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作者：Qu, Zhongjun; Tkachenko, Denis
作者单位：Boston University; National University of Singapore
摘要：This article presents a framework for analysing global identification in log linearized Dynamic Stochastic General Equilibrium (DSGE) models that encompasses both determinacy and indeterminacy. First, it considers a frequency domain expression for the Kullback-Leibler distance between two DSGE models and shows that global identification fails if and only if the minimized distance equals 0. This result has three features: (1) it can be applied across DSGE models with different structures; (2) i...
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作者：Booij, Adam S.; Leuven, Edwin; Oosterbeek, Hessel
作者单位：University of Amsterdam; University of Oslo
摘要：This article estimates peer effects originating from the ability composition of tutorial groups for undergraduate students in economics. We manipulated the composition of groups to achieve a wide range of support, and assigned students-conditional on their prior ability-randomly to these groups. The data support a specification in which the impact of group composition on achievement is captured by the mean and standard deviation of peers' prior ability, their interaction, and interactions with...
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作者：Di Tillio, Alfredo; Kos, Nenad; Messner, Matthias
作者单位：Bocconi University; Bocconi University
摘要：This article explores the sale of an object to an ambiguity averse buyer. We show that the seller can increase his profit by using an ambiguous mechanism. That is, the seller can benefit from hiding certain features of the mechanism that he has committed to from the agent. We then characterize the profit maximizing mechanisms for the seller and characterize the conditions under which the seller can gain by employing an ambiguous mechanism. Finally, we propose a class of ambiguous mechanisms th...
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作者：Cheron, Arnaud; Decreuse, Bruno
作者单位：Universite Catholique de Lille; EDHEC Business School; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：Searching for partners involves informational persistence that reduces future traders' matching probability. In this article, traders who are no longer available but who left tracks on the market are called phantoms. We examine a dynamic matching market in which phantoms are a by-product of search activity, no coordination frictions are assumed, and non-phantom traders may lose time trying to match with phantoms. The resulting aggregate matching technology features increasing returns to scale ...
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作者：Melosi, Leonardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop a dynamic general equilibrium model in which the policy rate signals the central bank's view about macroeconomic developments to price setters. The model is estimated with likelihood methods on a U.S. data set that includes the Survey of Professional Forecasters as a measure of price setters' inflation expectations. This model improves upon existing perfect information models in explaining why, in the data, inflation expectations respond with delays to monetary impulses and remain d...
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作者：De La Roca, Jorge; Puga, Diego
作者单位：University of Southern California
摘要：Individual earnings are higher in bigger cities. We consider three reasons: spatial sorting of initially more productive workers, static advantages from workers' current location, and learning by working in bigger cities. Using rich administrative data for Spain, we find that workers in bigger cities do not have higher initial unobserved ability as reflected in fixed effects. Instead, they obtain an immediate static premium and accumulate more valuable experience. The additional value of exper...
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作者：Dominitz, Jeff; Manski, Charles F.
作者单位：Northwestern University; Northwestern University
摘要：When designing data collection, crucial questions arise regarding how much data to collect and how much effort to expend to enhance the quality of the collected data. To make choice of sample design a coherent subject of study, it is desirable to specify an explicit decision problem. We use theWald framework of statistical decision theory to study allocation of a budget between two or more sampling processes. These processes all draw random samples from a population of interest and aim to coll...
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作者：Pavoni, Nicola; Yazici, Hakki
作者单位：Bocconi University; Bocconi University; Sabanci University
摘要：We study optimal taxation of bequests and inter vivos transfers in a model where altruistic parents and their offspring disagree on intertemporal trade-offs. We show that the laissez-faire equilibrium is Pareto inefficient, and whenever offspring are impatient from their parents' perspective, optimal policy involves a positive tax on parental transfers. Cautioned by the technical complications present in this class of models, our normative prescriptions do not rely on the assumption of differe...
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作者：Heidhues, Paul; Koszegi, Botond; Murooka, Takeshi
作者单位：European School of Management & Technology; Central European University; University of Munich
摘要：We analyse conditions facilitating profitable deception in a simple model of a competitive retail market. Firms selling homogenous products set anticipated prices that consumers understand and additional prices that naive consumers ignore unless revealed to them by a firm, where we assume that there is a binding floor on the anticipated prices. Our main results establish that bad products (those with lower social surplus than an alternative) tend to be more reliably profitable than good produc...
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作者：Ozdenoren, Emre; Yuan, Kathy
作者单位：University of London; London Business School; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science
摘要：We study effort and risk-taking behaviour in an economy with a continuum of principal-agent pairs where each agent exerts costly hidden effort. Principals write contracts based on both absolute and relative performance evaluations (APE and RPE, respectively) to make individually optimal risk-return trade-offs but do not take into account their impact on endogenously determined aggregate variables. This results in contractual externalities when these aggregate variables are used as benchmarks i...
