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作者：Kim, Jinill; Ruge-Murcia, Francisco
作者单位：Korea University; McGill University
摘要：This article studies the implication of extreme shocks for monetary policy. The analysis is based on a small-scale New Keynesian model with sticky prices and wages where shocks are drawn from asymmetric generalized extreme value distributions. A nonlinear perturbation solution of the model is estimated by the simulated method of moments. Under the Ramsey policy, the central bank responds nonlinearly and asymmetrically to shocks. The trade-off between targeting a gross inflation rate above 1 as...
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作者：Chang, Yongsung; Kim, Sun-Bin; Kwon, Kyooho; Rogerson, Richard
作者单位：Seoul National University (SNU); Yonsei University; Korea Development Institute (KDI); Princeton University; National Bureau of Economic Research
摘要：We study business cycle fluctuations in heterogeneous agent general equilibrium models featuring intensive and extensive margins of labor supply. A nonlinear mapping from time devoted to work to labor services generates operative extensive and intensive margins. Our model captures the salient features of the empirical distribution of hours worked, including how individuals transit within this distribution. We study how various specifications influence labor supply responses to aggregate techno...
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作者：Ghosh, Sambuddha; Gratton, Gabriele; Shen, Caixia
作者单位：Shanghai University of Finance & Economics; University of New South Wales Sydney; Zhejiang University of Finance & Economics
摘要：A challenger wants a resource initially held by a defender, who can negotiate a settlement by offering to share the resource. If Challenger rejects, conflict ensues. During conflict, each player could be a tough type for whom fighting is costless. Therefore, nonconcession intimidates the opponent into conceding. Unlike in models where negotiations happen in the shadow of exogenously specified conflicts, offers made during negotiations determine how conflict unfolds if negotiations fail. In tur...
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作者：Clark, Alexander T.; Tenev, Nicholas H.
作者单位：United States Department of the Treasury; Office of the Comptroller of the Currency
摘要：We develop a model in which costly voting in a large, two-party election is a sequentially rational choice of strategic, self-interested players who can reward fellow voters by forming stronger ties in a network formation coordination game. The predictions match a variety of stylized facts, including explaining why an individual's voting behavior may depend on what she knows about her friends' actions. Players have imperfect information about others' voting behavior, and we find that some degr...
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作者：Ketcham, Jonathan D.; Kuminoff, Nicolai V.; Powers, Christopher A.
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：We develop a method that embeds signals about consumers' knowledge to evaluate prospective choice architecture policies. We analyze three proposals for U.S. Medicare prescription drug insurance markets: (i) menu restrictions, (ii) personalized information, and (iii) defaulting consumers to cheap plans. We link administrative and survey data to identify informed enrollment decisions that proxy for preferences of observationally similar misinformed consumers. Results suggest that each policy yie...
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作者：Peterman, William B.; Sommer, Kamila
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using a computational life cycle model, this article assesses how Social Security affects the welfare of different types of individuals during the Great Recession. Overall, we find that Social Security reduces the average welfare losses for agents alive at the time of the Great Recession by the equivalent of 1.4% of expected future lifetime consumption. Moreover, we show that although the program mitigates some of the welfare losses for most agents, it is particularly effective at mitigating t...
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作者：Chen, Zhiqi
作者单位：Nanjing University; Carleton University
摘要：This article analyzes the impact of retailer buyer power on a supplier's incentive to conduct innovation, with a focus on the supplier's investment in product variety and quality improvement. The analysis shows that an increase in buyer power, manifested through either a weakening of the supplier's bargaining position or a strengthening of a large retailer's bargaining power, leads to greater product variety and higher quality if the elasticity of demand is not too large. Increased buyer power...
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作者：Melo, Emerson; Pogorelskiy, Kirill; Shum, Matthew
作者单位：Indiana University System; Indiana University Bloomington; University of Warwick; California Institute of Technology
摘要：We develop a nonparametric test for consistency of player behavior with the quantal response equilibrium (QRE). The test exploits a characterization of the equilibrium choice probabilities in any structural QRE as the gradient of a convex function; thereby, QRE-consistent choices satisfy the cyclic monotonicity inequalities. Our testing procedure utilizes recent econometric results for moment inequality models. We assess our test using lab experimental data from a series of generalized matchin...
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作者：Toxvaerd, Flavio
作者单位：University of Cambridge
摘要：This article studies a model of disease propagation in which rational and forward-looking individuals can control their exposure to infection by engaging in costly preventive behavior. Equilibrium outcomes under decentralized decision making are characterized and contrasted to the outcomes chosen by a social planner. In general, individuals overexpose themselves to infection, leading to suboptimally high disease prevalence. The model is applied to study the welfare effects of preexposure proph...
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作者：Troyan, Peter
作者单位：University of Virginia
摘要：Although there is a rich theoretical literature extolling the virtues of the top trading cycles (TTCs) mechanism, it is rarely used in practice. Anecdotal evidence suggests that one possible explanation is that TTC is difficult for participants to understand. This article formalizes this intuition by asking whether it is possible to implement TTC in an obviously strategy-proof (OSP) way. I identify an acyclicity condition that is both necessary and sufficient for OSP implementation of TTC. The...
