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Working Paper
Bankruptcy and Delinquency in a Model of Unsecured Debt
Young, Eric R.; Athreya, Kartik B.; Sanchez, Juan M.; Tam, Xuan S. (2016-12-01)
This paper documents and interprets two facts central to the dynamics of informal default or "delinquency" on unsecured consumer debt. First, delinquency does not mean a persistent cessation of payment. In particular, we observe that for individuals 60 to 90 days late on payments, 85% make payments during the next quarter that allow them to avoid entering more severe delinquency. Second, many in delinquency (40%) have smaller debt obligations one quarter later. To understand these facts, we develop a theoretically and institutionally plausible model of debt delinquency and bankruptcy. Our ...
Working Paper , Paper 16-12

Working Paper
Rethinking Detroit
Rossi-Hansberg, Esteban; Sarte, Pierre-Daniel G.; Owens, Raymond E. (2017-02-02)
We study the urban structure of the city of Detroit. Following several decades of decline, the city's current urban structure is clearly not optimal for its size, with a business district immediately surrounded by a ring of largely vacant neighborhoods. We propose a model with residential externalities that features multiple equilibria at the neighborhood level. In particular, developing a residential area requires the coordination of developers and residents, without which it may remain vacant even if its fundamentals are sound. We embed this mechanism in a quantitative spatial economics ...
Working Paper , Paper 17-4

Working Paper
On the implementation of Markov-Perfect interest rate and money supply rules : global and local uniqueness
Dotsey, Michael; Hornstein, Andreas (2011)
Currently there is a growing literature exploring the features of optimal monetary policy in New Keynesian models under both commitment and discretion. This literature usually solves for the optimal allocations that are consistent with a rational expectations market equiibrium, but it does not study how the policy can be implemented given the available policy instruments. Recently, however, King and Wolman (2004) have shown that a time-consistent policy cannot be implemented through the control of nominal money balances. In particular, they find that equilibria are not unique under a money ...
Working Paper , Paper 09-06

Working Paper
Idea Diffusion and Property Rights
Wang, Zhu; Jovanovic, Boyan (2020-08-29)
We study the innovation and diffusion of technology at the industry level. We derive the full dynamic paths of an industry’s evolution, from birth to its maturity, and we characterize the impact of diffusion on the incentive to innovate. The model implies that protection of innovators should be only partial due to the congestion externality in meetings in which idea transfers take place. We fit the model to the early experiences of the automobile and personal computer industries both of which show an S-shaped growth of the number of firms.
Working Paper , Paper 20-11

Working Paper
Commercial banking performance and structure : a factor analysis approach
Jackson, William D. (1974)
The Hunt Commission's recommendations and other proposed banking law changes have made commercial bank performance under regulation a matter of some public concern.
Working Paper , Paper 74-05

Working Paper
What Caused the Great Recession in the Eurozone?
Hetzel, Robert L. (2016-08-23)
Since 2008, the Eurozone has undergone two recessions, which together constitute the "Great Recession." The combination of a decline in output and disinflation as well as a persistent decline in inflation suggests that contractionary monetary policy was one factor. This paper makes two methodological points. First, in analyzing the causes of the Great Recession, it is important to distinguish between credit and monetary policy. Second, a multiplicity of estimated models can "explain" the Great Recession. In practice, economists choose between models through an associated narrative that ...
Working Paper , Paper 16-10

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
External increasing returns, short-lived agents and long-lived waste
Schreft, Stacey L.; Pecchenino, Rowena A.; Schimmelpfennig, D. (1990)
Actions that affect environmental quality both influence and respond to macroeconomic variables. Further, many environmental and macroeconomic consequences of current actions will have uncompensated effects that outlive the actors. This paper presents an overlapping-generations model of environmental externalities and capital accumulation: consumption of the old generates long-lived garbage as a by-product, while young agents invest in both capital and destruction of the existing garbage stock. The model also assumes external increasing returns: increases in the capital stock increase the ...
Working Paper , Paper 91-02

Working Paper
Notes on collateral constraints in a simple model of housing
Hornstein, Andreas (2009)
These notes provide the derivations of results stated without proof in Hornstein (2009). For a simple model of the demand for housing, it is shown that on a balanced growth path, the rate at which the relative price of housing changes over time is determined by the relative productivity growth rates of the housing sector and the rest of the economy. The model is then modified to include a collateral constrained consumer. We show that collateral constraints may affect the level of the housing price path, but they do not affect the growth rate of housing prices.
Working Paper , Paper 09-03

Working Paper
Firm Heterogeneity and the Impact of Immigration: Evidence from German Establishments
Brinatti, Agostina; Morales, Nicolas (2021-12)
We use a detailed establishment-level dataset from Germany to document a new dimension of ﬁrm heterogeneity: large ﬁrms spend a higher share of their wage bill on immigrants than small ﬁrms. We show analytically that ignoring this heterogeneity in the immigrant share leads to biased estimates of the welfare gains from immigration. To do so, we set up and estimate a model where heterogeneous ﬁrms choose their immigrant share and then use it to quantify the welfare effects of an increase in the number of immigrants in Germany. Two new adjustment mechanisms arise under ﬁrm ...
Working Paper , Paper 21-16

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