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作者：Li, Shanjun
作者单位：Cornell University; National Bureau of Economic Research
摘要：Economists often favour market-based mechanisms over non-market based mechanisms to allocate scarce public resources on grounds of economic efficiency and revenue generation. When the usage of the resources in question generates type-dependent negative externalities, the welfare comparison can become ambiguous. Both types of allocation mechanisms are being implemented in China's major cities to distribute limited vehicle licences as a measure to combat worsening traffic congestion and air poll...
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作者：Foellmi, Reto; Hepenstrick, Christian; Josef, Zweimuller
作者单位：University of St Gallen; Center for Economic & Policy Research (CEPR); Swiss National Bank (SNB); University of Zurich; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：We incorporate consumption indivisibilities into the Krugman (1980) model and show that an importer's per capita income becomes a primary determinant of export zeros. Households in the rich North (poor South) are willing to pay high (low) prices for consumer goods; hence, unconstrained monopoly pricing generates arbitrage opportunities for internationally traded products. Export zeros arise because some northern firms abstain from exporting to the South, to avoid international arbitrage. Rich ...
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作者：Aruoba, S. Boragan; Cuba-Borda, Pablo; Schorfheide, Frank
作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic fundamental shocks. In this equilibrium, a sunspot shock can move the economy from a regime in which inflation is close to the central bank's target to a regime in which the central bank misses its target, inflation rates are negative, and interest rates are close to zero with high probability. A non-linear filter is us...
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作者：Beaudry, Paul; Galizia, Dana; Portier, Franck
作者单位：University of British Columbia; National Bureau of Economic Research; Carleton University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Center for Economic & Policy Research (CEPR)
摘要：Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect periods of needed liquidation resulting from past over-investment. According to the main proponents of this view, government spending or any other form of aggregate demand policy should not be used to mitigate such a liquidation process, as doing so would simply result in ...
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作者：Jensen, Martin Kaae
作者单位：University of Leicester
摘要：Distributional comparative statics is the study of how individual decisions and equilibrium outcomes vary with changes in the distribution of economic parameters (income, wealth, productivity, information, etc.). This article develops new tools to address such issues and illustrates their usefulness in applications. The central development is a condition called quasi-concave differences, which implies concavity of the policy function in optimization problems without imposing differentiability ...
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作者：Freyberger, Joachim
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This article studies non-parametric panel data models with multidimensional, unobserved individual effects when the number of time periods is fixed. I focus on models where the unobservables have a factor structure and enter an unknown structural function non-additively. The setup allows the individual effects to impact outcomes differently in different time periods and it allows for heterogeneous marginal effects. I provide sufficient conditions for point identification of all parameters of t...
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作者：In, Younghwan; Wright, Julian
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作者：Marie, Olivier; Zolitz, Ulf
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Maastricht University; Tinbergen Institute; IZA Institute Labor Economics; IZA Institute Labor Economics
摘要：This paper investigates how legal cannabis access affects student performance. Identification comes from an exceptional policy introduced in the city of Maastricht in the Netherlands that discriminated access via licensed cannabis shops based on an individual's nationality. We apply a difference-in-difference approach using administrative panel data on course grades of local students enrolled at Maastricht University before and during the partial cannabis prohibition. We find that the academic...
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作者：Helpman, Elhanan; Itskhoki, Oleg; Muendler, Marc-Andreas; Redding, Stephen J.
作者单位：Harvard University; Canadian Institute for Advanced Research (CIFAR); Princeton University; University of California System; University of California San Diego
摘要：While neoclassical theory emphasizes the impact of trade on wage inequality between occupations and sectors, more recent theories of firm heterogeneity point to the impact of trade on wage dispersion within occupations and sectors. Using linked employer-employee data for Brazil, we show that much of overall wage inequality arises within sector-occupations and for workers with similar observable characteristics; this within component is driven by wage dispersion between firms; and wage dispersi...
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作者：Hirano, Tomohiro; Yanagawa, Noriyuki
作者单位：University of Tokyo
摘要：This article analyses the existence and the effects of bubbles in an endogenous growth model with financial frictions and heterogeneous investments. Bubbles are likely to emerge when the degree of pledgeability is in the middle range, implying that improving the financial market might increase the potential for asset bubbles. Moreover, when the degree of pledgeability is relatively low, bubbles boost long-run growth; when it is relatively high, bubbles lower growth. Furthermore, we examine the...
