International Economic Review 2022年第四期

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

InternationalEconomic Review  2022年第四期

——更多动态，请持续关注gzh：理想主义的百年孤独

1.DEEP EQUILIBRIUM NETS

深度均衡网络

Marlon Azinovic, Luca Gaegauf, Simon Scheidegger

https://doi.org/10.1111/iere.12575

We introduce deep equilibrium nets (DEQNs)—adeep learning-based method to compute approximate functional rationalexpectations equilibria of economic models featuring a significant amount ofheterogeneity, uncertainty, and occasionally binding constraints. DEQNs areneural networks trained in an unsupervised fashion to satisfy all equilibriumconditions along simulated paths of the economy. Since DEQNs approximate theequilibrium functions directly, simulating the economy is computationallycheap, and training data can be generated at virtually zero cost. Wedemonstrate that DEQNs can accurately solve economically relevant models byapplying them to two challenging life-cycle models and a Bewley-style modelwith aggregate risk.

我们引入了深度均衡网络(DEQNs)——一种基于深度学习的方法，用于计算具有大量异质性、不确定性和偶尔约束的经济模型的近似功能理性预期均衡。deqn是一种以无监督方式训练的神经网络，以满足经济模拟路径上的所有均衡条件。由于deqn直接近似平衡函数，因此模拟经济的计算成本很低，并且可以以几乎为零的成本生成训练数据。通过将deqn应用于两个具有挑战性的生命周期模型和一个具有总风险的Bewley-style模型，我们证明了deqn可以准确地求解经济相关模型。

2.INSIDE MONEY, INVESTMENT, ANDUNCONVENTIONAL MONETARY POLICY

内部货币、投资和非常规货币政策

Lukas Altermatt

https://doi.org/10.1111/iere.12588

I develop a model where banks play a centralrole in monetary policy transmission. By credibly committing to repayment,banks can perform liquidity transformation. Illiquid assets may pay a liquiditypremium because they allow banks to create liquid assets. The policy analysisdiscusses how the monetary authority can affect nominal rates and inflationwhen the fiscal authority follows nominal or real debt targets. A main resultis that under a nominal debt target, the monetary authority is only able to increaseinflation at the zero-lower bound by issuing money via lump-sum transfers,while doing so via bond purchases is ineffective.

我开发了一个模型，其中银行在货币政策传导中发挥核心作用。通过可靠地承诺还款，银行可以进行流动性转换。非流动性资产可能会支付流动性溢价，因为它们允许银行创造流动性资产。政策分析讨论了当财政当局遵循名义或实际债务目标时，货币当局如何影响名义利率和通货膨胀。一个主要结果是，在名义债务目标下，货币当局只能通过一次性转移发行货币来提高通胀水平，而通过购买债券来实现这一目标是无效的。

3.THE COST OF GREENING STIMULUS: ADYNAMIC ANALYSIS OF VEHICLE SCRAPPAGE PROGRAMS

绿色刺激的成本:汽车报废计划的动态分析

Shanjun Li, Youming Liu, Chao Wei

First published: 09 June 2022

https://doi.org/10.1111/iere.12590

This article investigates the potentialtrade-off between the stimulus and environmental objectives in the context ofthe U.S. vehicle scrappage program. We develop and estimate a dynamic model ofvehicle ownership and conduct a counterfactual analysis comparing theimplemented policy with alternative designs. We find the cost of theimplemented policy 25% higher in terms of induced sales and 64% higher in termsof induced spending than a policy design without the environmental objective.The findings serve as a caution for green stimulus programs to address bothclimate change and the economic crisis from the ongoing pandemic.

本文探讨了在美国汽车报废计划的背景下，刺激计划和环境目标之间的潜在权衡。我们开发并估计了车辆拥有量的动态模型，并进行了反事实分析，将实施的政策与其他设计进行比较。我们发现，与没有环境目标的政策设计相比，实施政策的成本在诱导销售方面高出25%，在诱导支出方面高出64%。这一发现对绿色刺激计划提出了警告，以应对气候变化和当前大流行造成的经济危机。

4.MORAL HAZARD IN REMOTE TEAMS

远程团队的道德风险

Emilio Bisetti, Benjamin Tengelsen, Ariel Zetlin-Jones

https://doi.org/10.1111/iere.12579

We reexamine the ability of teams to crediblyself-impose group punishments and prevent free riding when individual inputsare unobservable. We formulate self-imposed group punishments as performanceunderreporting by the team. Although underreporting is not credible in a staticgame, we show that simple strategies can sustain underreporting in a repeatedgame, and that the threat of underreporting improves welfare only if teammembers' preferences between shirking and team output consumption arenonseparable. Our results suggest that self-assessments can replace increasedmanagerial monitoring in remote work environments.

我们重新审视了团队可信地自我施加集体惩罚的能力，并在个人投入不可观察的情况下防止搭便车。我们制定了自我施加的集体惩罚，如团队低报绩效。尽管少报在静态博弈中是不可信的，但我们证明了简单的策略可以在重复博弈中维持少报，并且只有当团队成员在逃避和团队产出消费之间的偏好不可分离时，少报的威胁才会提高福利。我们的研究结果表明，在远程工作环境中，自我评估可以取代增加的管理监控。

5.APPROXIMATE BAYESIAN INFERENCE ANDFORECASTING IN HUGE-DIMENSIONAL MULTICOUNTRY VARs

大维多国变量的近似贝叶斯推理与预测

Martin Feldkircher, Florian Huber, Gary Koop, Michael Pfarrhofer

https://doi.org/10.1111/iere.12577

Panel vector autoregressions (PVARs) are apopular tool for analyzing multicountry data sets. However, the number ofestimated parameters can be enormous, leading to computational and statisticalissues. In this article, we develop fast Bayesian methods for estimating PVARsusing integrated rotated Gaussian approximations. We exploit the fact thatdomestic information is often more important than international information andgroup the coefficients accordingly. Fast approximations are used to estimatethe latter whereas the former are estimated with precision using Markov chainMonte Carlo techniques. We illustrate, using a huge model of the world economy,that it produces competitive forecasts quickly.

