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作者：Freitag, Andreas; Roux, Catherine; Thoeni, Christian
作者单位：University of Basel; University of Lausanne
摘要：We study the role of communication in collusive market sharing. In a series of Cournot oligopoly experiments with multiple markets, we vary the information that firms can exchange: hard information-verifiable information about past conduct-and soft information-unbinding information about future conduct. We find that the effect of communication on the firms' ability to collude depends on the type of information available: Whereas market prices increase only slightly with hard information, the p...
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作者：Beshkar, Mostafa; Park, Jee-Hyeong
作者单位：Indiana University System; Indiana University Bloomington; Seoul National University (SNU)
摘要：The literature on pretrial dispute settlement has focused on the effect of first-order uncertainty on bargaining, while assuming common knowledge about higher-order beliefs. We study the effect of higher-order uncertainty and show that the existence of such uncertainty improves the efficiency of settlement bargaining by expanding the set of strategies implementable in the equilibrium. We introduce uncertainty about higher-order beliefs by assuming that one player privately observes an imperfec...
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作者：Crockett, Sean; Friedman, Daniel; Oprea, Ryan
作者单位：Chapman University System; Chapman University; University of California System; University of California Santa Cruz; University of Essex; University of California System; University of California Santa Barbara
摘要：We examine whether economies constructed using experimentally measured preferences (for risk) tend to suffer from aggregation pathologies (like nonexistence and multiplicity of equilibrium) cautioned by the Sonnenschein-Mantel-Debreu theorem. We show that aggregation pathologies should be expected to arise frequently in homogeneous exchange economies, but dwindle and eventually disappear as economies grow diverse. When subjects actually trade, general equilibrium predictions are accurate in mo...
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作者：Che, Jiahua; Chung, Kim-Sau; Qiao, Xue
作者单位：China Europe International Business School; Hong Kong Baptist University; Renmin University of China
摘要：The China model is increasingly viewed by developing countries as a viable alternative to democracy. China's allegedly merit-based promotion system is lauded as a secret ingredient of the China model. However, once being promoted to the top, Chinese leaders are as unconstrained as other autocrats. If there are fundamental reasons why other autocrats cannot commit to such a promotion system, why are Chinese leaders any different? We provide a unified theory that accommodates both China and othe...
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作者：Rodriguez-Lopez, Antonio
作者单位：University of California System; University of California Irvine
摘要：I present a model to study the linkages between the market for liquidity and the international allocation of economic activity. Private assets' liquidity properties affect interest rates, with consequences on entry, production, and market capitalization. In a closed economy, the liquidity market increases the size and productivity of the sector that generates liquid assets. In an open economy, cross-country differences in financial development generate an allocation of economic activity favori...
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作者：Rothert, Jacek
作者单位：United States Department of Defense; United States Navy; United States Naval Academy
摘要：I document cyclical behavior of real exchange rates (RERs) in emerging and developed economies: stronger RER procyclicality coincides with larger relative volatility of consumption and more countercyclical trade balance. I then reevaluate the sources of fluctuations in emerging economies using an international business cycle model estimated to match the behavior of the RERs. Interest rate shocks, without any frictions, account for most of output fluctuations. This result is driven by imperfect...
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作者：Amaral, Pedro S.; Quintin, Erwan; Corbae, Dean
作者单位：California State University System; California State University Fullerton; University of Wisconsin System; University of Wisconsin Madison
摘要：The volume of cash-flow transformation activities has grown markedly over the past few decades. We develop a dynamic model that characterizes the effects of changes in the costs and benefits of security creation. Lower tranching costs and increases in foreign appetite for safe assets can both increase costly security creation with positive effects on GDP and have diverse macroeconomic implications. Whereas the former counterfactually increases yields, the latter lowers them and also raises ren...
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作者：Bachmann, Ruediger; Rueth, Sebastian K.
作者单位：University of Notre Dame; Leibniz Association; Ifo Institut; Ruprecht Karls University Heidelberg; Ghent University
摘要：What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as measured by loan-to-value (LTV) ratios? Using a structural vector autoregression (VAR), we find that GDP and business investment increase following an expansionary LTV shock. Residential investment, by contrast, falls after a small initial uptick, a result that depends on the systematic reaction of monetary policy. We show that, historically, the Fed tended to respond to expansio...
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作者：Lindner, Ines; Strulik, Holger
作者单位：Vrije Universiteit Amsterdam; University of Gottingen
摘要：We present a multicountry theory of economic growth and R&D-driven technological progress in which countries are connected by a network of knowledge exchange. Technological progress in any country depends on the state of technology in the countries it exchanges knowledge with. The diffusion of knowledge throughout the world explains a period of increasing world inequality, followed by decreasing relative inequality. Knowledge diffusion through a small world network produces an extraordinary di...
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作者：Imrohoroglu, Ayse; Zhao, Kai
作者单位：University of Southern California; University of Connecticut
摘要：In this article, we present a model that can account for the changes in the current account balance in China since the 2000s. Our results suggest that inadequate insurance through government programs for the elderly and the decline in family insurance due to the one-child policy led to large increases in the household saving rate. These increases coupled with the financial frictions preventing the household saving from being invested in domestic firms resulted in large current account surpluse...
