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作者：Bordo, Michael D.; Filardo, Andrew
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research
摘要：Many monetary economists have come to regard the monetary aggregates as obsolete measures of the monetary policy stance. This critique has led some to view money as having lost its central role in the conduct of monetary policy. We say to those advocating excising money from monetary policy, Not so fast. To better understand the potential role for money, we develop a zonal view of monetary policy which reflects the historical regularity for the relative informativeness of the quantitative meas...
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作者：Piazzesi, Monika; Schneider, Martin
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We propose an organizing framework that determines asset prices by equating household sector asset demand derived from an economic model to the observed supply of assets provided by other sectors. We then use a specific model of household asset demand to decompose historical changes in asset positions into changes in new asset supply and household income, as well as changes in return expectations. Our findings show that supply and income changes are important determinants of the wealth-to-GDP ...
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作者：Nocke, Volker; Stahl, Konrad; Peitz, Martin
作者单位：University of Oxford; University of Mannheim
摘要：We develop a theoretical framework of trade on a platform on which buyers and sellers interact, and compare the impact of different platform ownership structures. If two-sided network effects are strong, monopoly ownership induces more trade than dispersed ownership and is therefore socially preferable. Independent of the strength of network effects, monopoly ownership dominates a club-like ownership structure where incumbent owners can exclude potential entrants. Under dispersed ownership, ve...
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作者：Botticini, Maristella; Eckstein, Zvi
作者单位：University of Turin; Collegio Carlo Alberto; Boston University; Tel Aviv University; University of Minnesota System; University of Minnesota Twin Cities
摘要：From the end of the second century CE, Judaism enforced a religious norm requiring fathers to educate their sons. We present evidence supporting our thesis that this change had a major influence on Jewish economic and demographic history. First, the high individual and community cost of educating children in subsistence farming economies (2nd to 7th centuries) prompted voluntary conversions of Jews that account for a share of the reduction from 4.5 to 1.2 million. Second, the Jewish farmers wh...
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作者：Chemla, Gilles; Ljungqvist, Alexander; Habib, Michel A.
作者单位：Imperial College London; Centre National de la Recherche Scientifique (CNRS); University of Zurich; New York University
摘要：Shareholder agreements govern the relations among shareholders in privately held firms, such as joint ventures and venture capital-backed companies. We provide an economic explanation for key clauses in such agreements-namely, put and call options, tag-along and drag-along rights, demand and piggy-back rights, and catch-up clauses. In a dynamic moral hazard setting, we show that these clauses can ensure that the contract parties make efficient ex ante investments in the firm. They do so by con...
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作者：Saint-Paul, Gilles
作者单位：Paris School of Economics; Hautes Etudes Commerciales (HEC) Paris; Universite de Toulouse; Universite Toulouse 1 Capitole
摘要：I study how savers allocate funds between boundedly rational firms which follow simple pricing rules. Firms need cash to pay their inputs in advance, and savers-shareholders allocate cash between them so as to maximize their rate of return. When the rate of return on each firm is observed, there are multiple equilibria, and some degree of monopoly power is sustained. However, the economy gets close to the Walrasian equilibrium when the availability of funds goes to infinity. Multiple equilibri...
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作者：Gaspar, Vitor; Smets, Frank; Vestin, David
摘要：We show that, when private sector expectations are determined in line with adaptive learning, optimal policy responds persistently to cost-push shocks. The optimal response is stronger and more persistent, the higher is the initial level of perceived inflation persistence by the private sector. Such a sophisticated policy reduces inflation persistence and inflation volatility at little cost in terms of output gap volatility. Persistent responses to cost-push shocks and stability of inflation e...
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作者：Pagano, Marco; Volpin, Paolo
作者单位：University of Naples Federico II; University of London; London Business School
摘要：This paper presents a political economy model in which there is mutual feedback between investor protection and stockmarket development. Better investor protection induces companies to issue more equity and thereby leads to a broader stockmarket. In turn, equity issuance expands the shareholder base and increases support for shareholder protection. This feedback loop can generate multiple equilibria, with investor protection and stock market size being positively correlated across equilibria. ...
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作者：Devereux, Michael B.
作者单位：University of British Columbia
摘要：Most theoretical analysis of flexible versus fixed exchange rates takes the degree of nominal rigidity to be independent of the exchange rate regime choice itself; however, informal policy discussion often suggests that a credible exchange rate peg may increase internal price flexibility. This paper explores the relationship between exchange rate policy and price flexibility, in a model where price flexibility itself is an endogenous choice of profit-maximizing firms. A fixed exchange rate can...
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作者：Bhattacharya, Sudipto; Guriev, Sergei
作者单位：University of London; London School Economics & Political Science; New Economic School
摘要：We develop a model of two-stage cumulative research and development (R&D), in which one research unit (RU) with an innovative idea bargains to license its nonverifiable interim knowledge exclusively to one of two competing development units (DU's) via one of two alternative modes: an open sale after patenting this knowledge, or a closed sale in which precluding further disclosure to a competing DU requires the RU to hold a stake in the licensed DU's postinvention revenues. Both modes lead to p...
