Alternative Lending Channels and the Crisis in U.S. Housing Markets

To what degree has the development of alternative mortgage funding channels promoted the recent boom and bust in U.S. housing markets? Past research examined whether Alt‐A and subprime market shares are correlated with the housing bubble. This article expands the analysis to include the share of specific “alternative” lending terms and finds that the shares of interest‐only and negative amortization loans are important factors in explaining the housing bubble. This result suggests that research on the housing market bubble should focus on the impacts of loan contract terms rather than loan channel.     

Casino regulations and economic welfare

Abstract This paper studies the entry and tax regulation of oligopolistically competitive privately run casinos and government‐run casinos in a jurisdiction. We highlight three important external effects from casino‐style gambling: non‐casino income creation, social disorder costs, and cross‐border gambling. The laissez‐faire equilibrium need not be overcrowding compared with regulated or government‐run regimes. Entry regulation may lead to higher jurisdiction welfare than tax regulation. Government‐run casinos always operate on a larger scale and achieve higher welfare than other regimes, given the same number of casinos. With an endogenous fraction of external gamblers, a dispersed casino configuration yields higher welfare than a centralized one.     

Does prior record matter in the wealth effect of open-market share repurchase announcements?

This study investigates whether prior experience of share repurchases matters in the market reactions to the subsequent repurchase announcements. Specifically, we study the prior record on actual buybacks and post-announcement stock performance. We find that upon the announcement of share repurchases, stock markets not only respond more positively to those made by firms that have better record on actual buyback following their previous repurchase plan announcements, but also experience a stronger reaction for announcing firms with better stock performance after prior repurchase announcements. These results hold even after controlling for other variables that are found important in influencing the market reactions to repurchase announcements.     

2018 KLEIN LECTURE: INDIVIDUAL AND AGGREGATE LABOR SUPPLY IN HETEROGENEOUS AGENT ECONOMIES WITH INTENSIVE AND EXTENSIVE MARGINS

We study business cycle fluctuations in heterogeneous agent general equilibrium models featuring intensive and extensive margins of labor supply. A nonlinear mapping from time devoted to work to labor services generates operative extensive and intensive margins. Our model captures the salient features of the empirical distribution of hours worked, including how individuals transit within this distribution. We study how various specifications influence labor supply responses to aggregate technology shocks and find that abstracting from intensive margin adjustment can have large effects on the volatility of aggregate hours even if fluctuations along the intensive margin are small.     

Foreign direct investment subsidy in a dynamic stochastic general equilibrium model with heterogeneous firms

This study analyzes the macroeconomic impacts of subsidies to attract multinational corporations when firms are determining whether to enter or how to serve foreign markets. We show that a small FDI subsidy scheme induces consumption gains and delivers short‐term welfare improvement for the FDI host country if firms differ in productivity. However, the subsidy generates a new problem and results in the wealth reallocation effect, leading to welfare deterioration for the host country in the long run. Moreover, we find that a subsidy program induces a welfare improvement for the host country if it is offered to all domestic producers instead of foreign producers only in the host country.     

财政支出差异性对创业活动的激励效应分析

经济新常态下,创业是推动中国经济发展、改善民生的重要途径。创业过程的风险性、不确定性及正外部性需要政府给予积极支持。基于2007-2015年中国内地30个省市（除西藏外）数据,运用动态面板模型,考察地区财政支出和创业活动的关系。研究结果表明：财政支出规模对创业活动数量及创业活动质量具有滞后的积极作用;财政支出规模的滞后效应源于财政支出结构的滞后效应,不同财政支出结构对创业活动质量影响的差异较大;同时,创新是提升创业活动质量的重要手段。因此,政府应积极支持“大众创业、万众创新”,各地区财政创业扶持资金应该从规模和结构上进行调整,重点优化有利于创新的支出结构,为创业提供良好的公共环境。     

要素结构与技术进步方向——来自中国城市“撤县设区”的证据

本文基于1997—2010年267个地级及以上城市市辖区面板数据,运用标准化供给面系统方法测算了市级层面的技术进步方向,并借助“撤县设区”这一自然实验,利用工具变量法实证检验了要素结构变动对技术进步方向的影响,研究发现：（1)“撤县设区”使得资本—劳动比上升,进而导致技术进步方向偏向于资本,符合偏向型技术进步的“弱诱导偏向型假说”;（2)“撤县设区”对资本偏向型技术进步的影响是有条件的,主要限于资本—劳动替代弹性大于1即资本—劳动呈替代关系的地区;（3)相比于中西部地区,东部地区资本要素更为丰富,因而“撤县设区”显著提高了东部地区的资本—劳动比,使其技术进步方向偏向资本。     

Growth, welfare and transitional dynamics in an endogenously growing economy with abatement labor

This paper sets up a simple endogenous growth model that highlights the importance of the endogenous labor-leisure choice and the allocation between production labor and abatement labor. We show that, in contrast to the common notion (e.g. [Bovenberg, A.L., Smulders, S., 1996. Transitional impacts of environmental policy in an endogenous growth model. International Economic Review 37, 861–893] and [Bovenberg, A.L., de Mooij, R.A., 1997. Environmental tax reform and endogenous growth. Journal of Public Economics 63, 207–237]), the existence of an environmental production externality is a sufficient (but not necessary) condition for environmental policies to stimulate economic growth if the labor-leisure choice is endogenously determined. In particular, since there are complementarities between public abatement and private abatement, the public abatement expenditure will have a more powerful enhancing effect on economic growth when it is accompanied by more efficient private abatement. This result also leads to a corollary to the effect that it is easier to achieve double dividends in terms of enhancing both growth and welfare if the endogenous labor-leisure choice is taken into account.In our dynamic analysis, we show that if public abatement is substantially large, dynamic indeterminacy may occur despite the absence of a positive labor externality and interestingly, this is more likely to be the case when abatement labor plays a more significant role. Besides, the transitional effects of an increase in public abatement are also investigated.     

创新类型、风险资本对高技术企业联盟行为的影响

高技术企业的融资方式和创新类型对其治理结构和战略模式具有明显的影响。通过讨论高技术企业创新类型对融资策略和企业联盟行为的影响,以及风险资本对企业联盟行为的影响,分析了创新类型、风险资本融资方式和风险企业联盟行为三者之间的关系。     

消费者在进口跨境电商平台间转移行为意向研究

本文整合人口学推拉理论和技术接受模型,从推送力、拉动力、锚定力三个方面构建理论模型和提出假设,收集数据验证消费者在进口跨境 电商平台间的转移行为影响因素。研究结果表明,经济性因素、平台服务质量是影响消费者向新平台转移的推送力,感知有用性和感知易用性是新平台 吸引消费者转移的拉动力,转换成本和消费者习惯是阻碍消费者转移的锚定力。对此,企业可通过提高用户体验、增加转移成本防止消费者流失。