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作者：Kovrijnykh, Natalia; Livshits, Igor
作者单位：Arizona State University; Arizona State University-Tempe; Western University (University of Western Ontario)
摘要：We propose a parsimonious model with adverse selection where delinquency, renegotiation, and bankruptcy all occur in equilibrium as a result of a simple screening mechanism. A borrower has private information about her endowment, and a lender uses random contracts to screen different types of borrowers. In equilibrium, some borrowers choose not to repay and thus become delinquent. The lender renegotiates with some delinquent borrowers. In the absence of renegotiation, delinquency leads to bank...
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作者：Ju, Biung-Ghi; Moreno-Ternero, Juan D.
作者单位：Seoul National University (SNU); Universidad Pablo de Olavide; Universite Catholique Louvain
摘要：We model problems of allocating disputed properties as generalized exchange economies. Therein, agents have preferences and claims over multiple goods, and the social endowment of each good may not be sufficient to satisfy all individual claims. We focus on market-based allocation rules that impose a two-step procedure: assignment of rights based on claims first and voluntary exchange based on the assigned rights afterward. We characterize three focal egalitarian rights-assignment rules that g...
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作者：Harrison, Rodrigo; Lagunoff, Roger
作者单位：Pontificia Universidad Catolica de Chile; Universidad Catolica del Norte; Georgetown University
摘要：We model dynamic mechanisms for a global commons. Countries value both consumption and conservation of an open access resource. A country's relative value of consumption to conservation is privately observed and evolves stochastically. An optimal quota maximizes world welfare subject to being implementable by Perfect Bayesian equilibria. With complete information, the optimal quota is first best; it allocates more of the resource each period to countries with high consumption value. Under inco...
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作者：Vial, Bernardita; Zurita, Felipe
作者单位：Pontificia Universidad Catolica de Chile
摘要：This article analyzes entry-exit decisions in a market where reputation determines the price that firms may charge, within a rational-expectation model of competition in a nonatomic market under heterogeneous reputations. The analysis focuses on the class of name-switching reputational equilibria, in which a firm discards its name if and only if its reputation falls below the entrants' reputation. The main technical result is the existence of a unique steady-state equilibrium within this class...
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作者：Chatterjee, Satyajit; Eyigungor, Burcu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：An analytically tractable city model with external increasing returns is presented. The equilibrium city structure is either monocentric or decentralized. Regardless of which structure prevails, intracity variation in endogenous variables displays exponential decay from the city center, where the decay rates depend only on parameters. Given population, the equilibrium of the model is generically unique. Tractability permits explicit expressions for when a central business district (CBD) will e...
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作者：Chudik, Alexander; Ma, Yanlei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; European Central Bank
摘要：One common, simplifying assumption in open economy macroliterature is that the rest of the world can be thought of as a representative economy. This article formally investigates conditions under which this assumption can be justified using a multicountry general equilibrium model as a laboratory. We derive the conditions that ensure the existence of the equilibrium and study the properties of the equilibrium using large N asymptotics. Thereby, we show that the two-country framework is a valid...
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作者：Antoniades, Alexis; Zaniboni, Nicola
作者单位：Georgetown University
摘要：We study exchange rate pass-through and its determinants using scanner data on fast moving consumer goods sold by 1,041 outlets in the United Arab Emirates between 2006 and 2010. The data are augmented with country of origin information. Our main finding is that exchange rate pass-through varies more across retailers within regions than across regions, and in particular that pass-through increases with retailer market share. We also find that exchange rate pass-through is negatively correlated...
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作者：Mroz, Thomas A.; Picone, Gabriel; Sloan, Frank; Yashkin, Arseniy P.
作者单位：University System of Georgia; Georgia State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; State University System of Florida; University of South Florida; Duke University
摘要：We estimate a dynamic multistage duration model to investigate how early detection of diabetes can delay the onset of lower extremity complications and death. We allow for partial observability of the disease stage, unmeasured heterogeneity, and endogenous timing of diabetes screening. Timely diagnosis appears important. We evaluate the effectiveness of two potential policies to reduce the monetary costs of frequent screening in terms of lost longevity. Compared to the status quo, the more res...
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作者：Kohn, David; Leibovici, Fernando; Szkup, Michal
作者单位：Universidad Torcuato Di Tella; York University - Canada; University of British Columbia
摘要：This article studies the role of financial frictions as a barrier to international trade. We study new exporter dynamics to identify how these frictions affect export decisions. We introduce a borrowing constraint and working capital requirements into a standard model of international trade, with exports more working capital intensive than domestic sales. Our model can quantitatively account for new exporter dynamics in contrast to a model with sunk export entry costs. We provide additional ev...
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作者：Chugh, Sanjay K.; Merkl, Christian
作者单位：University System of Ohio; Ohio State University; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); University of Erlangen Nuremberg; IZA Institute Labor Economics
摘要：This article characterizes efficient labor market allocations in a labor selection model. The model's crucial aspect is cross-sectional heterogeneity for new job contacts, which leads to an endogenousselection threshold for new hires. With cross-sectional dispersion calibrated to microeconomic data, 40% of empirically relevant fluctuations in the job-finding rate arise, which contrasts with results in an efficient search and matching economy. The efficient selection model's results hold in par...
