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作者：Ascari, Guido; Florio, Anna; Gobbi, Alessandro
作者单位：University of Oxford; University of Pavia; Polytechnic University of Milan; Catholic University of the Sacred Heart; IRCCS Policlinico Gemelli
摘要：Can monetary policy control inflation when both monetary and fiscal policies change over time? When monetary policy is active, a long-run fiscal principle entails flexibility in fiscal policy that preserves determinacy even when deviating from passive fiscal, substantially for brief periods or timidly for prolonged periods. In order to guarantee a unique equilibrium, monetary and fiscal policies must coordinate not only within but also across regimes, and not simply on being active or passive,...
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作者：Hincapie, Andres
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Most individuals do not start a business and, if they do, they start well into their 30s. To explain these stylized facts, I estimate a dynamic Roy model with experience accumulation, risk aversion, and imperfect information about ability using the Panel Study of Income Dynamics. Information frictions and income risk reduce entrepreneurship by up to 40% and 35%, respectively. Entry costs and information frictions explain most of the delayed entry. Results from counterfactual policies targeting...
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作者：Svensson, Roger; Westermark, Andreas
作者单位：Research Institute of Industrial Economics (IFN); Sveriges Riksbank
摘要：Gesell taxes on money have recently received attention as a way of alleviating the zero lower bound on interest rates. Less known is that such taxes generated seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased to be legal and had to be exchanged into new coins for a fee. Using a cash-in-advance model, we analyze under what conditions agents exchange coins and the tax generates revenues. A low exchange fee, high punishments for using old ...
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作者：John, Andrew; King, Ian
作者单位：University of Melbourne; University of Queensland
摘要：For high-profile positions, should applicant identities be made public within the organization (open search) or kept confidential (secret search)? We construct a model where an organization seeks to hire, but where candidates' abilities are private information unless it uses open search. Rejected applicants, under open search, suffer disutility. We find the following: Salaries are lower under secret search, the expected ability of applicants decreases as the posted (open search) salary increas...
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作者：Ko, Chiu Yu; Li, Duozhe
作者单位：Chinese University of Hong Kong; Chinese University of Hong Kong
摘要：We study a one-to-many bargaining model in which one active player bargains with every passive player on how to share the surplus of a joint project. The order of bargaining is not fixed and the active player decides whom to bargain with in each period. Our model admits a rich set of equilibria and we identify the upper and lower bounds of equilibrium payoffs. We also examine whether two natural ordering protocols often assumed in existing studies can sustain endogenously. Although the queuing...
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作者：Horan, S.; Osborne, M. J.; Sanver, M. R.
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作者：Davoodalhosseini, Seyed Mohammadreza
作者单位：Bank of Canada
摘要：A model of over-the-counter markets is proposed. Some asset buyers are informed in that they can identify high-quality assets. Sellers with private information choose what type of buyers they want to trade with. When the measure of informed buyers is low, a unique equilibrium exists, and interestingly, price, trading volume and welfare typically decrease with more informed buyers. When the measure of informed buyers is intermediate, multiple equilibria arise. A switch from one equilibrium to a...
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作者：Lasso de la Vega, Casilda; Volij, Oscar
作者单位：University of Basque Country; Ben-Gurion University of the Negev
摘要：We examine the problem of measuring the extent to which students with different income levels attend separate schools. Unless rich and poor attend the same schools in the same proportions, some segregation will exist. Since income is a continuous cardinal variable, however, the rich-poor dichotomy is necessarily arbitrary and renders any application of a binary segregation measure artificial. This article provides an axiomatic characterization of a measure of income segregation that takes into...
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作者：Morchio, Iacopo
作者单位：University of Vienna
摘要：A long-standing question in economics is how important unobserved differences across workers are for explaining unemployment. I revisit this topic using variation in lifetime unemployment across workers in U.S. data. A comparison of workers often unemployed with the rest shows that although differences in job-finding rates increase over the course of a career, differences in job-separation rates are large right from the start. I develop a directed search model with symmetric unobserved heterog...
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作者：Stone, Daniel F.
作者单位：Bowdoin College
摘要：I present a model of affective polarization-growth in hostility over time between two parties-via quasi-Bayesian inference. In the model, two agents repeatedly choose actions. Each choice is based on a balance of concerns for private interests and the social good. More weight is put on private interests when an agent's character is intrinsically more self-serving and when the other agent is believed to be more self-serving. Each agent Bayesian updates about the other's character, and dislikes ...
