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作者：Berliant, Marcus; Watanabe, Hiroki
作者单位：Washington University (WUSTL); Texas State University System; Lamar University
摘要：The empirical regularity known as Zipf's law or the rank-size rule has motivated development of a theoretical literature to explain it. We examine the assumptions on consumer behavior, particularly about their inability to insure against the city-level productivity shocks, implicitly used in this literature. With either self-insurance or insurance markets, and either an arbitrarily small cost of moving or the assumption that consumers do not perfectly observe the shocks to firms' technologies,...
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作者：Miao, Jianjun; Wang, Pengfei; Xu, Zhiwei
作者单位：Boston University; Jinan University; Zhejiang University; Hong Kong University of Science & Technology; Shanghai Jiao Tong University
摘要：We present an estimated dynamic stochastic general equilibrium model of stock market bubbles and business cycles using Bayesian methods. Bubbles emerge through a positive feedback loop mechanism supported by self-fulfilling beliefs. We identify a sentiment shock that drives the movements of bubbles and is transmitted to the real economy through endogenous credit constraints. This shock explains most of the stock market fluctuations and sizable fractions of the variations in real quantities. It...
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作者：Richards-Shubik, Seth
作者单位：Lehigh University
摘要：Most work on social interactions studies a single, composite effect of interactions within a group. Yet in the case of sexual initiation, there are two distinct social mechanismspeer-group norms and partner availabilitywith separate effects and different potential interventions. Here I develop an equilibrium search and matching model for first sexual partners that specifies distinct roles for these two mechanisms as part of demand and supply. I estimate the model using a national sample of hig...
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作者：Weese, Eric
作者单位：Yale University
摘要：In Japan, a formula-based transfer system resulted in local benefits from municipal mergers differing substantially from national benefits. A change in this transfer policy and the mergers that resulted are analyzed using a structural model involving private consumption, public good quality, and geographic distance, along with an asymmetric information problem between the national and local levels of government. The merger process is modeled using a cooperative form coalition formation game. P...
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作者：Gourio, Francois; Roys, Nicolas
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：In France, firms that have 50 employees or more face substantially more regulation than firms that have less than 50. As a result, the size distribution of firms is visibly distorted: there are many firms with exactly 49 employees. We model the regulation as the combination of a sunk cost that must be paid the first time the firm reaches 50 employees and a payroll tax that is paid each period thereafter when the firm operates with more than 50 employees. We estimate the model using indirect in...
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作者：Graham, Bryan S.; Imbens, Guido W.; Ridder, Geert
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Stanford University; University of Southern California
摘要：This paper presents econometric methods for measuring the average output effect of reallocating an indivisible input across production units. A distinctive feature of reallocations is that, by definition, they involve no augmentation of resources and, as such, leave the marginal distribution of the reallocated input unchanged. Nevertheless, if the production technology is nonseparable, they may alter average output. An example is the reallocation of teachers across classrooms composed of stude...
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作者：Bassetto, Marco
作者单位：University of London; University College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：The aim of this paper is to study the relationship between the intertemporal behavior of taxes and wealth distribution. The optimal-taxation literature has often concentrated on representative-agent models, in which it is optimal to smooth distortionary taxes. When tax liabilities are unevenly spread in the population, deviations from tax smoothing lead to interest rate changes that redistribute wealth. When a bad shock hits the economy, the optimal policy will then call for smaller or larger ...
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作者：Blevins, Jason R.
作者单位：University System of Ohio; Ohio State University
摘要：This paper establishes conditions for nonparametric identification of dynamic optimization models in which agents make both discrete and continuous choices. We consider identification of both the payoff function and the distribution of unobservables. Models of this kind are prevalent in applied microeconomics and many of the required conditions are standard assumptions currently used in empirical work. We focus on conditions on the model that can be implied by economic theory and assumptions a...
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作者：Ahn, David; Choi, Syngjoo; Gale, Douglas; Kariv, Shachar
作者单位：University of California System; University of California Berkeley; University of London; University College London; New York University
摘要：We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the level of the individual subject. The assets are Arrow securities that correspond to three states of nature, where one state is risky with known probability and two states are ambiguous with unknown probabilities. We estimate two specifications of ambiguity aversion, one kinked and one smooth, that encompass many of the theoretical models in the literature. Each specification inclu...
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作者：Qu, Zhongjun
作者单位：Boston University
摘要：This paper considers inference in log-linearized dynamic stochastic general equilibrium (DSGE) models with weakly (including un-) identified parameters. The framework allows for analysis using only part of the spectrum, say at the business cycle frequencies. First, we characterize weak identification from a frequency domain perspective and propose a score test for the structural parameter vector based on the frequency domain approximation to the Gaussian likelihood. The construction heavily ex...
