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作者：Anenberg, Elliot; Bayer, Patrick
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Duke University; National Bureau of Economic Research
摘要：This article presents new empirical evidence that internal movement-selling one home and buying another-by existing homeowners within a metropolitan housing market is especially volatile and a substantial driver of fluctuations in transaction volume over the housing market cycle. We develop a search model that shows that the strong procyclicality of internal movement is driven by the cost of simultaneously holding two homes, which varies endogenously over the cycle. The estimated model shows t...
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作者：Halket, Jonathan; Nesheim, Lars; Oswald, Florian
作者单位：Texas A&M University System; Texas A&M University College Station; University of Essex; University of London; University College London; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner-occupied markets? What can answers to these questions tell us about economic theories of homeownership? Using the English Housing Survey, we estimate a selection model of property allocations to the owner-occupied and rental sectors. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection i...
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作者：Pizzinelli, Carlo; Theodoridis, Konstantinos; Zanetti, Francesco
作者单位：International Monetary Fund; Cardiff University
摘要：This article documents state dependence in labor market fluctuations. Using a Threshold Vector Autoregression (TVAR) model, we establish that the unemployment rate, the job separation rate, and the job-finding rate (JFR) exhibit a larger response to productivity shocks during periods with low aggregate productivity. A Diamond-Mortensen-Pissarides model with endogenous job separation and on-the-job search replicates these empirical regularities well. We calibrate the model to match the standard...
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作者：Bandyopadhyay, Siddhartha; Chatterjee, Kalyan; Roy, Jaideep
作者单位：University of Birmingham; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Bath
摘要：We analyze how information about candidate quality affects the choice of electoral platforms made by an office-motivated political challenger. The incumbent is of known quality and located at the ideal policy of the voter. The voter cares for both policy and the candidates' quality and can learn about the challenger's quality by buying information. A high-quality challenger then has an incentive to signal her quality by choosing a policy that induces the voter to buy information. We first stud...
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作者：Wang, Liang; Wright, Randall; Liu, Lucy Qian
作者单位：University of Hawaii System; University of Hawaii Manoa; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; International Monetary Fund
摘要：We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Agents use cash and credit because the former (latter) is subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We derive closed-form solutions for money demand, and show how to simultaneously account for the price-change facts, cash-credit shares in micro data, and money-interest correla...
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作者：Fosgerau, Mogens; Melo, Emerson; De Palma, Andre; Shum, Matthew
作者单位：University of Copenhagen; Indiana University System; Indiana University Bloomington; CY Cergy Paris Universite; Institut Polytechnique de Paris; ENSAE Paris; California Institute of Technology
摘要：This article establishes a general equivalence between discrete choice and rational inattention models. Matejka and McKay (2015) showed that when information costs are modeled using the Shannon entropy, the choice probabilities in the rational inattention (RI) model take the multinomial logit form. We show that, for one given prior over states, RI choice probabilities may take the form of any additive random utility discrete choice model (ARUM) when the information cost is a Bregman informatio...
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作者：Au, Pak Hung; Fong, Yuk-Fai; Li, Jin
作者单位：Hong Kong University of Science & Technology; University of Hong Kong
摘要：We investigate the impact of corporate governance on customers' trust using a dynamic model of experience-goods firm. In the optimal equilibrium, customers' trust in the firm is linked to its behavior in the market for corporate control, so that the controlling shareholder has incentives to ensure high product quality while noncontrolling shareholders' interests are protected. Following a trust-damaging event, turnover of the controlling share block restores customers' trust and enhances total...
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作者：Shiller, Benjmian Reed
作者单位：Brandeis University
摘要：A consumer's web-browsing history, now readily available, may be much more useful than demographics for both targeting advertisements and personalizing prices. Using a method that combines economic modeling and machine learning methods, I find a striking difference. Personalizing prices based on web-browsing histories increases profits by 12.99%. Using demographics alone to personalize prices raises profits by only 0.25%, suggesting the percent profit gain from personalized pricing has increas...
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作者：Al-Ubaydli, Omar; List, John A.; Suskind, Dana
作者单位：George Mason University; George Mason University; University of Chicago; National Bureau of Economic Research; University of Chicago
摘要：Policymakers are increasingly facing the challenge of scaling empirical insights. This study provides a theoretical lens into the science of how to use science. Through a simple model, we highlight three elements of the scale-up problem: (1) when does evidence become actionable; (2) properties of the population; and (3) properties of the situation. Until these three areas are fully understood, the threats to scalability will render any scaling exercise as particularly vulnerable. Accordingly, ...
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作者：Nakajima, Makoto; Telyukova, Irina A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving decisions. We investigate empirically and theoretically the life-cycle patterns of homeownership, housing, and nonhousing assets in retirement. Using an estimated structural model of saving and housing decisions, we find first that homeowners dissave slowly because they prefer to stay in their house as long as possible but cannot easily borrow against it. Second, the 1996-2006 housin...
