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作者：Ascari, Guido; Rossi, Lorenza
作者单位：University of Pavia
摘要：We compare the Calvo and Rotemberg price-setting mechanisms in a New Keynesian model with trend inflation. We show that: the long-run relationship between inflation and output is positive in Rotemberg and negative in Calvo; the dynamics of the two models differ even to a first-order approximation; positive trend inflation enlarges the determinacy region in the Rotemberg model, whereas it shrinks it in the Calvo model; the responses of output and inflation to technology shocks are amplified by ...
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作者：Fairlie, Robert W.; London, Rebecca A.
作者单位：University of California System; University of California Santa Cruz; Stanford University
摘要：There is no clear theoretical prediction regarding whether home computers are an important input in the educational production function. To investigate the hypothesis, we conduct a field experiment involving the random provision of free computers to low-income community college students for home use. Although estimates for a few measures are imprecise and cannot rule out zero effects, we find some evidence that the treatment group achieved better educational outcomes than the control group. Th...
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作者：Stuen, Eric T.; Mobarak, Ahmed Mushfiq; Maskus, Keith E.
作者单位：Yale University; University of Idaho; University of Colorado System; University of Colorado Boulder
摘要：We study the contribution of doctoral students to innovation at 2,300 American science and engineering departments from 1973 to 1998. Macroeconomic and policy shocks in source countries that differentially affect enrolments across fields and universities isolate exogenous variation in the supply of students. Both US and international students contribute significantly to the production of knowledge at scientific laboratories, and their contributions are statistically comparable, consistent with...
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作者：Wright, Jonathan H.
作者单位：Johns Hopkins University
摘要：This article uses a structural VAR with daily data to identify the effects of monetary policy shocks on various longer term interest rates since the federal funds rate has been stuck at the zero lower bound. The VAR is identified using the assumption that monetary policy shocks are heteroskedastic: monetary policy shocks have especially high variance on days of FOMC meetings and certain speeches, while there is otherwise nothing unusual about these days. A complementary high-frequency event-st...
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作者：Anderson, Michael; Magruder, Jeremy
作者单位：University of California System; University of California Berkeley
摘要：Internet review forums increasingly supplement expert opinion and social networks in informing consumers about product quality. However, limited empirical evidence links digital word-of-mouth to purchasing decisions. We implement a regression discontinuity design to estimate the effect of positive Yelp.com ratings on restaurant reservation availability. An extra half-star rating causes restaurants to sell out 19 percentage points (49%) more frequently, with larger impacts when alternate inform...
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作者：Kaplan, Todd R.; Ruffle, Bradley J.
作者单位：University of Exeter; University of Haifa; Ben-Gurion University of the Negev
摘要：We introduce a two-player, binary-choice game in which both players have a privately known incentive to enter, yet the combined surplus is highest if only one enters. Repetition of this game admits two distinct ways to cooperate: turn taking and cutoffs, which rely on the player's private value to entry. A series of experiments highlights the role of private information in determining which mode players adopt. If an individual's entry values vary little (e.g. mundane tasks), taking turns is li...
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作者：Bratsberg, Bernt; Raaum, Oddbjorn
摘要：To identify wage impacts of immigration, we use licensing requirements in the Norwegian construction sector that give rise to exogenous variation in immigrant employment across trades. Individual panel data reveal lower wage growth in trades with rising immigrant employment shares, with a 10% increase in immigration predicted to reduce wages by 0.6%. Selective attrition masks the causal wage impact if neglected. For low and semi-skilled workers, wage effects are comparable for natives and olde...
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作者：Engelmann, Dirk; Grimm, Veronika
作者单位：University of Mannheim; University of Copenhagen; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Erlangen Nuremberg; Leibniz Association; Ifo Institut
摘要：In games of conflict, players typically have an incentive to exaggerate their interests. This concerns issues ranging from negotiations between political parties to conflict resolution within marriages. We experimentally study this problem using a simple voting game where information about preferences is private. With random matching, subjects overwhelmingly follow the dominant strategy to exaggerate their preferences. The exogenous linking mechanism by Jackson and Sonnenschein (2007) captures...
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作者：Levine, Paul; Pearlman, Joseph; Perendia, George; Yang, Bo
作者单位：University of Surrey; Loughborough University; London Metropolitan University
摘要：A framework for estimating Dynamic Stochastic General Equilibrium (DSGE) models by Bayesian methods and validation under very general information assumptions is applied to a New Keynesian model. The standard asssumption that private agents have perfect information observing all state variables including shocks, whereas the econometrician uses only observable data, is compared with both agents having the same imperfect information (II) set. We also generalise rational expectations to a behaviou...
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作者：D'Amico, Stefania; English, William; Lopez-Salido, David; Nelson, Edward
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We provide empirical estimates of the effect of large-scale asset purchases (LSAPs) on longer term US Treasury yields within a framework that allows for several transmission channels including the scarcity channel associated with the preferred-habitat literature and the duration channel associated with interest-rate risk. We also clarify LSAPs role in the broader context of historical monetary policy strategy. Results indicate that LSAP-style operations mainly impact longer term rates via the ...
