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作者：Faber, Benjamin; Fally, Thibault
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：A growing literature has documented the role of firm heterogeneity within sectors for nominal income inequality. This article explores the implications for household price indices across the income distribution. Using detailed matched U.S. home and store scanner microdata, we present evidence that rich and poor households source their consumption differently across the firm size distribution within disaggregated product groups. We use the data to examine alternative explanations, propose a tra...
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作者：Salomao, Juliana; Varela, Liliana
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：This article develops a heterogeneous firm-dynamics model to jointly study firms' currency debt composition and investment choices. In our model, foreign currency borrowing arises from a dynamic trade-off between exposure to currency risk and growth. The model endogenously generates selection of productive firms into foreign currency borrowing. Among them, firms with high marginal product of capital use foreign loans more intensively. We assess econometrically the model's predicted pattern of ...
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作者：Sunde, Uwe; Dohmen, Thomas; Enke, Benjamin; Falk, Armin; Huffman, David; Meyerheim, Gerrit
作者单位：University of Munich; University of Bonn; Harvard University; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This article studies the relationship between patience and comparative development through a combination of reduced-form analyses and model estimations. Based on a globally representative dataset on time preference in 76 countries, we document two sets of stylized facts. First, patience is strongly correlated with per capita income and the accumulation of physical capital, human capital, and productivity. These correlations hold across countries, sub-national regions, and individuals. Second, ...
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作者：Elsby, Michael W. L.; Gottfries, Axel
作者单位：University of Edinburgh
摘要：We devise a tractable model of firm dynamics with on-the-job search. The model admits analytical solutions for equilibrium outcomes, including quit, layoff, hiring, and vacancy-filling rates, as well as the distributions of job values, a fundamental challenge posed by the environment. Optimal labor demand takes a novel form whereby hiring firms allow their marginal product to diffuse over an interval. The evolution of the marginal product over this interval endogenously exhibits gradual mean r...
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作者：Asriyan, Vladimir; Laeven, Luc; Martin, Alberto
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; European Central Bank; Centre for Economic Policy Research - UK
摘要：We develop a new theory of information production during credit booms. Entrepreneurs need credit to undertake investment projects, some of which enable them to divert resources. Lenders can protect themselves from such diversion in two ways: collateralization, and costly screening that generates durable information about projects. In equilibrium, the collateralization-screening mix depends on the value of aggregate collateral. High collateral values make it possible to reallocate resources tow...
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作者：Chade, Hector; Lindenlaub, Ilse
作者单位：Arizona State University; Arizona State University-Tempe; Yale University
摘要：We develop a model where risk-averse workers can costly invest in their skills before matching with heterogenous firms. At the investment stage, workers face multiple sources of risk. They are uncertain about how skilled they will turn out and also about their income shock realizations at the time of employment. We analyse the equilibria of two versions of the model that depend on when uncertainty resolves, which determines the available risk-sharing possibilities between workers and firms. We...
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作者：Koszegi, Botond; Loewenstein, George; Murooka, Takeshi
作者单位：Central European University; Carnegie Mellon University; University of Osaka
摘要：We develop a model of fragile self-esteem-self-esteem that is vulnerable to objectively unjustified swings-and study its implications for choices that depend on, or are aimed at enhancing or protecting, one's self-view. In our framework, a person's self-esteem is determined by sampling his memories of ego-relevant outcomes in a fashion that in turn depends on how he feels about himself, potentially creating multiple fragile self-esteem personal equilibria. Self-esteem is especially likely to b...
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作者：Palma, Nuno
作者单位：University of Manchester; Universidade de Lisboa; Institute of Social Sciences, University of Lisbon (ICS-UL); Centre for Economic Policy Research - UK
摘要：The discovery of massive deposits of precious metals in America during the early modern period caused an exogenous monetary injection to Europe's money supply. I use this episode to identify the causal effects of money. Using a panel of six European countries, I find that monetary expansions had a material impact on real economic activity. The magnitudes are substantial and persist for a long time: an exogenous 10% increase in the production of precious metals in America measured relative to t...
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作者：Loebbing, Jonas
作者单位：Leibniz Association; Ifo Institut; University of Munich
摘要：This article generalizes central results from the theory of (endogenously) directed technical change to settings where technology does not take a labour-augmenting form and with arbitrarily many levels of skill. Building on simple notions of complementarity, the results remain intuitive despite their generality. The developed theory allows to study the endogenous determination of labour-replacing, that is, automation technology through the lens of directed technical change theory. In an assign...
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作者：Morris, Stephen; Yang, Ming
作者单位：Massachusetts Institute of Technology (MIT); University of London; University College London
摘要：Players receive a return to investment that is increasing in the proportion of others who invest and the state and incur a small cost for acquiring information about the state. Their information is reflected in a stochastic choice rule, specifying the probability of a signal leading to investment. If discontinuous stochastic choice rules are infinitely costly, there is a unique equilibrium as costs become small, in which actions are a best response to a uniform (Laplacian) belief over the prop...
