NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Papers in JEL Code D5: General Equilibrium and Disequilibrium

2016
w22848 Laurent Frésard
Ulrich Hege
Gordon Phillips

Extending Industry Specialization through Cross-Border Acquisitions
w22794 George-Marios Angeletos
Fabrice Collard
Harris Dellas

Public Debt as Private Liquidity: Optimal Policy
w22794 George-Marios Angeletos
Fabrice Collard
Harris Dellas

Public Debt as Private Liquidity: Optimal Policy
w22769 V. Kerry Smith
Min Qiang Zhao

Evaluating Economy-Wide Benefit Cost Analyses
w22176 Nancy L. Stokey
Technology, Skill and the Wage Structure
w22159 Melanie Morten
Temporary Migration and Endogenous Risk Sharing in Village India
w22056 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution for Fire Sales and Other Pecuniary Externalities
w22056 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution for Fire Sales and Other Pecuniary Externalities
w22047 Pablo Kurlat
The Social Value of Financial Expertise
w22006 Gaetano Gaballo
Ramon Marimon

Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies
w21967 Grey Gordon
Aaron Hedlund

Accounting for the Rise in College Tuition
2015
w21823 Karla Hoff
Joseph E. Stiglitz

Striving for Balance in Economics: Towards a Theory of the Social Determination of Behavior
w21563 Nicolae B. Gârleanu
Lasse H. Pedersen

Efficiently Inefficient Markets for Assets and Asset Management
w21444 Joseph E. Stiglitz
Towards a General Theory of Deep Downturns
w21448 Iván Werning
Incomplete Markets and Aggregate Demand
w21224 Erik Eyster
Matthew Rabin
Dimitri Vayanos

Financial Markets where Traders Neglect the Informational Content of Prices
w21046 Atila Abdulkadiroğlu
Nikhil Agarwal
Parag A. Pathak

The Welfare Effects of Coordinated Assignment: Evidence from the NYC HS Match
w20968 Denis Gromb
Dimitri Vayanos

The Dynamics of Financially Constrained Arbitrage
w20968 Denis Gromb
Dimitri Vayanos

The Dynamics of Financially Constrained Arbitrage
2014
w20746 Julien Hugonnier
Benjamin Lester
Pierre-Olivier Weill

Heterogeneity in Decentralized Asset Markets
w20704 Michael Greenstone
Alexandre Mas
Hoai-Luu Nguyen

Do Credit Market Shocks affect the Real Economy? Quasi-Experimental Evidence from the Great Recession and 'Normal' Economic Times
w20608 Benjamin Lester
Guillaume Rocheteau
Pierre-Olivier Weill

Competing for Order Flow in OTC Markets
w20526 Michael B. Devereux
Changhua Yu

International Financial Integration and Crisis Contagion
w20516 Nicolas S. Lambert
Michael Ostrovsky
Mikhail Panov

Strategic Trading in Informationally Complex Environments
w20424 Chunding Li
John Whalley

How Close is Asia to Already Being A Trade Bloc?
w20275 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution to Price Externalities: A Generalized Framework
w20275 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution to Price Externalities: A Generalized Framework
w20147 Thomas F. Hellmann
Veikko Thiele

Friends or Foes: The Interrelationship between Angel and Venture Capital Markets
w20110 George M. Constantinides
Anisha Ghosh

Asset Pricing with Countercyclical Household Consumption Risk
w20086 Robert Townsend
Weerachart Kilenthong

Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
w20086 Robert Townsend
Weerachart Kilenthong

Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
w20025 Vasco M. Carvalho
Nico Voigtländer

Input Diffusion and the Evolution of Production Networks
w19931 Péter Kondor
Dimitri Vayanos

Liquidity Risk and the Dynamics of Arbitrage Capital
w19875 Pablo Kurlat
Johannes Stroebel

Testing for Information Asymmetries in Real Estate Markets
w19820 Seth Freedman
Ginger Zhe Jin

The Information Value of Online Social Networks: Lessons from Peer-to-Peer Lending
w19822 Casey Rothschild
Florian Scheuer

A Theory of Income Taxation under Multidimensional Skill Heterogeneity
2013
w19711 Aloísio Araújo
Susan Schommer
Michael Woodford

Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints
w19387 Jacob Fishman
V. Kerry Smith

A Direct Test of the "Explanation" for Incomplete Stratification in Vertical Sorting Models
w19298 Dennis Epple
Richard Romano
Sinan Sarpça
Holger Sieg

