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The Impact of Counterfeit Victims in the Victim Marketplace

Ban, Mingyuan; Qian, Yi; Gong, Qiang; Aquino, Karl - National Bureau of Economic Research - 2025

Just and efficient allocations of charity have attracted much academic and media attention. The sources of inefficiency and unjust are important to understand yet understudied. Our study aims to fill this void by directly modelling the victims' market in a collective reputation framework. By...

Persistent link: https://www.econbiz.de/10015194973

Quantifying Market Power and Business Dynamism in the Macroeconomy

De Loecker, Jan; Eeckhout, Jan; Mongey, Simon - National Bureau of Economic Research - 2021

We propose a general equilibrium economy with oligopolistic output markets in which two channels can cause a change in market power: (i) technology, via changes to productivity shocks and the cost of entry, (ii) market structure, via changes to the number of potential competitors. First, we...

Persistent link: https://www.econbiz.de/10012533310

A Tale of Two Networks : Common Ownership and Product Market Rivalry

Ederer, Florian; Pellegrino, Bruno - National Bureau of Economic Research - 2022

general equilibrium model with a hedonic demand system in which firms compete in a network game of oligopoly. Firms are …

Persistent link: https://www.econbiz.de/10013191098

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has … come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over … environmental and social issues. Major fund managers now offer their investors a choice: delegate their votes to the fund or cast …

Persistent link: https://www.econbiz.de/10014337868

Estimating Discrete Games with Many Firms and Many Decisions : An Application to Merger and Product Variety

Fan, Ying; Yang, Chenyu - National Bureau of Economic Research - 2022

This paper presents a new method for estimating discrete games based on bounds of conditional choice probabilities. The method does not require solving the game and is scalable to models with many firms and many discrete decisions. We apply the method to study merger effects on firm entry and...

Persistent link: https://www.econbiz.de/10013334365

Price Setting with Strategic Complementarities as a Mean Field Game

Alvarez, Fernando; Lippi, Francesco; Souganidis, Takis - National Bureau of Economic Research - 2022

We study the propagation of monetary shocks in a sticky-price general-equilibrium economy where the firms' pricing strategy feature a complementarity with the decisions of other firms. In a dynamic equilibrium the firm's price-setting decisions depend on aggregates, which in turn depend on...

Persistent link: https://www.econbiz.de/10013334411

How Merger Synergies Can Harm Consumers : A Defense of the Efficiencies Offense

Ramos, Paulo; Wollmann, Thomas G. - National Bureau of Economic Research - 2024

This paper uses an aggregative games framework to predict consumer welfare when market structure is endogenously determined. Our main results characterize mergers whose synergies reduce consumer welfare by inducing rivals to exit. The conditions under which such mergers arise are broad,...

Persistent link: https://www.econbiz.de/10014576659

Policymakers' Uncertainty

Cieślak, Anna; Hansen, Stephen; McMahon, Michael; … - National Bureau of Economic Research - 2023

Uncertainty is a ubiquitous concern emphasized by policymakers. We study how uncertainty affects decision-making by the Federal Open Market Committee (FOMC). We distinguish between the notion of Fed-managed uncertainty vis-a-vis uncertainty that emanates from within the economy and which the Fed...

Persistent link: https://www.econbiz.de/10014436980

The Central Bank's Dilemma : Look Through Supply Shocks or Control Inflation Expectations?

Beaudry, Paul; Carter, Thomas J.; Lahiri, Amartya - National Bureau of Economic Research - 2023

When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and explore optimal policy under...

Persistent link: https://www.econbiz.de/10014372498

New Keynesian Economics through the Extensive Margin

Bigio, Saki; Ishide, Akira - National Bureau of Economic Research - 2025

This paper reformulates the New Keynesian model to incorporate output adjustments through the extensive margin. Shifting from adjustments through the intensive to the extensive employment margin, the model introduces predetermined output, altering key properties of the New Keynesian framework....

Persistent link: https://www.econbiz.de/10015194977