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Working Paper
Large and Small Sellers: A Theory of Equilibrium Price Dispersion with Sequential Search
Menzio, Guido; Trachter, Nicholas (2014-03-15)
The paper studies equilibrium pricing in a product market for an indivisible good where buyers search for sellers. Buyers search sequentially for sellers but do not meet every seller with the same probability. Specifically, a fraction of the buyers' meetings lead to one particular large seller, while the remaining meetings lead to one of a continuum of small sellers. In this environment, the small sellers would like to set a price that makes the buyers indifferent between purchasing the good and searching for another seller. The large seller would like to price the small sellers out of the ...
Working Paper , Paper 14-8

Working Paper
Organizations, Skills, and Wage Inequality
Pinheiro, Roberto; Tasci, Murat (2017-05-05)
We extend an on-the-job search framework in order to allow firms to hire workers with different skills and skills to interact with firms? total factor productivity (TFP). Our model implies that more productive firms are larger, pay higher wages, and hire more workers at all skill levels and proportionately more at higher skill types, matching key stylized facts. We calibrate the model using five educational attainment levels as proxies for skills and estimate nonparametrically firm-skill output from the wage distributions for different educational levels. We consider two periods in time (1985 ...
Working Papers (Old Series) , Paper 1706

Working Paper
Endogenous firm competition and the cyclicality of markups
Afrouzi, Hassan (2016-02-01)
The cyclicality of markups is crucial to understanding the propagation of shocks and the size of multipliers. I show that the degree of inertia in the response of output to shocks can reverse the cyclicality of markups within implicit collusion and customer-base models. In both classes of models, markups follow a forward looking law of motion in which they depend on firms' conditional expectations over stochastic discount rates and changes in output, implying that auxiliary assumptions that affect the inertia of output can potentially reverse cyclicality of markups in each of these models. I ...
Globalization Institute Working Papers , Paper 265

Working Paper
Asymmetric firm dynamics under rational inattention
Cheremukhin, Anton A.; Tutino, Antonella (2014-10-01)
We study the link between business failures, markups and business cycle asymmetry in the U.S. economy with a model of optimal firm exit under rational inattention. We show that the model's predictions of lagged, counter-cyclical and positively skewed markups together with counter-cyclical exit rates are consistent with the empirical evidence. Moreover, our model uncovers a new mechanism that links information processing with the business cycle. It predicts counter-cyclical attention to economic conditions consistent with survey evidence.
Working Papers , Paper 1411

Journal Article
Schools and Stimulus
Mehkari, M. Saif; Dupor, Bill (2020-05)
This article analyzes the impact of the education funding component of the American Recovery and Reinvestment Act of 2009 (Recovery Act) on public school districts. We use cross-sectional differences in district-level Recovery Act funding to investigate the program's impact on staffing, expenditures, and debt accumulation.
Review , Volume 102 , Issue 2 , Pages 145-171

Working Paper
Financial development and long-run volatility trends
Wang, Pengfei; Wen, Yi; Xu, Zhiwei (2013)
Countries with more developed financial markets tend to have significantly lower aggregate volatility. This relationship is also highly non-linear starting from a low level of financial development the reduction in aggregate volatility is far more significant with respect to financial deepening than when the financial market is more developed. We build a fully-edged heterogeneous-agent model with an endogenous financial market of private credit and debt to rationalize these stylized facts. We show how financial development that promotes better credit allocations under more relaxed borrowing ...
Working Papers , Paper 2013-003

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