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作者：Du, Songzi; Zhu, Haoxiang
作者单位：Simon Fraser University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This article studies the impact of increasing trading frequency in financial markets on allocative efficiency. We build and solve a dynamic model of sequential double auctions in which traders trade strategically with demand schedules. Trading needs are generated by time-varying private information about the asset value and private values for owning the asset, as well as quadratic inventory costs. We characterize a linear equilibrium with stationary strategies and its efficiency properties in ...
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作者：Mankart, Jochen; Oikonomou, Rigas
作者单位：Deutsche Bundesbank; Universite Catholique Louvain
摘要：We develop a theoretical model with labour market frictions, incomplete financial markets, and with households which have two members. Households face unemployment risks, but their members adjust their labour supplies to insure against unemployment. We use the model to explain the cyclical properties of aggregate employment and participation. As in the U.S. data, the model predicts that the participation rate (the fraction of individuals that want jobs) is not strongly correlated with aggregat...
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作者：Condorelli, Daniele; Galeotti, Andrea; Renou, Ludovic
作者单位：University of Essex; European University Institute; University of Essex
摘要：In many markets, goods flow from initial producers to final customers travelling through many layers of intermediaries and information is asymmetric. We study a dynamic model of bargaining in networks that captures these features. We show that the equilibrium price demanded over time is non-monotonic, but the sequence of transaction prices declines over time, with the possible exception of the last period. The price dynamic is, therefore, reminiscent of fire-sales and hot-potato trading. Trade...
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作者：Cloyne, James S.; Surico, Paolo
作者单位：Bank of England; Centre for Economic Policy Research - UK; University of London; London Business School
摘要：Using a new narrative measure of fiscal policy shocks for the U.K., we show that households with mortgage debt exhibit large and significant consumption responses to tax changes. Homeowners without a mortgage, in contrast, do not adjust their expenditure, with responses not statistically different from zero at all horizons. We compare our findings to the predictions of traditional and newer theories of liquidity constraints, providing a novel interpretation for the aggregate effects of tax cha...
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作者：Spiegler, Ran
作者单位：Tel Aviv University; University of London; University College London
摘要：I present a behavioural model of a data analyst who extrapolates a fully specified probability distribution over observable variables from a collection of statistical data sets that cover partially overlapping sets of variables. The analyst employs an iterative extrapolation procedure, whose individual rounds are akin to the stochastic regression method of imputing missing data. Users of the procedure's output fail to distinguish between raw and imputed data, and it functions as their practica...
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作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Iowa State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We show that state non-separable preferences a la Epstein-Zin-Weil (EZW) provide a tractable and flexible framework to study the economics of health and longevity. This utility representation: (1) admits a preference for timing of resolution of uncertainty regarding mortality risks; (2) links the marginal valuation of survival to the level of survival; (3) can preserve homotheticity even for low degrees of intertemporal substitution without generating implausible predictions regarding the valu...
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作者：Stahl, Konrad; Strausz, Roland
作者单位：University of Mannheim; Humboldt University of Berlin
摘要：In markets with quality unobservable to buyers, third-party certification is often the only instrument to increase transparency. While both sellers and buyers have a demand for certification, its role differs fundamentally: sellers use it for signalling, buyers use it for inspection. Seller-induced certification leads to more transparency, because it is informative-even if unused. By contrast, buyer-induced certification incentivizes certifiers to limit transparency, as this raises demand for ...
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作者：Fort, Teresa C.
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：This article provides direct empirical evidence on the relationship between technology and firms' global sourcing strategies. Using new data on U.S. firms' decisions to contract for manufacturing services from domestic or foreign suppliers, I show that a firm's adoption of communication technology between 2002 and 2007 is associated with a 3.1 point increase in its probability of fragmentation. The effect of firm technology also differs significantly across industries; in 2007, it is 20% highe...
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作者：Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; Tsyvinski, Aleh
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Princeton University; Institut d'Etudes Politiques Paris (Sciences Po); Yale University
摘要：This article studies the structural transformation of Russia in 1885-1940 from an agrarian to an industrial economy through the lens of a two-sector neoclassical growth model. We construct a data set that covers Tsarist Russia during 1885-1913 and Soviet Union during 1928-1940. We develop a methodology that allows us to identify the types of frictions and economic mechanisms that had the largest quantitative impact on Russian economic development. We find that entry barriers and monopoly power...
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作者：Booij, A. S.; Leuvene; Osterbeek, H.
