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作者：Miao, Jianjun; Wang, Pengfei; Zha, Tao
作者单位：Boston University; Hong Kong University of Science & Technology; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen); Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research
摘要：The price-rent ratio in commercial real estate is highly volatile and its variation comoves with the business cycle. To account for these facts, we develop a dynamic general equilibrium model that introduces a rental market and incorporates the liquidity constraint on an individual firm's production as a key ingredient. Our estimation identifies the discount shock as the most important factor in driving price-rent dynamics and linking the dynamics in the real estate market to those in the real...
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作者：Feri, Francesco; Pin, Paolo
作者单位：University of London; Royal Holloway University London; University of Trieste; University of Siena; Bocconi University; Bocconi University
摘要：We generalize the results on the monotonicity of equilibria for network games with incomplete information. We show that not only the distinction betweenstrategic complementsandstrategic substitutesis important in determining the nature of the Bayesian Nash equilibria, but the nature of the statistic itself is also determinant. We show that understanding the underlying forces behind people's choices may be of fundamental importance for a policymaker that wants to incentivize efficient behavior.
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作者：Gu, Chao; Han, Han; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; Peking University; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison
摘要：We analyze the impact of news (information shocks) in economies where liquidity matters, including those with endogenous credit limits, and those with assets serving as collateral or media of exchange. Although we also consider news about productivity and credit conditions, a leading case concerns monetary policy announcements. Real or monetary news has big effects on markets, potentially causing cyclic or boom-bust responses, even though we focus on the unique transition consistent with stati...
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作者：Jeitschko, Thomas D.; Tremblay, Mark J.
作者单位：Michigan State University; University System of Ohio; Miami University
摘要：We consider two-sided markets in which consumers and firms endogenously determine whether they single-home, multi-home, or exit the market. We find that the competitive bottleneck allocation in which consumers single-home and firms multi-home is always an equilibrium. In addition, we find equilibria with multi-homing and single-homing on each side of the market. However, unlike the standard pricing result where the side that multi-homes faces higher prices, we find that lower prices coincide w...
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作者：Haering, Alexander; Heinrich, Timo; Mayrhofer, Thomas
作者单位：Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung; Durham University; Harvard University
摘要：This study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are consistent with mixed risk aversion or mixed risk-loving behavior. We also find this pattern after a 10-fold increase in the stakes. Finally, our results reveal that this pattern is strengthened if...
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作者：Abbring, Jaap H.; Daljord, Oystein
作者单位：Tilburg University; University of Chicago
摘要：Fang and Wang's (2015) Proposition 2 claims generic identification of a dynamic discrete choice model with hyperbolic discounting under exclusion restrictions. We note that Proposition 2 uses a definition of generic that does not preclude that a generically identified model is nowhere identified. We provide two examples of models that are generically identified under this definition, but that are, respectively, everywhere and nowhere identified. We then show that the proof of Proposition 2 is ...
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作者：Dupuy, Arnaud; Galichon, Alfred; Jaffe, Sonia; Kominers, Scott Duke
作者单位：University of Luxembourg; New York University; New York University; Institut d'Etudes Politiques Paris (Sciences Po); Microsoft; Harvard University; National Bureau of Economic Research; Harvard University
摘要：We analyze the effects of taxation in two-sided matching markets where agents have heterogeneous preferences over potential partners. Our model provides a continuous link between models of matching with and without transfers. Taxes generate inefficiency on the allocative margin, by changing who matches with whom. This allocative inefficiency can be nonmonotonic, but is weakly increasing in the tax rate under linear taxation if each worker has negative nonpecuniary utility of working. We adapt ...
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作者：Bhattacharya, Haimanti; Dugar, Subhasish
作者单位：Utah System of Higher Education; University of Utah
摘要：It is widely believed that successful bargaining helps consumers increase their surplus. We present evidence from a field experiment showing that bargaining over price reduces buyer surplus in a marketplace where sellers cheat on the weight whose value may more than offset the price discount. Our results show that bargaining entails hidden costs since sellers cheat significantly more when buyers bargain than not and they cheat significantly more when bargaining succeeds than fails. Overall bar...
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作者：Diamond, Jess; Watanabe, Kota; Watanabe, Tsutomu
作者单位：Hosei University; University of Tokyo; University of Tokyo
摘要：Using a new data set, we investigate the relationship between the inflation experience and expectations of households in Japan, focusing on the post-1995 deflationary era. Our first finding is that inflation expectations increase with age. Second, we find that measured inflation rates also increase with age, although age and inflation expectations continue to exhibit a positive correlation even after controlling for the household-level inflation rate. Analysis suggests that the correlation bet...
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作者：Saijo, Hikaru
作者单位：University of California System; University of California Santa Cruz
摘要：This article studies the impact of fiscal uncertainty shocks. In micro data, noncapital holders reduce consumption persistently in response to an increase in fiscal uncertainty whereas capital holders do not. Motivated by this evidence, I introduce limited capital market participation and show that it magnifies the fall in economic activity due to a fiscal uncertainty shock and induces macroeconomic comovement. This is because the limited participation model captures individual uncertainty abo...
