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作者：Heydari, Pedram
作者单位：Northeastern University
摘要：I provide the first axiomatic characterization of Elimination by Aspects (EBA), a well-known model of stochastic choice originally proposed by Amos Tversky in 1972. The characterization based solely on observable choice behavior and does not assume that the underlying aspects are directly observable-treating them instead as subjective. I also discuss connections between EBA and related models of stochastic choice .
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作者：Choi, Hongseok
作者单位：Sejong University
摘要：This paper investigates whether ambiguity afflicting the long-run rate of growth fades away in a nonexchangeable environment (time-varying instantaneous expected growth rate). Two types of ambiguity are considered: static (multiple priors) and dynamic (multiple laws of motion). In the absence of dynamic ambiguity, likelihood-based learning resolves static ambiguity. In the presence of dynamic ambiguity, on the other hand, likelihood-based learning fails. In this case, static ambiguity fades aw...
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作者：Araujo, Luis; Izumi, Ryuichiro; Mattesini, Fabrizio
作者单位：Michigan State University; Wesleyan University; University of Rome Tor Vergata; University of Rome Tor Vergata
摘要：We study how access to wholesale funding affects bank fragility when policymakers can intervene efficiently during a run. In a Diamond-Dybvig environment with a wholesale market, banks can refinance rather than liquidate assets. We show that the effect of wholesale borrowing on fragility depends both on the cost of funds and on the allocation of seniority among creditors. When wholesale lenders are senior, the availability of funds decreases fragility when borrowing is inexpensive; while when ...
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作者：Kubler, Felix
作者单位：University of Zurich
摘要：This paper examines constrained optimal carbon pricing in a general equilibrium model with incomplete asset markets. A carbon policy consists of state-dependent carbon taxes and a sharing rule for tax revenue recycling. The social cost of carbon (SCC) is defined as the present value of the future marginal costs of additional CO2 emissions, discounted at (personalized) prices. For the case of complete markets, we state simple, sufficient conditions that ensure that setting carbon taxes equal to...
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作者：Boehl, Gregor
作者单位：University of Bonn
摘要：Building on automatic differentiation, I propose a robust and efficient solution method for perfect-foresight transition dynamics in heterogeneous agent models with many aggregate equations. Compared with existing methods, it allows to capture strong nonlinearities, including, e.g., occasionally binding constraints, and dynamics that deviate significantly from the steady state. A powerful and user friendly open-source reference implementation is provided, which efficiently computes nonlinear s...
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作者：Gopalakrishna, Goutham; Lee, Seung Joo; Papamichalis, Theofanis
作者单位：University of Toronto; University of Oxford; University of Cambridge
摘要：We develop a tractable framework to explore how beliefs about long-term economic growth shape macroeconomic and financial stability. By modeling belief distortions among productive capital users, we provide an analytical characterization of a novel phenomenon termed the net worth trap, wherein overly optimistic or pessimistic beliefs among productive agents prevent them from rebuilding wealth, causing permanent inefficiencies. A procyclical swing in beliefs reduces or exacerbates the instabili...
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作者：Cai, Xiaoming; Gautier, Pieter; Wolthoff, Ronald
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Vrije Universiteit Amsterdam; Tinbergen Institute; University of Toronto
摘要：This paper considers a random search model where some locations provide sellers with better chances of meeting many buyers than other locations (for example popular shopping streets or the first page of a search engine). When sellers are heterogeneous in terms of the quality of their product and/or the probability that a given buyer likes their product, it is desirable that sellers of high-quality niche products sort into the best locations (positive assortative matching, PAM). We show that th...
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作者：Bianchi, Javier; Bigio, Saki
作者单位：National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：We study settlement frictions that arise from the need to finance negative balances through an over-the-counter (OTC) market. We derive a closed-form expression for the endogenous convenience yield and show how it can be incorporated into a canonical portfolio problem. Using this framework, we examine how shifts in settlement frictions affect liquidity premia, the volume of overnight funding, the dispersion of market rates, and optimal portfolio allocations. From a normative perspective, we sh...
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作者：Kostadinov, Rumen; Roldan, Francisco
作者单位：McMaster University; International Monetary Fund
摘要：We study the optimal design of inflation targets by a planner who lacks commitment and exerts imperfect control over inflation. By comparing realized inflation to the targets, the public forms beliefs about the government's commitment. Such reputation is valuable as it helps curb inflation expectations. However, plans that are more tempting to break lead to faster reputational losses in the ensuing equilibrium. The planner's optimal announcement balances low inflation promises with incentives ...
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作者：Cetin, Umut
作者单位：University of London; London School Economics & Political Science
摘要：This paper addresses the question of how insiders internalize the additional penalties to trade in a continuous time Kyle model. The penalties can be interpreted as non-adverse selection transaction costs or legal penalties due to illegal insider trading. The equilibrium is established for general asset distribution. In equilibrium, the insider does not disseminate her private information fully into the market prices. Moreover, she always trades a constant multiple of the discrepancy between h...
