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作者：Nistico, Salvatore
作者单位：Sapienza University Rome
摘要：I present a model with discontinuous asset-market participation (DAMP), where all agents are non-Ricardian, and where heterogeneity among market participants implies financial-wealth effects on aggregate consumption. The implied welfare criterion shows that financial stability arises as an additional and independent target, besides inflation and output stability. Evaluation of optimal policy under discretion and commitment reveals that price stability may no longer be optimal, even absent inef...
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作者：Novta, Natalija
作者单位：International Monetary Fund
摘要：This paper theoretically and empirically investigates the relationship between local-level ethnic composition and the spread of conflict. Cross-country literature on conflict finds that ethnic diversity, and ethnic polarization in particular, are associated with greater incidence of conflict. However, the question remains as to where within ethnically diverse countries conflict begins and where and how it spreads. To study this question, I present a model in which local ethnic groups' decision...
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作者：Brandts, Jordi; Ellman, Matthew; Charness, Gary
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics; University of California System; University of California Santa Barbara
摘要：We study experimentally how communication changes the effectiveness of contract types when sellers choose unenforceable quality after a possible cost shock. Communication potentially removes conflicting perceptions that may otherwise plague flexible contracts. Indeed, we find that introducing free-form communication sharply reverses an advantage of rigid contracts in favor of flexible contracts, which then deliver much higher earnings. Control treatments that avoid selection effects reveal a s...
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作者：Kimbrough, Erik O.; Vostroknutov, Alexander
作者单位：Simon Fraser University; Maastricht University
摘要：We explore the idea that prosocial behavior in experimental games is driven by social norms imported into the laboratory. Under this view, differences in behavior across subjects is driven by heterogeneity in sensitivity to social norms. We introduce an incentivized method of eliciting individual norm-sensitivity, and we show how it relates to play in public goods, trust, dictator, and ultimatum games. We show how our observations can be rationalized in a stylized model of norm-dependent prefe...
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作者：Asonuma, Tamon; Trebesch, Christoph
作者单位：International Monetary Fund; University of Munich
摘要：Sovereign debt restructurings can be implemented preemptivelyprior to a payment default. We code a comprehensive new data set and find that preemptive restructurings (i) are frequent (38% of all deals 1978-2010), (ii) have lower haircuts, (iii) are quicker to negotiate, and (iv) see lower output losses. To rationalize these stylized facts, we build a quantitative sovereign debt model that incorporates preemptive and post-default renegotiations. The model improves the fit with the data and expl...
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作者：Suetens, Sigrid; Galbo-Jorgensen, Claus B.; Tyran, Jean-Robert
作者单位：Tilburg University; University of Copenhagen; University of Vienna
摘要：We investigate the law of small numbers using a data set on lotto gambling that allows us to measure players' reactions to draws. While most players pick the same set of numbers week after week, we find that those who do change, react on average as predicted by the law of small numbers as formalized in recent behavioral theory. In particular, players tend to bet less on numbers that have been drawn in the preceding week, as suggested by the gambler's fallacy, and bet more on a number if it was...
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作者：Jorda, Oscar; Schularick, Moritz; Taylor, Alan M.
作者单位：Federal Reserve System - USA; University of California System; University of California Davis; University of Bonn
摘要：Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet and worries about the risks of lax fiscal policy. However, the two may interact in important and understudied ways. This paper examines the co-evolution of public and private sector debt in advanced countries from 1870 to 2012....
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作者：Martimort, David; Sand-Zantman, Wilfried
作者单位：Paris School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; ESSEC Business School
摘要：We take a mechanism design perspective to investigate how environmental agreements should account for multilateral externalities, incentive compatibility, and voluntary participation by sovereign countries. The optimal mechanism involves a tradeoff between a free rider problem in the effort provision of participating countries and the necessity of inducing countries to ratify the agreement. This mechanism can be approximated by a simple menuwith attractive implementation and robustness propert...
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作者：Pagel, Michaela
摘要：This paper explores the quantitative asset-pricing implications of expectations-based reference-dependent preferences, as introduced by Koszegi and Rabin (2009, American Economic Review, 99(3), 909-936), in an otherwise traditional Lucas-tree model. I find that the model easily succeeds in matching the historical equity premium and its variability when the preference parameters are calibrated in line with micro evidence. The equity premium is high because expectations-based loss aversion makes...
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作者：Persson, Petra; Zhuravskaya, Ekaterina
作者单位：Stanford University; Paris School of Economics
摘要：Performance-based promotion schemes in administrative hierarchies have limitations. Chinese provincial leaders, despite facing strong career concerns, make different policy decisions depending on their career backgrounds. Provincial party secretaries who have risen from low to high positions within the province they govern (locals) spend a higher share of budgetary resources on education and health care and invest less in construction infrastructure than party secretaries who have made their m...
