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The Internet stimulates trade. Using a gravity equation of trade among 56 countries, we find no evidence of an effect … of the Internet on total trade flows in 1995 and only weak evidence of an effect in 1996. However, we find an increasing … that the effect of the Internet on trade has been stronger for poor countries than for rich countries, and that there is …
Persistent link: https://www.econbiz.de/10005712775
Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption or to default on their mortgages. In this paper, we argue that these outcomes are more likely if ARM borrowers are borrowing constrained, and find that ARM borrowers...
Persistent link: https://www.econbiz.de/10009001762
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Using a new dataset, we document a systematic pattern in the demographic characteristics of car buyers over the model year: as vehicle prices fall over the model year, so do buyer incomes. This pattern is consistent with price-insensitive buyers purchasing early in the year, while others wait...
Persistent link: https://www.econbiz.de/10004965408
This paper presents evidence that consumers underreact to taxes that are not salient and characterizes the welfare consequences of tax policies when agents make such optimization errors. The empirical evidence is based on two complementary strategies. First, we conducted an experiment at a...
Persistent link: https://www.econbiz.de/10004965414
This paper argues that constraining people to choose consumption and labor under finite Shannon capacity produces results in line with U.S. business cycle data. My model has a simple partial equilibrium setting in which risk averse consumers keep high labor supply and low consumption profile at...
Persistent link: https://www.econbiz.de/10008498965
This paper relates firm location choice and consumer search. Firms that cluster together attract consumers by facilitating price comparison, but clustering increases the intensity of local competition. I construct a simple model which shows that firms may choose head-on competition by locating...
Persistent link: https://www.econbiz.de/10005368484