-
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...
-
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...
-
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...
