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作者：Moschini, Emily G.; Raveendranathan, Gajendran
作者单位：McMaster University
摘要：We document that 11 percent of recent U.S. high school graduates did not apply for federal student aid due to difficulty in applying, mistaken beliefs, or lack of awareness. Not applying due to such application frictions negatively predicts college enrollment after controlling for other attributes. We represent application frictions as heterogeneous filing costs in a general equilibrium life cycle model of college enrollment. We find that eliminating these frictions generates modest gains on a...
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作者：Kawaguchi, Kohei; Komiyama, Junpei; Noda, Shunya
作者单位：Hong Kong University of Science & Technology; New York University; University of Tokyo
摘要：Proof-of-Work cryptocurrencies employ miners to sustain the system through algorithmic reward adjustments. We develop a stochastic model of the multicurrency mining and identify conditions for stable transaction speeds. Bitcoin's algorithm requires hash supply elasticity 1 for stability, while ASERT remains stable for any elasticity and can be interpreted as a form of stochastic gradient descent. Interactions with other currencies can relax Bitcoin's stability requirements. Using a halving eve...
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作者：Gierlinger, Johannes; Milan, Pau
作者单位：Autonomous University of Barcelona; Barcelona School of Economics
摘要：We propose a model of categorization in financial markets where states are defined by payoff-relevant variables, but all securities are measurable with respect to strict subsets of these variables. This limits insurance against variable interactions: no combination of securities can compensate the absence of an instrument targeting a given set of variables. We provide a decomposition result that identifies the uninsurable component of income risk for any market. We derive a lower bound on the ...
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作者：Chen, Xiaohong; Ju, Gaosheng; Li, Qi
作者单位：Yale University; Fudan University; Shanghai Institute of International Finance & Economics; Texas A&M University System; Texas A&M University College Station
摘要：This paper introduces a new location-scale quantile regression model aimed at examining the effects of macroeconomic variables on the distribution of microeconomic outcomes using repeated cross-sectional data. The model can be converted into an equivalent mean regression, enabling quantile coefficient estimation through least squares. This transformation improves computational efficiency, simplifies statistical inference for large data sets, and maintains robustness against model misspecificat...
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作者：Mukoyama, Toshihiko; Zhang, Gang
作者单位：Georgetown University; Fudan University
摘要：We quantitatively analyze the impact of US banking deregulation in the 1980s on the aggregate economy. Using recent econometric techniques, we first reexamine existing empirical evidence on the real effects of banking deregulation. We then construct a quantitative model that integrates imperfectly competitive banks into a general equilibrium framework of firm dynamics and occupational choice. Consistent with the empirical evidence, deregulation significantly increases output growth and firm en...
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作者：Duffy, John; Orland, Andreas
作者单位：University of California System; University of California Irvine; University of Osaka; Corvinus University Budapest
摘要：We test the buffer stock model of savings behavior using a three-period intertemporal model. In one treatment, liquidity in the second period is constrained (borrowing not possible), while the unconstrained treatment has no such constraint. The buffer stock model predicts that a second-period liquidity constraint increases first-period savings. We also vary the variance of stochastic income (high or low) in a 2x2$2 \times 2$ design. While we find no evidence for the predicted liquidity constra...
