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作者：Vespa, Emanuel; Wilson, Alistair J.
作者单位：University of California System; University of California Santa Barbara; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We implement multi-sender cheap talk in the laboratory. While full-information transmission is not theoretically feasible in the standard one-sender-one- dimension model, in this setting with more senders and dimensions, full revelation is generically a robust equilibrium outcome. Our experimental results indicate that fully revealing outcomes are selected in particular settings, but that partial-information transmission is the norm. We uncover a number of behavioral patterns: On the one hand,...
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作者：Hedlund, Aaron
作者单位：University of Missouri System; University of Missouri Columbia
摘要：This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, search-theoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that arise from the interaction of search frictions and endogenous credit constraints. During housing busts, longer selling times spill over into higher foreclosure risk, thereby magnifying the response of ...
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作者：Kliem, Martin; Uhlig, Harald
作者单位：Deutsche Bundesbank; University of Chicago
摘要：This paper presents a novel Bayesian method for estimating dynamic stochastic general equilibrium (DSGE) models subject to a constrained posterior distribution for the implied Sharpe ratio. We apply our methodology to a DSGE model with habit formation in consumption and leisure, and show that the constrained estimation produces both reasonable asset-pricing and business-cycle implications. Next, we estimate the Smets-Wouters model subject to the same Sharpe ratio constraint. The results move t...
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作者：Chiong, Khai Xiang; Galichon, Alfred; Shum, Matt
作者单位：University of Southern California; University of Southern California; New York University; New York University; Institut d'Etudes Politiques Paris (Sciences Po); California Institute of Technology
摘要：Using results from Convex Analysis, we investigate a novel approach to identification and estimation of discrete-choice models that we call the mass transport approach. We show that the conditional choice probabilities and the choice-specific payoffs in these models are related in the sense of conjugate duality, and that the identification problem is a mass transport problem. Based on this, we propose a new two-step estimator for these models; interestingly, the first step of our estimator inv...
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作者：Blau, David M.
作者单位：University System of Ohio; Ohio State University
摘要：This paper specifies a life cycle model of saving and employment and uses it to analyze crowd out of private household saving by public and private pensions. Some parameters of the model are estimated and others are calibrated to match life cycle employment and asset profiles, and Social Security claiming decisions. Simulation results indicate that defined benefit (DB) and defined contribution (DC) pensions on average crowd out household wealth by $0.09 and $0.37 per dollar of pension wealth, ...
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作者：Mogstad, Magne; Wiswall, Matthew
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We examine the relationship between child quantity and quality. Motivated by the theoretical ambiguity regarding the sign of the marginal effects of additional siblings on children's outcomes, our empirical model allows for an unrestricted relationship between family size and child outcomes. We find that the conclusion in Black, Devereux, and Salvanes (2005) of no family size effect does not hold after relaxing their linear specification in family size. We find nonzero effects of family size i...
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作者：Gorry, Aspen
作者单位：Utah System of Higher Education; Utah State University
摘要：This paper studies the role of worker learning in a labor market where workers have incomplete information about the quality of their employment match. The amount of information about the quality of a new match depends on a worker's past job experience. Allowing workers to learn from experience generates a decline in job finding probabilities with age that is consistent with patterns found in the data. Moreover, workers with more past experience will on average have less wage volatility on new...
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作者：Arcidiacono, Peter; Beauchamp, Andrew; McElroy, Marjorie
作者单位：Duke University; National Bureau of Economic Research; University System of Ohio; Wright State University Dayton
摘要：We develop a two-sided directed search model of relationship formation that can be used to disentangle male and female preferences over partner characteristics and over relationship terms from only a cross section of observed matches. Individuals direct their search for a partner on the basis of (i) the terms of the relationship, (ii) the partners' characteristics, and (iii) the endogenously determined probability of matching. Using data from the National Longitudinal Study of Adolescent Healt...
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作者：Kline, Brendan
作者单位：University of Texas System; University of Texas Austin
摘要：This paper develops a strategy for identification and estimation of complete information games that does not require a regressor that has large support or a parametric specification for the distribution of the unobservables. The identification result uses a nonstandard but plausible condition on the unobservables: the assumption that the joint density of the unobservables of all agents is unimodal in the sense of achieving the global maximum at a unique point. Also, a three-step semiparametric...