The U.S. Market for Higher Education: A General Equilibrium Analysis of State and Private Colleges and Public Funding Policies
w19313 Emmanuel Farhi
Iván Werning

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities
w19235 Florian Scheuer
Entrepreneurial Taxation with Endogenous Entry
w19111 Jesper Bagger
Javier A. Birchenall
Hani Mansour
Sergio Urzúa

Education, Birth Order, and Family Size
w19072 Enrique G. Mendoza
Katherine A. Smith

Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
w18981 Umut M. Dur
Scott Duke Kominers
Parag A. Pathak
Tayfun Sönmez

The Demise of Walk Zones in Boston: Priorities vs. Precedence in School Choice
w18766 Jaromir Nosal
Guillermo Ordoñez

Uncertainty as Commitment
2012
w18360 Guillermo Ordoñez
The Asymmetric Effects of Financial Frictions
w18251 Dimitri Vayanos
Jiang Wang

Market Liquidity -- Theory and Empirical Evidence
w18228 Casey Rothschild
Florian Scheuer

Redistributive Taxation in the Roy Model
w18163 Pol Antràs
Davin Chor

Organizing the Global Value Chain
w18082 Christopher L. Foote
Kristopher S. Gerardi
Paul S. Willen

Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis
2011
w17714 Tom Krebs
Moritz Kuhn
Mark L. J. Wright

Human Capital Risk, Contract Enforcement, and the Macroeconomy
w17506 Alp Simsek
Speculation and Risk Sharing with New Financial Assets
w17295 Darrell Duffie
Semyon Malamud
Gustavo Manso

Information Percolation in Segmented Markets
w17296 Darrell Duffie
Bruno Strulovici

Capital Mobility and Asset Pricing
w17285 Xiaoji Lin
Lu Zhang

Covariances versus Characteristics in General Equilibrium
w17285 Xiaoji Lin
Lu Zhang

Covariances versus Characteristics in General Equilibrium
w17285 Xiaoji Lin
Lu Zhang

Covariances versus Characteristics in General Equilibrium
w17199 Ngoc-Khanh Tran
Richard J. Zeckhauser

The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous
w17144 Efraim Benmelech
Nittai K. Bergman
Amit Seru

Financing Labor
w17084 Jordi Galí
Frank Smets
Rafael Wouters

Unemployment in an Estimated New Keynesian Model
w17060 George-Marios Angeletos
Jennifer La'O

Decentralization, Communication, and the Origins of Fluctuations
w17035 Casey Rothschild
Florian Scheuer

Optimal Taxation with Rent-Seeking
w17000 Viral V. Acharya
Alberto Bisin

Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
w17000 Viral V. Acharya
Alberto Bisin

Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
w16924 Andrew Glover
Jonathan Heathcote
Dirk Krueger
José-Víctor Ríos-Rull

Intergenerational Redistribution in the Great Recession
w16855 Seth M. Freedman
Ginger Zhe Jin

Learning by Doing with Asymmetric Information: Evidence from Prosper.com
w16696 Pierre-André Chiappori
Krislert Samphantharak
Sam Schulhofer-Wohl
Robert M. Townsend

Heterogeneity and Risk Sharing in Village Economies
2010
w16586 Christopher J. Mayer
Tomasz Piskorski
Alexei Tchistyi

The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
w16516 Daron Acemoglu
Asuman Ozdaglar
Alireza Tahbaz-Salehi

Cascades in Networks and Aggregate Volatility
w16327 Fatih Guvenen
Anthony Smith

Inferring Labor Income Risk from Economic Choices: An Indirect Inference Approach
w16302 George M. Constantinides
Michal Czerwonko
Jens Carsten Jackwerth
Stylianos Perrakis

Are Options on Index Futures Profitable for Risk Averse Investors? Empirical Evidence
w16279 C. Kirabo Jackson
Henry S. Schneider

Do Social Connections Reduce Moral Hazard? Evidence from the New York City Taxi Industry
w16219 Ian Martin
The Valuation of Long-Dated Assets
w16145 Christopher L. House
Yusufcan Masatlioglu

Managing Markets for Toxic Assets
w16085 Bruce Ian Carlin
Shaun William Davies
Andrew Miles Iannaccone

Competing for Attention in Financial Markets
w15944 Daron Acemoglu
Theory, General Equilibrium and Political Economy in Development Economics
w15899 Christoph Böhringer
Andreas Lange
Thomas F. Rutherford

Optimal Emission Pricing in the Presence of International Spillovers: Decomposing Leakage and Terms-of-Trade Motives
w15837 Viral V. Acharya
S. Viswanathan

