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作者：Hoshino, Tetsuya
作者单位：Instituto Tecnologico Autonomo de Mexico; Instituto Tecnologico Autonomo de Mexico
摘要：A principal wishes to persuade multiple agents to take a particular action profile. Each agent cares about both a payoff-relevant state and other agents' actions. The principal discloses information about the state to control the agents' behavior by using their strategic uncertainty. We show that for any nondegenerate prior, the principal can persuade the agents to take an action profile as a unique rationalizable outcome if that action profile satisfies a generalization of risk dominance. Mor...
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作者：Khorunzhina, Natalia; Miller, Robert A.
作者单位：Copenhagen Business School; Carnegie Mellon University
摘要：We develop and estimate a dynamic model of female labor supply, fertility, and transition from renting to first homeownership with panel data, to investigate declining U.S. homeownership over the past decades. Higher house prices and increased female wage rates (that is the opportunity cost of leisure) cause households to postpone their first-home purchase, because leisure and fertility are complementary to homeownership. Education and female workforce participation are reinforcing factors tha...
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作者：Lee, Joosung; Li, Daniel
作者单位：University of Edinburgh; Durham University
摘要：This article studies sequential search problems, where a searcher chooses search intensity adaptively in each period. We fully characterize the optimal search rule and value, decomposing the intertemporal change of search intensity into the fall-back value effect and the deadline effect. We show that the optimal search intensity (value) is submodular (supermodular) in fall-back value and time. It follows that the fall-back value effect increases when the deadline approaches, and the deadline e...
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作者：Le Grand, Francois; Ragot, Xavier
作者单位：emlyon business school; Swiss Federal Institutes of Technology Domain; ETH Zurich; Institut d'Etudes Politiques Paris (Sciences Po); Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We present a truncation theory of idiosyncratic histories for heterogeneous-agent models. This method allows us to solve for optimal Ramsey policies in such models with aggregate shocks. The method can be applied to a large variety of settings, with occasionally binding credit constraints. We use this theory to characterize the optimal level of unemployment insurance over the business cycle in a production economy. We find that the optimal policy is countercyclical.
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作者：Lopez-Martin, Bernabe
作者单位：Central Bank of Chile
摘要：This article provides a theoretical model of firm dynamics that replicates the export elasticity values estimated in the empirical literature, and the heterogeneous response of firms. The analysis of alternative versions of the model allows for a decomposition of the contributions of the different mechanisms (distribution costs, imported intermediate inputs, gradual growth of foreign demand, and market access costs in foreign/domestic currency). Distribution costs represent the most important ...
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作者：Rausch, Sebastian; Schwerin, Hagen
摘要：Withdrawal: Does Higher Energy Efficiency Lower Economy-Wide Energy Use? Sebastian Rausch and Hagen Schwerin. The above article from the International Economic Review, published online on 20 January 2019 in Wiley Online Library () as an Accepted Article (), has been withdrawn by agreement between the journal's Co-Editor Masaki Aoyagi, and Wiley Periodicals, LLC. The withdrawal has been agreed following a recommendation by the authors' institution, ETH Zurich, due to an unresolved authorship di...
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作者：Chernoff, Alex; Craig, Andrea N.
作者单位：Bank of Canada; University of British Columbia
摘要：We estimate a residential sorting model using microdata to study an expansion of the Vancouver rapid transit network. Our results indicate that many aspects of household preferences were stable over time; however, preferences for transit access became more homogeneous with respect to income. Simulations show that these preference changes, along with endogenous housing appreciation and rising income levels in connected neighborhoods, result in larger benefits for higher-income households. This ...
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作者：Jiang, Shenzhe; Miao, Jianjun; Zhang, Yuzhe
作者单位：Peking University; Boston University; Texas A&M University System; Texas A&M University College Station
摘要：China's housing prices have been growing rapidly over the past few decades, despite low growth in rents. We study the impact of housing bubbles on China's economy, based on the understanding that local governments use land-sale revenue to fuel infrastructure investment. We calibrate our model to the Chinese data over the period 2003-13 and find that our calibrated model can match the declining capital return and GDP growth, the average housing price growth, and the rising infrastructure to GDP...
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作者：Daly, Moira; Hryshko, Dmytro; Manovskii, Iourii
作者单位：Copenhagen Business School; University of Alberta; University of Pennsylvania
摘要：Empirically, earnings at the start or end of earnings spells are lower and more volatile than in the interior of earnings histories, reflecting mainly the effects of working less than the full year. Ignoring these properties leads to a mismeasurement of the permanent and transitory shock variances and induces the large and widely documented divergence in the estimates of those variances based on fitting the earnings moments in levels or growth rates. Accounting for these effects enables more a...
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作者：Alloza, Mario
作者单位：Banco de Espana
摘要：This article estimates the impact of government spending shocks on economic activity during periods of boom and recession. I estimate these effects using an eclectic approach that employs (i) different strategies to identify exogenous variation in government spending, (ii) different methods to compute dynamic responses, and (iii) different measures of the state of business cycles. I find that government spending shocks have larger impacts on output during expansions than during recessions. Imp...
