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作者：Nava, Francesco; Schiraldi, Pasquale
作者单位：University of London; London School Economics & Political Science
摘要：Sales are a widespread and well-known phenomenon documented in several product markets. This paper presents a novel rationale for sales that does not rely on consumer heterogeneity, or on any form of randomness to explain such periodic price fluctuations. The analysis is carried out in the context of a simple repeated price competition model, and establishes that firms must periodically reduce prices in order to sustain collusion when goods are storable and the market is large. The largest equ...
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作者：Pancs, Romans
作者单位：University of Rochester
摘要：A significant fraction of trade in stock exchanges (e.g., Euronext and NASDAQ) involves iceberg orders', which are orders to sell or buy a certain number of shares with the caveat that only a part of that number be made public. This paper provides a normative justification for the lack of transparency in this kind of order: imperfect disclosure is shown to be a necessary feature of any optimal mechanism when the asset's potential buyers must incur a cost in order to become active and learn the...
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作者：Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym
作者单位：Harvard University; University System of Maryland; University of Maryland College Park; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign transactions account for upstream capital flows and global imbalances. Specifically, we find that (i) international net private capital flows (inflows minus outflows of private capital) are positively correlated with countries' productivit...
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作者：Fadinger, Harald; Mayr, Karin
作者单位：University of Vienna
摘要：We develop a model of directed technology adoption, frictional unemployment, and migration to examine the effects of a change in skill endowments on the wages, employment rates, and emigration rates of skilled and unskilled workers. We find that, depending on the elasticity of substitution between skilled and unskilled workers and the elasticity of the matching function, an increase in the skill ratio can reduce both the relative unemployment rate and the relative emigration rate (brain drain)...
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作者：Cantore, Cristiano; Leon-Ledesma, Miguel; McAdam, Peter; Willman, Alpo
作者单位：University of Surrey; University of Kent; European Central Bank
摘要：The response of hours to technology shocks is a key controversy in macroeconomics. We show that differences between RBC and NK models hinge on highly restrictive views of technology. We introduce CES production technologies and demonstrate that the response of hours depends on the factor-augmenting nature of shocks and the capital-labor substitution elasticity in both models. We develop analytical expressions to establish the thresholds determining its sign. This opens new margins for shock id...
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作者：Dalgaard, Carl-Johan; Strulik, Holger
作者单位：University of Copenhagen; University of Gottingen
摘要：Does prosperity lead to greater longevity? If so, what is the strength of the income channel? To address these questions we develop a life cycle model in which households are subject to physiological aging. In modeling aging we draw on recent research in the fields of biology and medicine. The speed of the aging process, and thus the age of death, are endogenously determined by optimal health investments. A calibrated version of the model accounts well for the observed nonlinear cross-country ...
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作者：D'Amuri, Francesco; Peri, Giovanni
作者单位：European Central Bank; Bank of Italy; University of Essex; University of California System; University of California Davis
摘要：In this paper we analyze the impact of immigrants on the type and quantity of native jobs. We use data on 15 Western European countries during the 1996-2010 period. We find that immigrants, by taking manual-routine type of occupations pushed natives towards more complex (abstract and communication) jobs. This job upgrade was associated to a 0.7% increase in native wages for a doubling of the immigrants' share. These results are robust to the use of an IV strategy based on past settlement of im...
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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
作者单位：University of Cambridge; European Central Bank; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：This paper analyzes the cross-country effects of productivity and demand disturbances in the United States identified with sign restrictions based on standard theory. Productivity gains in US manufacturing increase US consumption and investment vis-a-vis foreign countries, resulting in a trade deficit and higher international prices of US goods, despite the rise in their supply. Financial adjustment works via a higher global value of US equities, real dollar appreciation, and an expansion of U...
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作者：De Graeve, Ferre; Karas, Alexei
作者单位：Sveriges Riksbank; Utrecht University
摘要：This paper empirically tests theories of bank runs. We use a structural panel VAR to extract runs from deposit market data. Identification exploits cross-sectional heterogeneity in deposit insurance: we identify bank runs as adverse deposit market supply shocks hitting uninsured banks harder compared to insured. Conditional on a run, we study the behavior of uninsured banks with bad and good fundamentals. We find that both experience runs, but deposit outflows at the former are more severe. Pa...
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作者：Grosjean, Pauline
作者单位：University of New South Wales Sydney
摘要：The paper tests the popular hypothesis that the high prevalence of homicide in the South of the United States originates from the settlement by herders from the fringes of Britain in the 18th century. I find that historical Scots-Irish presence is associated with higher contemporary homicide, particularly by white offenders, and that a culture of violence was transmitted to subsequent generationsbut only in the South and, more generally, where historical institutional quality was low. The inte...
