converge to some long-run belief eithe...
-
作者：Cox, Gregory; Shi, Xiaoxia
作者单位：National University of Singapore; University of Wisconsin System; University of Wisconsin Madison
摘要：We propose a simple test for moment inequalities that has exact size in normal models with known variance and has uniformly asymptotically exact size under asymptotic normality. The test compares the quasi-likelihood ratio statistic to a chi-squared critical value, where the degree of freedom is the rank of the inequalities that are active in finite samples. The test requires no simulation and thus is computationally fast and especially suitable for constructing confidence sets for parameters ...
-
作者：Bianchi, Javier; Sosa-Padilla, Cesar
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Notre Dame; National Bureau of Economic Research
摘要：In the past three decades, governments in emerging markets have accumulated large amounts of international reserves, especially those with fixed exchange rates. This article proposes a theory of reserve accumulation that can account for these facts. Using a model of endogenous sovereign default with nominal rigidities, we argue that the interaction between sovereign risk and aggregate demand amplification generates a macroeconomic-stabilization hedging role for international reserves. We show ...
-
作者：Dasaratha, Krishna; Golub, Benjamin; Hak, Nir
作者单位：Boston University; Northwestern University; Uber Technologies, Inc.
摘要：Agents learn about a changing state using private signals and their neighbours' past estimates of the state. We present a model in which Bayesian agents in equilibrium use neighbours' estimates simply by taking weighted sums with time-invariant weights. The dynamics thus parallel those of the tractable DeGroot model of learning in networks, but arise as an equilibrium outcome rather than a behavioural assumption. We examine whether information aggregation is nearly optimal as neighbourhoods gr...
-
作者：Andrei, Daniel; Cujean, Julien; Wilson, Mungo
作者单位：McGill University; University of Bern; University of Oxford
摘要：We provide a novel explanation for the empirical failure of the capital asset pricing model (CAPM) despite its widespread practical use. In a rational-expectations economy in which information is dispersed, variation in expected returns over time and across investors creates an informational gap between investors and the empiricist. The CAPM holds for investors, but the securities market line appears flat to the empiricist. Variation in expected returns across investors accounts for the larger...
-
作者：[Anonymous]
