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作者：Choi, Syngjoo; Lee, Jihong
作者单位：University of London; University College London; Seoul National University (SNU)
摘要：We study experimentally the role of the network structure of pre-play communication in determination of outcome and behavior in a multiplayer coordination game with conflicting preferences. We explore the trade-off between the efficiency and equity of coordination outcomes and its link to the network structure of communication. Our results show substantial variations in both efficiency and equity of coordination outcomes across networks. While, as expected, increasing the length of communicati...
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作者：Erceg, Christopher; Linde, Jesper
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In this paper, we use a dynamic stochastic general equilibrium model to examine the effects of an expansion in government spending in a liquidity trap. If the liquidity trap is very prolonged, the spending multiplier can be much larger than in normal circumstances, and the budgetary costs minimal. However, given this fiscal free lunch, it is unclear why policymakers would want to limit the size of fiscal expansion. Our paper addresses this question in a model environment in which the duration ...
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作者：Albornoz, Facundo; Esteban, Joan; Vanin, Paolo
作者单位：University of Birmingham; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); University of Bologna
摘要：In this paper, we investigate how government transparency depends on economic distortions. We first consider an abstract class of economies in which a benevolent policy maker is privately informed about the exogenous state of the economy and contemplates whether to release this information. Our key result is that distortions limit communication: even if transparency is exante Pareto superior to opaqueness, it cannot constitute an equilibrium when distortions are sufficiently high. We next conf...
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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：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：Gneezy, Uri; Rey-Biel, Pedro
作者单位：Autonomous University of Barcelona; Barcelona School of Economics
摘要：We report evidence from a large field experiment that compares the effectiveness of contingent and noncontingent incentives in eliciting costly effort for a large range of payment levels. The company with which we worked sent 7,250 letters asking customers to complete a survey. Some letters promised to pay amounts ranging from $1 to $30 upon compliance (contingent incentives), whereas others already contained the money in the request envelopes (noncontingent incentives). Compared to no payment...
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作者：Ikonnikova, Svetlana; Zwart, Gijsbert T. J.
作者单位：University of Texas System; University of Texas Austin; Tilburg University
摘要：We consider a market in which domestic buyers negotiate contracts with foreign sellers, and explore how trade quotas can help to increase the buyers' countervailing power. We use the Shapley value to describe bargaining power and the distribution of the trade surplus in such a bilateral oligopoly. By exploiting strategic externalities among the buyers, bilateral trade quotas can improve the buyers' bargaining positions. In contrast, aggregate trade restrictions on all buyers' trade never impro...
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作者：Bowles, Samuel; Loury, Glenn C.; Sethi, Rajiv
作者单位：The Santa Fe Institute; University of Siena; Brown University; Columbia University
摘要：We explore the combined effect of segregation in social networks, peer effects, and the relative size of a historically disadvantaged group on the incentives to invest in market-rewarded skills and the dynamics of inequality between social groups. We identify conditions under which group inequality will persist in the absence of differences in ability, credit constraints, or labor market discrimination. Under these conditions, group inequality may be amplified even if initial group differences...
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作者：Fernandez-Villaverde, Jesus; Greenwood, Jeremy; Guner, Nezih
作者单位：University of Pennsylvania; ICREA; Autonomous University of Barcelona; Barcelona School of Economics
摘要：Societies socialize children about sex. This is done in the presence of peer-group effects, which may encourage undesirable behavior. Parents want the best for their children. Still, they weigh the marginal gains from socializing their children against its costs. Churches and states may stigmatize sex, both because of a concern about the welfare of their flocks and the need to control the cost of charity associated with out-of-wedlock births. Modern contraceptives have profoundly affected the ...
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作者：Jappelli, Tullio; Padula, Mario; Pica, Giovanni
作者单位：University of Naples Federico II; Universita Ca Foscari Venezia; University of Salerno
摘要：We estimate the effect of taxes on intergenerational transfers by exploiting a sequence of Italian reforms culminating with the abolishment of transfer taxes. We use the Surveys of Household Income and Wealth from 1993 to 2006, which have data on real estate transfers, and information on potential donors and recipients. Difference-in-differences estimates indicate that the abolition of transfer taxes increases the probability of high-wealth donors making a transfer by two percentage points and...
