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作者：Chen, Yongmin; Li, Jianpei; Zhang, Jin
作者单位：University of Colorado System; University of Colorado Boulder; University of International Business & Economics
摘要：When providing professional services, an expert may misbehave by either prescribing wrong treatment for consumer's problem or failing to exert proper effort to diagnose it. We show that under a range of liabilities the expert will recommend the appropriate treatment based on his private information if markups for alternative treatments are close enough; however, a well-designed liability rule is essential for also motivating efficient diagnosis effort. We further demonstrate that unfettered pr...
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作者：Choi, Jay Pil; Stefanadis, Christodoulos
作者单位：Michigan State University; University of Piraeus
摘要：We examine tippy network markets that accommodate price discrimination. The analysis shows that when a mild equilibrium refinement, the monotonicity criterion, is adopted, network competition may have a unique subgame-perfect equilibrium regarding the winner's identity; the prevailing brand may be fully determined by its product features. We bring out the concept of the dominant value margin, which is a metric of the effectiveness of divide-and-conquer strategies. The supplier with the larger ...
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作者：Altermatt, Lukas
作者单位：University of Essex
摘要：I develop a model where banks play a central role in monetary policy transmission. By credibly committing to repayment, banks can perform liquidity transformation. Illiquid assets may pay a liquidity premium because they allow banks to create liquid assets. The policy analysis discusses how the monetary authority can affect nominal rates and inflation when the fiscal authority follows nominal or real debt targets. A main result is that under a nominal debt target, the monetary authority is onl...
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作者：Bisetti, Emilio; Tengelsen, Benjamin; Zetlin-Jones, Ariel
作者单位：Hong Kong University of Science & Technology; Carnegie Mellon University
摘要：We reexamine the ability of teams to credibly self-impose group punishments and prevent free riding when individual inputs are unobservable. We formulate self-imposed group punishments as performance underreporting by the team. Although underreporting is not credible in a static game, we show that simple strategies can sustain underreporting in a repeated game, and that the threat of underreporting improves welfare only if team members' preferences between shirking and team output consumption ...
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作者：Greenwood, Jeremy; Han, Pengfei; Sanchez, Juan M.
作者单位：University of Pennsylvania; Peking University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：The relationship between venture capital (VC) and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about VC: statistics by funding round concerning success rates,...
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作者：Li, Shanjun; Liu, Youming; Wei, Chao
作者单位：Cornell University; Bank of Canada; George Washington University
摘要：This article investigates the potential trade-off between the stimulus and environmental objectives in the context of the U.S. vehicle scrappage program. We develop and estimate a dynamic model of vehicle ownership and conduct a counterfactual analysis comparing the implemented policy with alternative designs. We find the cost of the implemented policy 25% higher in terms of induced sales and 64% higher in terms of induced spending than a policy design without the environmental objective. The ...
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作者：Moro, Alessio; Rachedi, Omar
作者单位：University of Cagliari; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：We document a secular change in the structure of government consumption spending: Over time the government purchases relatively more private-sector goods, and relies less on its own production of value added. This process alters the transmission of fiscal policy, by dampening the response of hours, public value added, and the labor share to government spending shocks, while leaving the response of total output unchanged. We rationalize these facts in a general equilibrium model where a decline...
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作者：Miyakawa, Daisuke; Oikawa, Koki; Ueda, Kozo
作者单位：Hitotsubashi University; Waseda University; Waseda University
摘要：We construct a model that introduces nominal rigidity into R&D-driven endogenous growth with heterogeneous firms. The model shows that high nominal growth leads to an increase in the market share of innovative firms as menu-cost burdens are relatively heavier for less innovative firms. This reallocation effect yields a positive effect of monetary expansion on both real growth and welfare. The optimal nominal growth can be strictly positive even under nominal rigidity. Moreover, menu costs can ...
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作者：Weiergraeber, Stefan
作者单位：Indiana University System; Indiana University Bloomington
摘要：I estimate a model of dynamic consumer behavior to disentangle switching costs and network effects in the U.S. wireless industry. A detailed panel on market shares and churn rates, disaggregated by demographic consumer types and local markets, allows me to separately identify preference heterogeneity, switching costs, and a localized direct network effect. My switching cost estimates range from USD 47 to USD 178. The average willingness-to-pay for a 15 percentage point increase in a carrier's ...
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作者：Azevedo, Joao Valle E.; Ritto, Joao; Teles, Pedro
作者单位：Banco de Portugal; Universidade Nova de Lisboa; University of Pennsylvania; Universidade Catolica Portuguesa; Centre for Economic Policy Research - UK
摘要：We revisit the empirical relationship between policy interest rates and inflation aimed at understanding the reasons for persistently low inflation in Japan and the euro area and why monetary policy has been unable to raise it. We document the long-run positive relationship between nominal rates and inflation across countries and across time. We also find that a permanent rise in nominal rates leads to an increase in inflation, also in the short run. These findings suggest that the low inflati...
