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作者：Araujo, Luis; Doblas-Madrid, Antonio
作者单位：Michigan State University; Getulio Vargas Foundation
摘要：We develop a rational, Walrasian model of speculative bubbles inspired by the Kindleberger-Minsky view, which describes bubbles as wave-like market processes. Touched off by an initial shock, price booms are initially self-reinforcing but become self-destructive later when prices surpass fundamental value. Previous models in this vein have been criticized due to ad hoc features, such as prices driven by behavioral forces or particular trading protocols. Our model allays these concerns by relyi...
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作者：Eberly, Janice; Wang, Neng
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We develop a two-sector general-equilibrium model with capital accumulation and convex adjustment costs to analyze sectoral capital reallocation and asset pricing. Consumers weigh the diversification benefits of spreading investment across sectors against the productivity gains of concentrating capital in the more productive sector. We derive conditions under which sectoral capital reallocation shapes both sectoral and aggregate outcomes. Our framework highlights the importance of heterogeneit...
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作者：Fournier, Gaetan; Grillo, Alberto; Tsodikovich, Yevgeny
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Universite Paris-Pantheon-Assas; Ben-Gurion University of the Negev
摘要：We study candidates' position adjustments in response to information about voters' preferences. Repositioning allows candidates to move closer to the median voter, but it incurs financial and electoral costs. In a subgame-perfect equilibrium, candidates diverge from the center ex ante if the costs of adjustment are sufficiently large. This allows them to increase the chances of a costless victory when the information is strongly in their favor. Our theory highlights a dynamic of moderation dur...
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作者：Agostinelli, Francesco; Saharkhiz, Morteza; Wiswall, Matthew
作者单位：University of Pennsylvania; National Bureau of Economic Research; Johns Hopkins University
摘要：We develop an empirical framework integrating Child Development and Education Production Function literature. It accounts for classroom and parental influences, skill measurement issues, and cognitive/noncognitive interactions. Both home and school investments shape children's skills by kindergarten, with low-skill children benefiting most from improvements. While classrooms are generally more productive, reducing disparities in home investments is more effective in closing income-related skil...
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作者：Gu, Shijun; Zhang, Lichen
作者单位：Central University of Finance & Economics; University of Hong Kong
摘要：To study how college-admissions competition shapes parental investment and child-development policies, we develop a heterogeneous-agent life-cycle model in which parents invest in children's human capital to raise future labor productivity and compete for limited college seats. Because families ignore their spending's effects on others' admission chances, competition creates a rat race with overinvestment. Estimating the model with Chinese data, we find that this externality accounts for a sub...
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作者：Cui, Wei
作者单位：University of London; University College London
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作者：Akbar, Prottoy A.
作者单位：Aalto University
摘要：What are the implications of mass transit improvements for residential income segregation within cities? I observe large income differences in households' usage of and residential proximity to fast versus slow transit (e.g., subways vs. buses on shared lanes). Consistent with these observations, I propose a theoretical framework to characterize the relationship between income segregation and the spatial distribution of transit speeds and travel mode choices within cities. I find that transit i...
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作者：Broer, Tobias; Druedahl, Jeppe; Harmenberg, Karl; Oeberg, Erik
作者单位：Paris School of Economics; Centre for Economic Policy Research - UK; University of Copenhagen; University of Oslo; BI Norwegian Business School; Uppsala University
摘要：The unemployment-risk channel (URC) amplifies an initial contraction through a reduction in consumption demand by workers who fear unemployment. Crucial for this are the dynamics of job separations and firm hiring. In US data, the job-finding rate responds slower to identified macroeconomic shocks than the separation rate, but accounts for a similar share of the unemployment response. We calibrate a tractable heterogeneous-agent new-Keynesian model with endogenous separations and sluggish vaca...
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作者：Chen, Yi-Chun; Hu, Gaoji; Yang, Xiangqian
作者单位：National University of Singapore; Shanghai University of Finance & Economics; Hunan University
摘要：We study information design in a single-agent allocation problem with costly verification, where the principal has a positive reservation value. The agent learns privately a signal about the principal's allocation value, drawn from a distribution controlled by an information designer. Given the signal distribution, the principal designs a mechanism to maximize her net value. We show that the agent-optimal information pools high values at a signal just worth verification, whereas the principal-...
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作者：Xu, Sichuang
