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作者：Gromb, Denis; Vayanos, Dimitri
作者单位：University of London; London School Economics & Political Science
摘要：We present a model of financial market liquidity provided by financially constrained intermediaries. We show that market liquidity increases with the level of intermediary capital. We also characterize conditions under which intermediaries play a stabilizing or destabilizing role in markets. Finally, we sketch a number of areas, including welfare and public policy, on which the model can shed light. (JEL: G01, G11, G12, G15, G18)
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作者：Vives, Xavier
作者单位：University of Navarra; Pompeu Fabra University
摘要：A model is presented of a uniform price auction where bidders compete in demand schedules; the model allows for common and private values in the absence of exogenous noise. It is shown how private information yields more market power than the levels seen with full information. Results obtained here are broadly consistent with evidence from asset auctions, may help explain the response of central banks to the crisis, and suggest potential improvements in the auction formats of asset auctions. (...
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作者：Fabbri, Daniela
作者单位：University of Amsterdam
摘要：This paper investigates the economic effects on firms' policies of differences in law enforcement. We find that in judicial districts where trials are longer, bank financing is more costly and firms are smaller. However, we do not find any significant relation between law enforcement and firms' leverage ratio. We rationalize our results within a two-region dynamic general equilibrium model with asymmetric information and collateralized credit contracts. We find that a stronger enforcement of c...
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作者：Funk, Patricia
作者单位：Pompeu Fabra University
摘要：This paper uses a natural experiment to document the impact of social pressure on voting behavior. The main hypothesis is that social pressure creates incentives to vote for the purpose of being seen at the voting act. This incentive is particularly high in small and close-knit communities. Empirically, I analyze the effect of postal voting on voter participation in Switzerland. Optional postal voting decreased the voting costs, but simultaneously removed the social pressure to vote. In spite ...
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作者：Gurkaynak, Refet S.; Swanson, Eric; Levin, Andrew
作者单位：Ihsan Dogramaci Bilkent University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We investigate the extent to which inflation expectations have been more firmly anchored in the United Kingdom-a country with an explicit inflation target-than in the United States-a country with no such target-using the difference between far-ahead forward rates on nominal and inflation-indexed bonds as a measure of compensation for expected inflation and inflation risk at long horizons. We show that far-ahead forward inflation compensation in the U. S. exhibits substantial volatility, especi...
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作者：Disney, Richard; Gathergood, John; Henley, Andrew
作者单位：University of Nottingham; Swansea University
摘要：We examine the impact of unanticipated housing capital gains on consumption behavior using data from the British Household Panel Survey and county-level house price data. We condition the models on household financial expectations and on household real financial capital gains imputed from the Family Resources Survey. We find a marginal propensity to consume out of unanticipated shocks to housing wealth of 0.01. Omitting the measure of financial expectations biases the results upward. We find l...
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作者：Tabellini, Guido
作者单位：Bocconi University; Bocconi University
摘要：Does culture have a causal effect on economic development? The data on European regions suggest that it does. Culture is measured by indicators of individual values and beliefs, such as trust and respect for others, and confidence in individual self determination. To isolate the exogenous variation in culture, we rely on two historical variables used as instruments: the literacy rate at the end of the 19th century, and the political institutions in place over the past several centuries. The po...
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作者：Ballester, Coralio; Calvo-Armengol, Antoni; Zenou, Yves
作者单位：Universitat d'Alacant; ICREA; Autonomous University of Barcelona; Research Institute of Industrial Economics (IFN); Stockholm University
摘要：Delinquents are embedded in a network of relationships. Each delinquent decides in a noncooperative way how much delinquency effort he will exert. We characterize the Nash equilibrium and derive an optimal enforcement policy, called the key-player policy. We then extend our characterization of optimal single player network removal to optimal group removal, the key group. We also characterize and derive a policy that targets links rather than players. Finally, we endogenize the network connecti...
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作者：Fafchamps, Marcel; Goyal, Sanjeev; van der Leij, Marco J.
作者单位：University of Oxford; University of Cambridge; Universitat d'Alacant
摘要：The matching of individuals in teams is a key element in the functioning of an economy. The network of social ties can potentially transmit important information on abilities and reputations and also help mitigate matching frictions by facilitating interactions among screened individuals. We conjecture that the probability of two individuals forming a team falls in the distance between the two individuals in the network of existing social ties. The objective of this paper is to empirically tes...
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作者：Peralta-Alva, Adrian; Santos, Manuel S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Miami
摘要：Our work has been concerned with the numerical simulation of dynamic economies with heterogeneous agents and economic distortions. Recent research has drawn attention to inherent difficulties in the computation of competitive equilibria for these economies: A continuous Markovian solution may fail to exist, and some commonly used numerical algorithms may not deliver accurate approximations. We consider a reliable algorithm set forth in Feng et al. ( 2009), and discuss problems related to the e...
