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作者：Goldluecke, Susanne; Kranz, Sebastian
作者单位：University of Konstanz; Ulm University
摘要：Game-theoretic analysis of relational contracts typically studies Pareto optimal equilibria. We illustrate how this equilibrium selection rules out very intuitive hold-up concerns in stochastic games with long-term decisions. The key problem is that Pareto optimal equilibria, even if satisfying renegotiation-proofness, do not reflect plausible concerns about how today's actions affect future bargaining positions within the relationship. We propose and characterize an alternative equilibrium se...
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作者：Lenoir, Clemence; Martin, Julien; Mejean, Isabelle
作者单位：University of Quebec; University of Quebec Montreal; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper studies how frictions in the acquisition of new customers distort the allocation of activities across heterogeneous producers. We add bilateral search frictions in a Ricardian model of trade and use French firm-to-firm trade data to estimate search frictions faced by French exporters in foreign markets. Estimated coefficients display a strong degree of heterogeneity across countries and products that correlates with various proxies for information frictions. Markets with high estima...
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作者：Pei, Guangyu
作者单位：Chinese University of Hong Kong
摘要：The pessimistic bias and the cross-sectional dispersion of households' subjective beliefs heighten during recessions. We provide empirical evidence for a dominant non-inflationary aggregate demand shock that accounts for the bulk of business-cycle fluctuations not only in real quantities but also in (1) pessimism-to what degree households are more pessimistic than the rational expectation benchmark and (2) disagreement-the cross-sectional dispersion of households' beliefs. To rationalize the e...
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作者：Xavier, Ines
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper studies the consequences of asset bubbles for economies that are vulnerable to persistent stagnation. Stagnation is the result of a shortage of assets that creates an oversupply of savings and puts downward pressure on the level of interest rates. Once the zero lower bound on the nominal interest rate binds, the real rate cannot adjust further downward, forcing output to fall instead. In such context, bubbles are useful as they expand the supply of assets, absorb excess savings, and...
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作者：Carnehl, Christoph; Schneider, Johannes
作者单位：Bocconi University; Universidad Carlos III de Madrid
摘要：We study the tradeoff between fundamental risk and time. A time-constrained agent has to solve a problem. She dynamically allocates effort between implementing a risky initial idea and exploring alternatives. Discovering an alternative implies progress that has to be converted to a solution. As time runs out, the chances of converting it in time shrink. We show that the agent may return to the initial idea after having left it in the past to explore alternatives. Our model helps explain so-cal...
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作者：Dinarte-Diaz, Lelys; Egana-delSol, Pablo
作者单位：The World Bank; Universidad del Desarrollo
摘要：Violence and delinquency levels in Central America are among the highest in the world and constrain human capital acquisition. We designed and conducted a randomized experiment in El Salvador to measure the impacts of an after-school program aimed at reducing school violence. The program combines a behavioral intervention with extracurricular activities for 10-16 year old students. We find the program reduced the participants' violent behavior both inside and outside of school and indirectly i...
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作者：Malcomson, James M.
作者单位：University of Oxford
摘要：With relational contracts, increased uncertainty with no change in factor prices is shown to reduce investment in the long run even if the parties are risk-neutral. This contrasts with models based on the impact of financial risk on the cost of capital and on the option value arising from irreversible investment. For the latter, Bloom et al. (Econometrica, 2018) find that a negative first-moment shock, in addition to increased uncertainty, best matches the data. This paper develops a relationa...
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作者：Benigno, Pierpaolo
作者单位：University of Bern
摘要：Can currency competition affect central banks' control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which governme...
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作者：Gallen, Yana
作者单位：University of Chicago; Aarhus University
摘要：Using Danish matched employer-employee data, I compare the relative pay of men and women to their relative productivity as measured by production function estimation. I find that the gender productivity gap is 8%, implying that almost two thirds of the residual gender wage gap is due to productivity differences between men and women. Motherhood plays an important role, yet it also reveals a puzzle: The pay gap for mothers is entirely explained by productivity, whereas the gap for non-mothers i...
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作者：Jia, Ruixue; Roland, Gerard; Xie, Yang
作者单位：University of California System; University of California San Diego; University of California System; University of California Berkeley; University of California System; University of California Riverside
摘要：Tobetter understand institutional differences across space and time, we propose a two-dimensional framework of the power structure among three players in society: the degree of absolute power of the Ruler over the Elites and the People, and the degree of asymmetry between the latter two in terms of their everyday rights and power. Within this framework, we show that a more absolutist Ruler prefers a more balanced Elite-People relationship. This theory helps in particular to reconcile views on ...
