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作者：He, YingHua; Magnac, Thierry
作者单位：Rice University; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：A matching market often requires recruiting agents, or 'programmes', to costly screen 'applicants', and congestion increases with the number of applicants to be screened. We investigate the role of application costs: higher costs reduce congestion by discouraging applicants from applying to certain programmes; however, they may harm match quality. In a multiple-elicitation experiment conducted in a real-life matching market, we implement variants of the Gale-Shapley deferred-acceptance mechani...
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作者：Ronayne, David; Taylor, Greg
作者单位：University of Oxford
摘要：We study strategic interactions in markets in which firms sell to consumers both directly and via a competitive channel, such as a price comparison website or marketplace, where multiple sellers' offers are visible at once. We ask how a competitive channel's size influences market outcomes when some consumers have limited price information. A bigger competitive channel means that more consumers compare prices, increasing within-channel competition. However, we show that such seemingly pro-comp...
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作者：Durrmeyer, Isis
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：I quantify the welfare and environmental gains and losses from a policy establishing an environmental tax/subsidy for new cars in France in 2008. I estimate a structural model of demand and supply that features heterogeneity in consumer preferences to go beyond the average policy effects and analyse distributional aspects. The policy reduces average carbon emissions by 1.6% at the cost of additional emissions of local pollutants. The regulation favours middle-income individuals but has redistr...
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作者：Camous, Antoine; Matveev, Dmitry
作者单位：University of Mannheim; Bank of Canada
摘要：How should independent central banks react if pressured by fiscal policymakers? We contrast the implications of two monetary frameworks: one, where the central bank follows a standard rule aiming exclusively at price stability against the other, where monetary policy additionally leans against fiscal influence. The latter rule improves economic outcomes by providing appropriate incentives to the fiscal authority. More importantly, the additional fiscal conditionality can enhance the credibilit...
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作者：Meinen, Philipp; Soares, Ana Cristina
作者单位：Deutsche Bundesbank; Banco de Portugal
摘要：This paper analyses the impact of financial frictions on markup adjustments at the firm level. We use a rich panel data set that matches information on banking relationships with firm-level data. By relying on insights from recent contributions in the literature, we obtain exogenous credit supply shifters and markups that are both firm specific and time varying. We uncover new findings at this level. In particular, firms more exposed to liquidity risks tend to raise markups in response to nega...
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作者：Bauer, Michael D.; Lakdawala, Aeimit; Mueller, Philippe
作者单位：University of Hamburg; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; Wake Forest University; University of Warwick
摘要：Uncertainty about future policy rates plays a crucial role for the transmission of monetary policy to financial markets. We demonstrate this using event studies of FOMC announcements and a new model-free uncertainty measure based on derivatives. Over the 'FOMC uncertainty cycle' announcements systematically resolve uncertainty, which then gradually ramps up again. Changes in monetary policy uncertainty around FOMC announcements-often due to forward guidance-have pronounced effects on asset pri...
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作者：Ponczek, Vladimir; Ulyssea, Gabriel
作者单位：Getulio Vargas Foundation; University of London; University College London
摘要：How does enforcement of labour regulations shape the labour market effects of trade? We combine local economic shocks generated by the unilateral trade liberalisation in Brazil and enforcement variation across regions to show that regions with stricter enforcement observed: (i) lower informality; (ii) larger losses in overall employment; (iii) greater reductions in the number of formal plants. Regions with weaker enforcement experienced opposite effects. All these effects are concentrated on l...
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作者：Guirkinger, Catherine; Aldashev, Gani; Aldashev, Alisher; Fodor, Mate
作者单位：University of Namur; Universite Libre de Bruxelles; Kazakh British Technical University; Satbayev University
摘要：We study the long-run persistence of relative economic well-being under adverse government policies using a combination of historical and contemporaneous data from Kyrgyzstan. After controlling for unobservable local effects, the economic well-being of Kyrgyz households in the 2010s correlates with the early twentieth-century average wealth of their tribes. Inequality at the tribe level in the 2010s correlates with wealth inequality in the early twentieth century. The likely channels of persis...
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作者：Garcia-Uribe, Sandra
作者单位：Banco de Espana
摘要：This paper studies the effects of anticipations of tax changes on economic activity through the release of tax news in the media in the United States. I provide a measure of anticipations by exploiting the content of television news. This information typically flows faster than standard measures of gross domestic product, thus I propose a mixed frequency dynamic factor model to estimate both the economic activity latent factor and the effects of anticipated tax shocks on it. I find that one-mo...
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作者：Acharya, Sushant; Bengui, Julien; Dogra, Keshav; Wee, Shu Lin
作者单位：Bank of Canada; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We analyse monetary policy in a model where temporary shocks can permanently scar the economy's productive capacity. Workers lose skill while unemployed and are costly to retrain, generating multiple steady-state unemployment rates. Following a large shock, unless monetary policy acts aggressively and quickly enough to prevent a significant rise in unemployment, hiring falls to a point where the economy recovers slowly at best-at worst, it falls into a permanent unemployment trap. Monetary pol...
