-
作者：Fornaro, Luca
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Centre for Economic Policy Research - UK
摘要：Since the creation of the euro, capital flows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to financial integration. The key feature of the model is that monetary policy affects the value of collateral that creditors seize upon default. Under flexible exchange rates, national governments can expropriate foreign creditors by depreciating the exchange rate, which induces investors to impose tight constraints o...
-
作者：Buera, Francisco J.; Kaboski, Joseph P.; Rogerson, Richard; Vizcaino, Juan, I
作者单位：Washington University (WUSTL); University of Notre Dame; Princeton University; University of Nottingham
摘要：Using a broad panel of advanced economies, we document that increases in GDP per capita are associated with a systematic shift in the composition of value added to sectors that are intensive in high-skill labour, a process we label as skill-biased structural change. It follows that further development in these economies leads to an increase in the relative demand for skilled labour. We develop a quantitative two-sector model of this process as a laboratory to assess the sources of the rise of ...
-
作者：Ritzwoller, David M.; Romano, Joseph P.
作者单位：Stanford University; Stanford University; Stanford University
摘要：We study a class of permutation tests of the randomness of a collection of Bernoulli sequences and their application to analyses of the human tendency to perceive streaks of consecutive successes as overly representative of positive dependence-the hot hand fallacy. In particular, we study permutation tests of the null hypothesis of randomness (i.e. that trials are i.i.d.) based on test statistics that compare the proportion of successes that directly follow k consecutive successes with either ...
-
作者：Asriyan, Vladimir; Laeven, Luc; Martin, Alberto
-
作者：Argente, David; Yeh, Chen
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This article documents a new set of stylized facts on how pricing moments depend on product age and emphasizes how this heterogeneity is crucial for the amplification of nominal shocks to the real economy. Exploiting information from a unique panel containing billions of transactions in the US consumer goods sector, we show that our empirical findings are consistent with a narrative in which firms face demand uncertainty and learn through prices. Such a mechanism of active learning from prices...
-
作者：Michelacci, Claudio; Paciello, Luigi; Pozzi, Andrea
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：About half of the change in U.S. non-durable consumption expenditure is due to changes in the products entering households' consumption basket (the extensive margin). Changes in the basket are driven by fluctuations in the rate at which households add products; removals fluctuate little. These patterns reflect that, in response to income increases, households adopt consumer products already available in the market. Household adoption amplifies the effects of fiscal transfers on consumption by ...
-
作者：Kocherlakota, Narayana R.
作者单位：University of Rochester; National Bureau of Economic Research
摘要：Since the collapse of the Bretton Woods monetary system, the monies of the developed world have been unbacked by any formal promise of convertibility. Yet, inflation has typically undershot, not overshot, central bank targets over the past couple decades. The low, while generally positive, inflation rate has (more arguably) been associated with low output and low growth. In this article, I consider these observations through the lens of a class of representative agent rational expectations mod...
-
作者：Aryal, Gaurab; Ciliberto, Federico; Leyden, Benjamin T.
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Cornell University; Leibniz Association; Ifo Institut
摘要：We investigate the allegation that legacy US airlines communicated via earnings calls to coordinate with other legacy airlines in offering fewer seats on competitive routes. To this end, we first use text analytics to build a novel dataset on communication among airlines about their capacity choices. Estimates from our preferred specification show that the number of offered seats is 2% lower when all legacy airlines in a market discuss the concept of capacity discipline. We verify that this re...
-
作者：Galichon, Alfred; Salanie, Bernard
作者单位：New York University; New York University; Institut d'Etudes Politiques Paris (Sciences Po); Columbia University
摘要：We investigate a model of one-to-one matching with transferable utility and general unobserved heterogeneity. Under a separability assumption that generalizes Choo and Siow (2006, Journal of Political Economy, 114, 175-201), we first show that the equilibrium matching maximizes a social gain function that trades off exploiting complementarities in observable characteristics and matching on unobserved characteristics. We use this result to derive simple closed-form formulae that identify the jo...
-
作者：Campbell, Douglas L.; Mau, Karsten
作者单位：New Economic School; Maastricht University
摘要：Bloom et al. (2016) find that Chinese import competition induced a rise in patenting, IT adoption, and total factor productivity (TFP) by up to 30% of the total increase in Europe in the late 1990s and early 2000s. We uncover several coding errors in an important robustness check of their patent results. When corrected, we find no statistically significant relationship between Chinese competition and patents. Other specifications in the original paper use a problematic log(1+ patents) transfor...
