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作者：Gennaioli, Nicola; Voth, Hans-Joachim
作者单位：Bocconi University; Bocconi University; University of Zurich
摘要：Powerful, centralized states controlling a large share of national income only begin to appear in Europe after 1500. We build a model that explains their emergence in response to the increasing importance of money for military success. When fiscal resources are not crucial for winning wars, the threat of external conflict stifles state-building. As finance becomes critical, internally cohesive states invest in state capacity while divided states rationally drop out of the competition, causing ...
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作者：Holmes, Thomas J.; McGrattan, Ellen R.; Prescott, Edward C.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
摘要：By the 1970s, quid pro quo policy, which requires multinational firms to transfer technology in return for market access, had become a common practice in many developing countries. While many countries have subsequently liberalized quid pro quo requirements, China continues to follow the policy. In this article, we incorporate quid pro quo policy into a multicountry dynamic general equilibrium model, using microevidence from Chinese patents to motivate key assumptions about the terms of the te...
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作者：Board, Simon; Meyer-Ter-Vehn, Moritz
作者单位：University of California System; University of California Los Angeles
摘要：We analyze a large, anonymous labour market in which firms motivate their workers via relational contracts. The market is frictionless and features on-the-job search, in that all acceptable vacancies are immediately filled and the employed compete with the unemployed for vacancies. While firms and workers are ex ante identical, the unique equilibrium exhibits a continuous distribution of contracts in which high wage firms have higher retention rates, more motivated workers and higher productiv...
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作者：Handbury, Jessie; Weinstein, David E.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Columbia University
摘要：This article uses detailed barcode data on purchase transactions by households in 49 U.S. cities to calculate the first theoretically founded urban price index. In doing so, we overcome a large number of problems that have plagued spatial price index measurement. We identify two important sources of bias. Heterogeneity bias arises from comparing different goods in different locations, and variety bias arises from not correcting for the fact that some goods are unavailable in some locations. El...
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作者：Fuchs, William; Garicano, Luis; Rayo, Luis
作者单位：IZA Institute Labor Economics; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Utah System of Higher Education; University of Utah
摘要：We study contractual arrangements that support an efficient use of time in a knowledge-intensive economy in which agents endogenously specialize in either production or consulting. The resulting market for advice is plagued by informational problems, since both the difficulty of the questions posed to consultants and the knowledge of those consultants are hard to assess. We show that spot contracting is not efficient because lemons (in this case, self-employed producers with intermediate knowl...
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作者：Gandhi, Amit; Serrano-Padial, Ricardo
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This article studies belief heterogeneity in a benchmark competitive asset market: a market for Arrow-Debreu securities. We show that differences in agents' beliefs lead to a systematic pricing pattern, the favourite-longshot bias (FLB): securities with a low-pay-out probability are overpriced, whereas securities with high probability pay-out are underpriced. We apply demand estimation techniques to betting market data, and find that the observed FLB is explained by a two-type population consi...
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作者：Carapella, Francesca; Williamson, Stephen
作者单位：Federal Reserve System - USA; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Adynamic model with credit under limited commitment is constructed, in which limited memory can weaken the effects of punishment for default. This creates an endogenous role for government debt in credit markets, and the economy can be non-Ricardian. Default can occur in equilibrium, and government debt essentially plays a role as collateral and thus improves borrowers' incentives. The provision of government debt acts to discourage default, whether default occurs in equilibrium or not.
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作者：Embrey, Matthew; Frechette, Guillaume R.; Lehrer, Steven F.
作者单位：Maastricht University; New York University; Queens University - Canada; National Bureau of Economic Research
摘要：We conduct a series of laboratory experiments to understand what role commitment and reputation play in bargaining. The experiments implement the Abreu and Gul (2000) bargaining model that demonstrates how introducing behavioral types, which are obstinate in their demands, creates incentives for all players to build reputations for being hard bargainers. The data are qualitatively consistent with the theory, as subjects mimic induced types. Furthermore, we find evidence for the presence of com...
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作者：Herweg, Fabian; Schmidt, Klaus M.
作者单位：Leibniz Association; Ifo Institut; University of Bayreuth; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Munich
摘要：We propose a theory of inefficient renegotiation that is based on loss aversion. When two parties write a long-term contract that has to be renegotiated after the realization of the state of the world, they take the initial contract as a reference point to which they compare gains and losses of the renegotiated transaction. We show that loss aversion makes the renegotiated outcome sticky and materially inefficient. The theory has important implications for the optimal design of long-term contr...
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作者：Simonovska, Ina
作者单位：University of California System; University of California Davis; National Bureau of Economic Research
摘要：I study the positive relationship between prices of tradable goods and per capita income. I develop a highly tractable general equilibrium model of international trade with heterogeneous firms and non-homothetic consumer preferences that positively links prices of tradables to consumer income. Guided by the model's testable prediction, I estimate the elasticity of price with respect to per capita income from a unique data set that I construct, which features prices of 245 identical goods sold ...
