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作者：Krueger, Dirk
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作者：Di Casola, Paola; Sichlimiris, Spyridon
作者单位：European Central Bank; Goethe University Frankfurt
摘要：We develop a model that features costly market segmentation and financial repression to link domestic and external sovereign debt with default. In a financially repressed economy, a government that exploits its market power in the domestic economy can also increase its external debt capacity, owing to a novel, additional endogenous cost of default. A government forfeits the gains from trading in segmented debt markets when it defaults. Among other empirical regularities, our model can account ...
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作者：Rivera-Padilla, Alberto
作者单位：Tulane University
摘要：I document new facts on life-cycle wage growth within three countries: Brazil, Mexico, and the United States. In every case, I find that experience-wage profiles are steeper in rich states. Differences in education and industry mix can account for a large share of the covariance between income and profile steepness in both developing countries, while differences in occupations are key in every case. Using a general equilibrium model, I estimate meaningful productivity gains from inducing migra...
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作者：Ennis, Huberto M.; Klee, Elizabeth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study banks' use of the Fed's discount window during a time of relative calm in financial markets. We merge transaction-level data on discount window borrowings with quarterly bank balance sheet information between 2010 and 2019. We develop a model of the borrowing decisions of banks and contrast its implications with the data. In line with the model, we find that discount window borrowing is tightly linked to the composition of banks' balance sheets. Importantly, banks holding less reserve...
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作者：Ogawa, Toshiaki
摘要：I develop a general equilibrium model to explore heterogeneous bank liquidity management. Smaller banks, driven by stronger precautionary motives, tend to accumulate capital and liquidity buffers, rendering them less susceptible to liquidity risk than larger banks. Whereas negative productivity shocks affect all banks' loans similarly, liquidity shocks result in lending responses that vary by bank size. Mapping the model to panel data, I argue that initially, liquidity shocks were the primary ...
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作者：Caspari, Gian; Khanna, Manshu
作者单位：Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：We explore the possibility of designing matching mechanisms that can accommodate nonstandard choice behavior. We pin down the necessary and sufficient conditions on participants' choice behavior for the existence of stable and incentive-compatible mechanisms. Our results imply that well-functioning matching markets can be designed to adequately accommodate a plethora of choice behaviors, including the standard behavior consistent with preference maximization. To illustrate the significance of ...
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作者：Klumpp, Tilman; Su, Xuejuan
作者单位：University of Alberta
摘要：We examine the feedback loop between shortages and consumer stockpiling. The expectation of shortages induces consumers to stockpile, which amplifies the shortages they experience, which further encourages stockpiling. We show that, when aggregate supply is insufficient to meet aggregate demand and prices cannot adjust to clear the market, multiple equilibria exist which feature stockpiling to different degrees. Even when the fundamental supply shortfall is small, significant stockpiling can a...
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作者：van den Berg, Gerard J.; Hofmann, Barbara; Stephan, Gesine; Uhlendorff, Arne
作者单位：University of Groningen; University of Erlangen Nuremberg; Institut Polytechnique de Paris; Ecole Polytechnique; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS)
摘要：Integration agreements (IAs) are contracts between the employment agency and the unemployed, nudging the latter to comply with rules on search behavior. We designed and implemented a randomized controlled trial involving thousands of newly unemployed workers, randomizing at the individual level both the timing of the IA and whether it is announced in advance. Administrative records provide outcomes. Novel theoretical and methodological insights provide tools to detect anticipation and suggest ...
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作者：Barbera, Salvador; Berga, Dolors; Moreno, Bernardo; Nicolo, Antonio
作者单位：Autonomous University of Barcelona; Universitat de Girona; Universidad de Malaga; University of Padua; University of Manchester
摘要：We compare the consequences of imposing upon collective choice functions the classical requirement of Condorcet consistency with those arising when requiring the functions to satisfy the principle of pairwise justifiability. We show that, despite the different logic underlying these two requirements, they are equivalent when applied to anonymous and neutral rules defined over a class of domains. The class contains the universal, the single-peaked, and that of order restriction, among other pre...
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作者：Li, Kai
作者单位：Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：This discussion of Reallocating and Pricing Illiquid Capital: Two Productive Trees by Janice Eberly and Neng Wanghighlights its tractable two-sector model with costly capital reallocation, which links diversification benefits, adjustment frictions, and asset pricing. I outline four promising directions for future research: quantifying the diversification-friction trade-off, exploring business cycle and asset pricing dynamics, examining growth under uncertainty, and connecting to the capital re...
