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作者：Boar, Corina; Storesletten, Kjetil; Knowles, Matthew; Wang, Yicheng
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：Credit expansions stimulate the economy. We quantify the contribution of households versus firms for this stimulus. Using causal evidence from the quasi-natural experiment of bank deregulation across US states, we estimate a small open-economy heterogeneous-agent New Keynesian model. Deregulation generated lower borrowing costs. Firms' responses to such shocks account for most of the long-run rise in output and employment. For short-run dynamics, firms and households are equally important. Fir...
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作者：Erkal, Nisvan; Gangadharan, Lata; Koh, Boon Han
作者单位：University of Melbourne; Monash University; University of Exeter
摘要：We investigate whether different criteria are used in evaluating male and female leaders when outcomes are determined by unobservable choices and luck. Evaluators form beliefs about leaders' choices (perceived intentions) and make discretionary payments. We find that while payments to male leaders are determined by both outcomes and perceived intentions, those to female leaders are determined by outcomes only. We label this new source of gender bias as the gender criteria gap. Our findings imp...
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作者：Jha, Priyaranjan; Rodriguez-Lopez, Antonio; Spencer, Adam Hal
作者单位：University of California System; University of California Irvine; Leibniz Association; Ifo Institut; University of Bonn
摘要：We embed labor market monopsony into a dynamic heterogeneous-firm general equilibrium model with exporting, horizontal FDI, and rich firm lifecycle dynamics. Rising marginal costs with monopsony slow and limit incumbent firm growth in response to liberalization, shifting adjustment to the extensive margin. Calibrated to US micro data, welfare gains from tariff reduction are over four times larger under monopsony than with perfect labor markets. The difference is mostly driven by new exporter c...
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作者：Li, Jiasheng; Li, Pei; Lu, Yi
作者单位：Renmin University of China; Zhejiang University; Tsinghua University
摘要：This paper examines engine-specific tax programs that are widely used in developing countries to limit car emissions. Using China's tax abatement program for small vehicles in 2015, we find significant price and sales responses for both small and large vehicles, indicating strong competition spillovers. The quantification model shows that an increase in car ownership generates more car emissions than the reduction resulting from the relocation from large to small vehicles. Welfare analysis fur...
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作者：Ando, Yoshiki
作者单位：Singapore Management University
摘要：Motivated by the substantial growth and upfront investments of venture capital (VC)-backed firms observed in administrative US Census data, this study develops a life-cycle firm dynamics model. In the model, startups choose the source of financing from VC, angel investors, or banks, depending on their growth potential, and invest in innovation. The calibrated model explains the life-cycle dynamics of firms with different sources of financing and suggests that venture capitalists' managerial ad...
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作者：Dong, Feng; Zhou, Fei
作者单位：Tsinghua University; Hong Kong Baptist University
摘要：What is the role of production networks in inducing self-fulfilling business cycles? We construct a multisector business cycle model that features both input-output linkages and credit constraints. Our theoretical framework demonstrates that a single aggregate financial multiplier is sufficient to characterize equilibrium determinacy, which hinges on the network structure. By quantitatively assessing the possibility of indeterminate equilibria in the United States from 2000 to 2020, we discove...
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作者：Qiu, Xincheng
作者单位：Peking University
摘要：This discussion develops a parsimonious framework for norm dynamics. The interaction between social pressure to conform and older generations attachment to past practices generates intergenerational inertia and a persistent wedge between behavior and the frictionless optimum. I characterize the determinants of this wedge and highlight the role of demographic transition. I illustrate the framework's broader applicability to scientific paradigms and policy reform.
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作者：Glocker, Christian; Url, Thomas
摘要：The gradual rise in temperatures motivates conceptualizing climate change as a phenomenon shaping the propagation of macroeconomic shocks, rather than as an independent shock. We formalize this in a theoretical model, showing that climate change induces a structural shift by steepening the aggregate supply curve, exacerbating the price effects of demand shocks while dampening the output response. Our empirical evidence is consistent with this prediction: higher temperatures raise the share of ...
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作者：Aruoba, S. Boragan; Elul, Ronel; Kalemli-Ozcan, Sebnem
作者单位：University System of Maryland; University of Maryland College Park; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Brown University; National Bureau of Economic Research
摘要：We quantify the role of heterogeneity in households' financial constraints in explaining the link between the decline in aggregate consumption and the decline in house values between 2006 and 2009 using individual-level data. Constraints that are triggered by a decline in house values, and a small fraction of consumers facing particularly severe constraints prior to the decline in house values explain 76% of the aggregate response. Local general equilibrium feedback and a decline in bank credi...
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作者：Iwasaki, Kohei
作者单位：Kyoto University
摘要：This paper develops a model of a cryptocurrency by incorporating mining into the otherwise standard search-theoretic monetary framework. As usual, multiple equilibria exist. To obtain a sharp prediction on whether a cryptocurrency' s value will last in the future, I propose a notion of equilibrium refinement based on the feature that mining uses real resources. This refinement eliminates all equilibria where the value of the cryptocurrency is zero at some point in time or converges to zero ove...
