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作者：Davila, Eduardo
作者单位：Yale University; National Bureau of Economic Research
摘要：This article studies the optimal determination of bankruptcy exemptions for risk averse borrowers who use unsecured contracts but have the possibility of defaulting. In a large class of economies, knowledge of four variables is sufficient to determine whether a bankruptcy exemption level is optimal or should be increased or decreased. These variables are 1. the composition of households' liabilities, 2. the sensitivity of the credit supply schedule to exemption changes, 3. the probability of f...
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作者：Abito, Jose Miguel
作者单位：University of Pennsylvania
摘要：I empirically measure the welfare gains from optimal incentive regulation in the context of electric utilities facing both emissions and rate of return regulation (RORR). I provide evidence that RORR induces lower fuel efficiency, leading to greater coal consumption and higher emissions abatement costs. Replacing RORR with the optimal mechanism of Laffont and Tirole (1986) yields annual welfare gains of $686 million or a 11% reduction in electricity prices. I construct a much simpler two-contr...
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作者：Amador, Manuel; Bianchi, Javier; Bocola, Luigi; Perri, Fabrizio
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Stanford University; Center for Economic & Policy Research (CEPR)
摘要：We study the problem of a monetary authority pursuing an exchange rate policy that is inconsistent with interest rate parity because of a binding zero lower bound constraint. The resulting violation in interest rate parity generates an inflow of capital that the monetary authority needs to absorb by accumulating foreign reserves. We show that these interventions by the monetary authority are costly, and we derive a simple measure of these costs: they are proportional to deviations from the cov...
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作者：Gourieroux, Christian; Monfort, Alain; Renne, Jean-Paul
作者单位：University of Toronto; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Institut Polytechnique de Paris; ENSAE Paris; European Central Bank; Bank of France; University of Lausanne
摘要：The basic assumption of a structural vector autoregressive moving average (SVARMA) model is that it is driven by a white noise whose components are uncorrelated or independent and can be interpreted as economic shocks, called structural shocks. When the errors are Gaussian, independence is equivalent to non-correlation and these models face two identification issues. The first identification problem is static and is due to the fact that there is an infinite number of linear transformations of ...
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作者：Fajgelbaum, Pablo D.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：I study the aggregate effects of labour market frictions in a small open economy where firms grow slowly and make fixed export investments. The model features interactions between dynamic investments in exporting and search frictions with job-to-job mobility. Acalibration to Argentina's economy matching data on firm growth, worker transitions between firms, and export dynamics suggests that the real income gains from lowering frictions in job-to-job transitions are about seven times larger tha...
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作者：Dalton, Christina M.; Gowrisankaran, Gautam; Town, Robert J.
作者单位：Wake Forest University; University of Arizona; Universite de Montreal; HEC Montreal; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：The standard Medicare Part D drug insurance contract is non-linear-with reduced subsidies in a coverage gap-resulting in a dynamic purchase problem. We consider enrolees who arrived near the gap early in the year and show that they should expect to enter the gap with high probability, implying that, under a benchmark model with neoclassical preferences, the gap should impact them very little. We find that these enrolees have flat spending in a period before the doughnut hole and a large spendi...
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作者：Defusco, Anthony A.; Johnson, Stephanie; Mondragon, John
作者单位：Northwestern University; Rice University
摘要：This article studies how credit markets respond to policy constraints on household leverage. Exploiting a sharp policy-induced discontinuity in the cost of originating certain high-leverage mortgages, we study how the Dodd-Frank Ability-to-Repay rule affected the price and availability of credit in the U.S. mortgage market. Our estimates show that the policy had only moderate effects on prices, increasing interest rates on affected loans by 10-15 basis points. The effect on quantities, however...
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作者：Murphy, Richard; Weinhardt, Felix
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：This article establishes a new fact about educational production: ordinal academic rank during primary school has lasting impacts on secondary school achievement that are independent of underlying ability. Using data on the universe of English school students, we exploit naturally occurring differences in achievement distributions across primary school classes to estimate the impact of class rank. We find large effects on test scores, confidence, and subject choice during secondary school, eve...
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作者：Starc, Amanda; Town, Robert J.
作者单位：Northwestern University; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：Insurance benefit design has important implications for consumer welfare. In this article, we model insurer behaviour in the Medicare prescription drug coverage market and show that strategic private insurer incentives impose a fiscal externality on the traditional Medicare program. We document that plans covering medical expenses have more generous drug coverage than plans that are only responsible for prescription drug spending, which translates into higher drug utilization by enrolees. The ...
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作者：Michelacci, Claudio; Paciello, Luigi
作者单位：Center for Economic & Policy Research (CEPR)
摘要：We study the effects of monetary announcements when agents face Knightian uncertainty about the commitment capacity of the monetary authority. Households are ambiguity averse and differentially exposed to inflation due to differences in wealth. In response to the announcement of a future monetary loosening, only wealthy households (creditors) act as if the announcement will be fully implemented, due to the potential wealth losses from future inflation. As a result the economy responds as if ag...
