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作者：Gauer, Florian; Kuzmics, Christoph
作者单位：University of Bielefeld; University of Graz
摘要：Two individuals are involved in a conflict situation in which preferences are ex ante uncertain. Although they eventually learn their own preferences, they have to pay a small cost if they want to secretly learn their opponent's preferences. We show that there is an interval with an upper bound less than 1 and lower bound greater than zero such that, for sufficiently small positive costs of information acquisition, in any Bayesian Nash equilibrium of the resulting game of incomplete informatio...
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作者：Lessem, Rebecca; Sanders, Carl
作者单位：Carnegie Mellon University; Indiana University System; Indiana University Bloomington
摘要：Immigrants to the United States routinely take jobs below their skill qualifications because of barriers to entering occupations. We use a structural model of immigrant job choice to quantify the benefits of potential policies to promote entry into suitable occupations. We estimate the model using longitudinal labor market data on immigrants to the United States. Our counterfactual results show that eliminating barriers to occupational entry would lead to only a small earnings increase for the...
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作者：Dotsey, Michael; Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：In a model with fixed cost of price adjustment and idiosyncratic shocks, two parameterizations match a large set of microeconomic facts, yet display different degrees of nonneutrality. Although there is substantial nonneutrality in both cases, the model does not behave like a time-dependent model, as changes in the distribution of firms account for roughly a third of the short-run response of the price level to a monetary shock. We use the model to examine how aggregating firm behavior can gen...
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作者：Garcia-Santana, Manuel; Moral-Benito, Enrique; Pijoan-Mas, Josep; Ramos, Roberto
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre for Economic Policy Research - UK; Banco de Espana
摘要：Measured total factor productivity (TFP) fell in Spain during the boom years of 1995-2007. Using administrative data from the quasi-universe of firms, we show that there was an increase in misallocation, which was more severe in sectors where connections with public officials are more important for business success. We write and estimate a simple model of cronyism in which heterogeneous firms invest in political connections. Our quantitative exercise concludes that the institutional decline ov...
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作者：Bonilla, Roberto; Kiraly, Francis; Wildman, John
作者单位：Newcastle University - UK
摘要：We propose a theoretical explanation for the so-called beauty premium. Our approach relies entirely on search frictions and the fact that physical appearance plays an important role in attracting a marriage partner. We analyze the interaction between frictional labor and marriage markets, making use of what we label constrained job search. The optimal strategy entails different reservation wages for different men, and we establish the existence of a search equilibrium characterized by a beauty...
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作者：Ioannou, Christos A.; Makris, Miltiadis
作者单位：University of Kent
摘要：Global games and Poisson games have been proposed to address equilibrium indeterminacy in Common Knowledge Coordination games. The present study investigates in a controlled setup, using as controls Common Knowledge games, whether idiosyncratic uncertainty about economic fundamentals (Global games) or uncertainty about the number of actual players (Poisson games) may influence subjects' behavior. We find that uncertainty about the number of actual players has more influence on subjects' behavi...
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作者：Gossner, Olivier; Kuzmics, Christoph
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS); Ecole Polytechnique; University of London; London School Economics & Political Science; University of Graz
摘要：A decision maker (DM) makes choices from different sets of alternatives. The DM is initially ignorant of the payoff associated with each alternative and learns these payoffs only after a large number of choices have been made. We show that, in the presence of an outside option, once payoffs are learned, the optimal choice rule from sets of alternatives can be rationalized by a DM with strict preferences over all alternatives. Under this model, the DM has preferences for preferences while being...
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作者：Dong, Mei; Xiao, Sylvia Xiaolin
作者单位：University of Melbourne; Peking University
摘要：We discover a consumption channel of monetary policy in a model with money and government bonds. When the central bank withdraws government bonds (short-term or long-term) through open market operations, it lowers returns on bonds. The lower return has a direct negative impact on consumption by households that hold bonds and an indirect negative impact on consumption by households that hold money. As a result, firms earn less profits from production, which leads to higher unemployment. The exi...
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作者：Hammond, Robert G.; Liu, Bin; Lu, Jingfeng; Riyanto, Yohanes E.
作者单位：North Carolina State University; The Chinese University of Hong Kong, Shenzhen; National University of Singapore; Nanyang Technological University
摘要：Entry fees are widely observed in contests. We study the effect of a prize-augmenting entry fee on expected total effort in an all-pay auction setting where the contestants' abilities are private information. An entry fee reduces equilibrium entry but can enhance the entrants' effort supply. Our theoretical model demonstrates that the optimal entry fee is strictly positive and finite. In a laboratory experiment, we empirically test the effect of entry fees on effort supply. Our results provide...
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作者：D'Alessandro, Antonello; Fella, Giulio; Melosi, Leonardo
作者单位：European Central Bank; Bank of Italy; University of London; Queen Mary University London; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Using a Bayesian structural vector autoregression analysis, we document that an increase in government purchases raises private consumption, the real wage, and total factor productivity (TFP) while reducing inflation. These three facts are hard to reconcile with both neoclassical and New Keynesian models. We extend a standard New Keynesian model to allow for skill accumulation through past work experience. An increase in government spending increases hours and induces skill accumulation and hi...
