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作者：Guillen, Pablo; Kesten, Onur
作者单位：Carnegie Mellon University; University of Sydney
摘要：We consider a common indivisible good allocation problem whose popular applications include on-campus housing, kidney exchange, and school choice. We show that the so-called New House 4 (NH4) mechanism, which has been in use at MIT since the 1980s, is equivalent to a natural adaptation of the well-known GaleShapley (GS) mechanism. We run two experiments comparing NH4 with the prominently advocated Top Trading Cycles (TTC) mechanism and NH4 with GS. We find that under NH4, the participation rat...
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作者：Markiewicz, Agnieszka
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This article proposes an explanation for shifts in the volatility of exchange-rate returns. Agents are uncertain about the true data generating model and deal with this uncertainty by making inference on the models and their parameters' approach, I call model learning. Model learning may lead agents to focus excessively on a subset of fundamental variables. Consequently, exchange-rate volatility is determined by the dynamics of these fundamentals and changes as agents alter models. I investiga...
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作者：Galenianos, Manolis; Kircher, Philipp
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of London; London School Economics & Political Science
摘要：We provide a unified directed search framework with general production and matching specifications that encompass most of the existing literature. We prove the existence of subgame perfect Nash equilibria in pure firm strategies in a finite version of the model. We use this result to derive a more complete characterization of the equilibrium set for the finite economy and to extend convergence results as the economy becomes large to general production and matching specifications. The latter ex...
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作者：Judd, Kenneth L.; Schmedders, Karl; Yeltekin, Sevin
作者单位：University of Zurich; Carnegie Mellon University
摘要：There are two important rules to patent races: minimal accomplishment necessary to receive the patent and the allocation of the innovation benefits. We study the optimal combination of these rules. A planner, who cannot distinguish between competing firms in a multistage innovation race, chooses the patent rules by maximizing either consumer or social surplus. We show that efficiency cost of prizes is a key consideration. Races are undesirable only when efficiency costs are low, firms are simi...
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作者：Kose, M. Ayhan; Otrok, Christopher; Prasad, Eswar
作者单位：University of Missouri System; University of Missouri Columbia; International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Cornell University
摘要：We analyze the evolution of the degree of global cyclical interdependence over the period 19602008. Using a dynamic factor model, we decompose macroeconomic fluctuations in output, consumption, and investment into a global factor, factors specific to country groups, and country-specific factors. We find that during 19852008, there is some convergence of business cycle fluctuations among industrial economies and among emerging market economies. Surprisingly, there is a concomitant decline in th...
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作者：Mumtaz, Haroon; Zanetti, Francesco
作者单位：Bank of England
摘要：This article studies the dynamic response of labor input to neutral technology shocks. It uses benchmark dynamic, stochastic, general equilibrium models enriched with labor market search and matching frictions and investment-specific technological progress that enables a new, agnostic, identification scheme based on sign restrictions on a structural vector autoregression (SVAR). The estimation supports an increase of labor input in response to neutral technology shocks. This finding is robust ...
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作者：Kirdar, Murat G.
作者单位：Middle East Technical University
摘要：This article estimates immigrants fiscal impact on the German pension insurance and unemployment insurance systems when return migration is an endogenous choice. For this purpose, it develops a dynamic stochastic model of joint return migration and saving decisions and estimates it using longitudinal data on immigrants from five countries. The results indicate that exogenous return migrationwhich has been the practice of the literature so farunderestimates the state coffers net gain substantia...
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作者：Ohlendorf, Susanne; Schmitz, Patrick W.
作者单位：University of Cologne; University of Bonn
摘要：We consider a repeated moral hazard problem where both the principal and the wealth-constrained agent are risk-neutral. In each of two periods, the agent can exert unobservable effort, leading to success or failure. Incentives provided in the second period act as carrot and stick for the first period, so that the effort level induced in the second period is higher after a first-period success than after a failure. If renegotiation cannot be prevented, the principal may prefer a project with lo...
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作者：Sieg, Holger; Zhang, Jipeng
作者单位：University of Pennsylvania; Nanyang Technological University
摘要：This article provides an empirical analysis of the role that private benefits play in explaining charitable donations to large cultural and environmental organizations. We develop a multiple discrete choice model with differentiated products. We estimate the model using a unique data set of donor lists for the 10 largest cultural and environmental charitable organizations in the Pittsburgh metropolitan area. We find that some private benefits such as invitations to private dinner parties and s...
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作者：Lee, Lung-fei; Yu, Jihai
作者单位：Peking University; University System of Ohio; Ohio State University
摘要：This article investigates spatial panel data models with a spacetime filter in disturbances. We consider their estimation by both fixed effects and random effects specifications. With a between equation properly defined, the difference of the random versus fixed effects models can be highlighted. We show that the random effects estimate is a pooling of the within and between estimates. A Hausman-type specification test and an Lagrangian multiplier test are proposed for the testing of the rando...
