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作者：Hart, Oliver; Zingales, Luigi
作者单位：Harvard University; University of Chicago
摘要：We study consumer liquidity in a general equilibrium model where the friction is the nonpledgeability of future income. Liquidity helps to overcome the absence of a double coincidence of wants. Consumers over-hoard liquidity and the resulting competitive equilibrium is constrained inefficient. Fiscal policy following a large negative shock can increase ex-ante welfare. If the government cannot commit, the ex-post optimal fiscal policy will be too small from an ex-ante perspective. The model th...
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作者：Nardotto, Mattia; Valletti, Tommaso; Verboven, Frank
作者单位：University of Cologne; Imperial College London; University of Rome Tor Vergata; KU Leuven; IMT - Institut Mines-Telecom; Institut Polytechnique de Paris; Telecom Paris
摘要：We consider the impact of a regulatory process forcing an incumbent telecom operator to make its local broadband network available to other companies (local loop unbundling, or LLU). Entrants are then able to upgrade their individual lines and offer Internet services directly to customers. Employing a very detailed data set covering the whole of the United Kingdom, we find that, over the course of time, many entrants have begun to take advantage of unbundling. LLU entry only had a positive eff...
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作者：Babcock, Philip; Bedard, Kelly; Charness, Gary; Hartman, John; Royer, Heather
作者单位：University of California System; University of California Santa Barbara
摘要：This paper estimates social effects of incentivizing people in teams. In three field experiments featuring exogenous team formation and opportunities for repeated social interactions, we find large team effects that operate through social channels. In particular, assignment to a team treatment increases productivity by 9%-17% relative to an individual incentive treatment, even though the individual incentive yields a higher private return. Further, we find that in a choice treatment individual...
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作者：Sette, Enrico; Gobbi, Giorgio
摘要：This paper studies whether relationship lending mitigates the transmission of the Lehman default shock to the supply of credit in Italy. Exploiting the presence of multiple banking relationships, we control for banks' and firms' unobserved characteristics. Results show that the growth of credit itself is higher and its cost lower the shorter the distance between the bank and the firm, the longer the relationship, and the higher the share of credit held by the bank. Credit growth by relationshi...
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作者：Laczo, Sarolta
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：In order to analyze the role of limited commitment and preference heterogeneity in explaining the consumption allocation, I propose a theoretical and empirical framework to estimate and evaluate a risk-sharing model where insurance transfers have to be self-enforcing and the coefficient of relative risk aversion may depend on observable household characteristics. I compare this model to benchmark models with full commitment and/or without preference heterogeneity using data from three Indian v...
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作者：Spinnewijn, Johannes
作者单位：University of London; London School Economics & Political Science
摘要：This paper analyzes how biased beliefs about employment prospects affect the optimal design of unemployment insurance. Empirically, I find that the unemployed greatly overestimate how quickly they will find work. As a consequence, they would search too little for work, save too little for unemployment and deplete their savings too rapidly when unemployed. I analyze the use of the sufficient-statistics formula to characterize the optimal unemployment policy when beliefs are biased and revisit t...
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作者：Armenter, Roc; Koren, Miklos
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Central European University
摘要：How important are economies of scale in exporting? We argue that firm size cannot be the main determinant of export status if a model is to be consistent with the observed number and size of exporters. Instead, we need a lot of variation independent of firm size to reconcile the model with the data. We show that the augmented model also has markedly different implications regarding the margin of adjustment in the event of a trade liberalization: most of the adjustment is through the intensive ...
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作者：Gautier, Pieter A.; Teulings, Coen N.
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; University of Cambridge; University of Amsterdam; Tinbergen Institute
摘要：We analyze a general search model with on-the-job search (OJS) and sorting of heterogeneous workers into heterogeneous jobs. For given values of nonmarket time, the relative efficiency of OJS, and the amount of search frictions, we derive a simple relationship between the unemployment rate, mismatch, and wage dispersion. We estimate the latter two from standard micro data. Our methodology accounts for measurement error, which is crucial to distinguish true from spurious mismatch and wage dispe...
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作者：Gadea Rivas, Maria Dolores; Perez-Quiros, Gabriel
作者单位：University of Zaragoza; Banco de Espana
摘要：Much has been written about why economists failed to predict the latest crisis. Reading the literature, it seems that this crisis was so obvious that economists must have been blind not to see it coming. We approach this failure by looking at one of the key variables in this analysis, the evolution of credit. We compare the conclusions reached in the recent literature with those that could have been drawn from an ex-ante analysis. We show that the effect of credit on the business cycle cannot ...
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作者：Luo, Yulei; Nie, Jun; Young, Eric R.
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Virginia
摘要：This paper studies the aggregate dynamics of durable and nondurable consumption under slow information diffusion (SID) due to noisy observations and learning within the permanent income hypothesis framework. We show that SID can significantly improve the model's predictions on the joint behavior of income, durable consumption, and nondurable consumption at the aggregate level. Specifically, we find that SID can significantly improve the model's predictions for: (i) smoothness in durable and no...
