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作者：Babus, Ana
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Modern banking systems are highly interconnected. Despite various benefits, linkages between banks carry the risk of contagion. In this article, I investigate whether banks can commit ex ante to mutually insure each other, when there is contagion risk in the financial system. I model banks' decisions to share this risk through bilateral agreements. A financial network that allows losses to be shared among various counterparties arises endogenously. I characterize the probability of systemic ri...
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作者：Nishiwaki, Masato
作者单位：Waseda University
摘要：Industries with declining demand tend to be riddled with chronic excess capital due to the presence of a business-stealing effect and fixed costs. This article highlights the potential of mergers to internalize this business-stealing effect and thereby promote divestment. Using the case of mergers in the Japanese cement industry, it examines whether such merger-induced divestment improves total welfare based on a dynamic model of divestment. The findings suggest that merged firms indeed tended...
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作者：de Corniere, Alexandre; de Nijs, Romain
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：An online platform auctions an advertising slot. Several advertisers compete in the auction, and consumers differ in their preferences. Prior to the auction, the platform decides whether to allow advertisers to access information about consumers (disclosure) or not (privacy). Disclosure improves the match between advertisers and consumers but increases product prices, even without price-discrimination. We provide conditions under which disclosure or privacy is privately and/or socially optimal...
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作者：Pozzi, Andrea; Schivardi, Fabiano
作者单位：Center for Economic & Policy Research (CEPR); Bocconi University; Bocconi University
摘要：We disentangle the contribution of unobserved heterogeneity in demand and productivity to firm growth using Italian data containing unique information on firm-level prices. Demand and total factor productivity (TFP) shocks are equally important in shaping firm growth. However, the pass-through of shocks to growth is highly incomplete, more so for productivity shocks. We argue that incompleteness and asymmetry of the pass-through can be explained by frictions that, unlike those studied by the l...
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作者：Jeziorski, Przemyslaw; Krasnokutskaya, Elena
作者单位：University of California System; University of California Berkeley; Johns Hopkins University
摘要：This article provides evidence on the role of subcontracting in the auction-based procurement setting with private cost variability and capacity constraints. We demonstrate that subcontracting allows bidders to modify their costs realizations in a given auction as well as to control their future costs by reducing backlog accumulation. Restricting access to subcontracting raises procurement costs for an individual project by 12% and reduces the number of projects completed in equilibrium by 20%...
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作者：McCullough, Jeffrey S.; Parente, Stephen T.; Town, Robert
作者单位：University of Michigan System; University of Michigan; University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania; National Bureau of Economic Research
摘要：Health information technology (IT) adoption, it is argued, will dramatically improve patient care. We study the impact of hospital IT adoption on patient outcomes focusing on the role of patient and organizational heterogeneity. We link detailed hospital discharge data on all Medicare fee-for-service admissions from 2002-2007 to detailed hospital-level IT adoption information. For all IT-sensitive conditions, we find that health IT adoption reduces mortality for the most complex patients but d...
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作者：Aguirregabiria, Victor; Clark, Robert; Wang, Hui
作者单位：University of Toronto; Center for Economic & Policy Research (CEPR); Universite de Montreal; HEC Montreal; Peking University
摘要：The 1994 Riegle-Neal Act (RN) removed restrictions on branch-network expansion for banks in the United States. An important motivation was to facilitate geographic risk diversification (GRD). Using a factor model to measure banks' geographic risk, we show that RN expanded GRD possibilities in small states, but only some large banks took advantage. Using our measure of geographic risk and an empirical model of branch-network choice, we identify preferences toward GRD separately from other facto...
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作者：Deb, Joyee; Li, Jin; Mukherjee, Arijit
作者单位：Yale University; Northwestern University; Michigan State University
摘要：We study optimal dynamic contracting for a firm with multiple workers where compensation is based on public performance signals and privately reported peer evaluations. We show that if evaluation and effort provision are done by different workers (e.g., consider supervisor-agent hierarchy), first-best can be achieved even in a static setting. However, if each worker both exerts effort and reports peer evaluations (e.g., consider team setting), effort incentives cannot be decoupled from truth-t...
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作者：Shcherbakov, Oleksandr
作者单位：University of Mannheim
摘要：In this article, I develop and estimate a model of dynamic consumer behavior with switching costs in the market for paid-television services. I estimate the parameters of the structural model using data on cable and satellite systems across local US television markets over the period 1992-2006. The results suggest switching costs range from $159 to $242 for cable and from $212 to $276 for satellite providers in 1997 dollars. Using a simple dynamic model of cable providers, I demonstrate that s...