面板向量自回归(PVARs)是分析多国数据集的常用工具。然而，估计参数的数量可能是巨大的，导致计算和统计问题。在本文中，我们开发了使用积分旋转高斯近似估计PVARs的快速贝叶斯方法。我们利用国内信息往往比国际信息更重要这一事实，并相应地对系数进行分组。后者采用快速近似估计，而前者则采用马尔可夫链蒙特卡罗技术进行精确估计。我们用一个巨大的世界经济模型来说明，它能迅速产生有竞争力的预测。

6.POSITIVE SKILL CLUSTERING INROLE-ASSIGNMENT MATCHING MODELS

Axel Anderson

https://doi.org/10.1111/iere.12576

Kremer and Maskin (1996, NBER Working Paper)explore matching when production involves defined roles. Despite underlyingCobb–Douglas production functions, the induced maximum production function isnot supermodular (SPM), and positive sorting does not arise. This articleintroduces and solves a general class of role-assignment matching models withgeneral SPM production functions. The unique equilibrium entails a novel blendof positive sorting in the large, and locally negative sorting that I callpositive clustering. I show how the equilibrium matching changes as theproduction function changes. In a dynamic extension, sorting, mobility, andwage inequality positively covary with changes in production across matchingmarkets.

Kremer和Maskin(1996, NBER工作论文)探讨了当生产涉及定义角色时的匹配。尽管存在Cobb-Douglas产生函数，但诱导的最大产生函数不是超模的(SPM)，并且不会产生正排序。本文介绍并求解了一类具有通用SPM生产函数的角色分配匹配模型。这种独特的平衡需要一种新的大的正排序和局部的负排序的混合，我称之为正聚类。我展示了平衡匹配是如何随着生产函数的变化而变化的。在动态扩展中，在匹配市场中，排序、流动性和工资不平等与生产变化正相关。

7.ENDOGENOUS SOCIAL NETWORKS ANDINEQUALITY IN AN INTERGENERATIONAL SETTING

内源性社会网络与代际环境中的不平等

Yannis M. Ioannides

https://doi.org/10.1111/iere.12578

When providing professional services, an expertmay misbehave by either prescribing “wrong” treatment for consumer's problem orfailing to exert proper effort to diagnose it. We show that under a range ofliabilities the expert will recommend the appropriate treatment based on hisprivate information if markups for alternative treatments are close enough;however, a well-designed liability rule is essential for also motivatingefficient diagnosis effort. We further demonstrate that unfettered price competitionbetween experts may undermine the efficient role of liability, whereas either aminimum-price constraint or an obligation-to-serve requirement canrestore it.

在提供专业服务时，专家可能会表现不当，要么对消费者的问题开出“错误”的治疗方案，要么没有做出适当的诊断。我们表明，在一定的责任范围下，如果替代治疗的加成足够接近，专家将根据他的私人信息推荐适当的治疗方法;然而，设计良好的责任规则对于激励有效的诊断工作也是必不可少的。我们进一步证明，专家之间不受约束的价格竞争可能会破坏责任的有效作用，而最低价格限制或服务义务要求都可以恢复责任的有效作用。

8.THE NEUTRALITY OF NOMINAL RATES: HOWLONG IS THE LONG RUN?

名义利率的中立性:长期有多长?

João Valle e Azevedo, João Ritto, Pedro Teles

https://doi.org/10.1111/iere.12584

We revisit the empirical relationship betweenpolicy interest rates and inflation aimed at understanding the reasons forpersistently low inflation in Japan and the euro area and why monetary policyhas been unable to raise it. We document the long-run positive relationshipbetween nominal rates and inflation across countries and across time. We alsofind that a permanent rise in nominal rates leads to an increase in inflation,also in the short run. These findings suggest that the low inflation outcomes area result of policy rates being kept too low for too long.

我们回顾了政策利率和通货膨胀之间的经验关系，旨在理解日本和欧元区通货膨胀持续低的原因，以及为什么货币政策一直无法提高通货膨胀率。我们记录了不同国家和不同时间名义利率和通货膨胀之间的长期正关系。我们还发现，名义利率的长期上升会导致通胀的上升，也是在短期内。这些发现表明，低通胀的结果是政策利率维持在过低水平太长时间的结果。

9.HETEROGENEOUS TREATMENT EFFECTS OFNUDGE AND REBATE: CAUSAL MACHINE LEARNING IN A FIELD EXPERIMENT ON ELECTRICITYCONSERVATION

助推和返利的异质处理效应:节电现场实验中的因果机器学习

Kayo Murakami, Hideki Shimada, Yoshiaki Ushifusa, Takanori Ida

https://doi.org/10.1111/iere.12589

This study investigates the different impactsof monetary and nonmonetary incentives on energy-saving behaviors using a fieldexperiment conducted in Japan. We find that the average reduction inelectricity consumption from the rebate is 4%, whereas that from the nudge isnot significantly different from zero. Applying a novel machine learning methodfor causal inference (causal forest) to estimate heterogeneous treatmenteffects at the household level, we demonstrate that the nudge intervention'streatment effects generate greater heterogeneity among households.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Internation Economic National Nation Review

点个赞感谢分享