Leverage, Moral Hazard and Liquidity
w15844 Jared C. Carbone
V. Kerry Smith

Valuing ecosystem services in general equilibrium
w15695 Brennan C. Platt
Joseph Price
Henry Tappen

Pay-to-Bid Auctions
w15659 Ulrike Malmendier
Geoffrey Tate
Jonathan Yan

Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies
2009
w15582 Dirk Krueger
Fabrizio Perri

Public versus Private Risk Sharing
w15409 Hernán D. Rozenfeld
Diego Rybski
Xavier Gabaix
Hernán A. Makse

The Area and Population of Cities: New Insights from a Different Perspective on Cities
w15293 Lawrence H. Goulder
Marc A. C. Hafstead
Michael S. Dworsky

Impacts of Alternative Emissions Allowance Allocation Methods under a Federal Cap-and-Trade Program
w15282 Per Krusell
Toshihiko Mukoyama
Aysegul Sahin

Labor-Market Matching with Precautionary Savings and Aggregate Fluctuations
w15226 James J. Heckman
Rosa L. Matzkin
Lars Nesheim

Nonparametric Identification and Estimation of Nonadditive Hedonic Models
w15242 Rajkamal Iyer
Asim Ijaz Khwaja
Erzo F.P. Luttmer
Kelly Shue

Screening Peers Softly: Inferring the Quality of Small Borrowers
w15189 Leonid Kogan
Stephen Ross
Jiang Wang
Mark M. Westerfield

Market Selection
w15189 Leonid Kogan
Stephen Ross
Jiang Wang
Mark M. Westerfield

Market Selection
w15158 Nuno Cassola
Ali Hortacsu
Jakub Kastl

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
w14898 Veronica Guerrieri
Péter Kondor

Fund Managers, Career Concerns, and Asset Price Volatility
w14764 Roland Bénabou
Groupthink: Collective Delusions in Organizations and Markets
w14761 Vasiliki Skreta
Laura Veldkamp

Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation
2008
w14629 Bernard Dumas
Andrew Lyasoff

Incomplete-Market Equilibria Solved Recursively on an Event Tree
w14629 Bernard Dumas
Andrew Lyasoff

Incomplete-Market Equilibria Solved Recursively on an Event Tree
w14523 Dimitri Vayanos
Paul Woolley

An Institutional Theory of Momentum and Reversal
w14444 Enrique G. Mendoza
Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q
w14222 Julio J. Rotemberg
Liquidity Needs in Economies with Interconnected Financial Obligations
w14046 James E. Anderson
Consistent Trade Policy Aggregation
2007
w13707 Matthias Doepke
Moshe Hazan
Yishay Maoz

The Baby Boom and World War II: A Macroeconomic Analysis
w13650 Dirk Krueger
Hanno Lustig
Fabrizio Perri

Evaluating Asset Pricing Models with Limited Commitment using Household Consumption Data
w13650 Dirk Krueger
Hanno Lustig
Fabrizio Perri

Evaluating Asset Pricing Models with Limited Commitment using Household Consumption Data
w13616 Arik Levinson
Technology, International Trade, and Pollution from U.S. Manufacturing
w13570 Ulrike Malmendier
Geoffrey Tate
Jonathan Yan

Corporate Financial Policies With Overconfident Managers
w13401 Bernard Dumas
Alexander Kurshev
Raman Uppal

Equilibrium Portfolio Strategies in the Presence of Sentiment Risk and Excess Volatility
w13260 Bruce Preston
Mauro Roca

Incomplete Markets, Heterogeneity and Macroeconomic Dynamics
w13220 John Donaldson
Rajnish Mehra

Risk Based Explanations of the Equity Premium
w13220 John Donaldson
Rajnish Mehra

Risk Based Explanations of the Equity Premium
w13123 Ceyhun Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism
w13053 William A. Pizer
David Popp

Endogenizing Technological Change: Matching Empirical Evidence to Modeling Needs
w12986 Joao F. Gomes
Leonid Kogan
Motohiro Yogo

Durability of Output and Expected Stock Returns
2006
w12797 Laurent E. Calvet
Adlai J. Fisher

Multifrequency Jump-Diffusions: An Equilibrium Approach
w12656 Timothy J. Kehoe
David K. Levine

Bankruptcy and Collateral in Debt Constrained Markets
w12656 Timothy J. Kehoe
David K. Levine

Bankruptcy and Collateral in Debt Constrained Markets
w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt
w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt
w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt
w12564 Enrique G. Mendoza
Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q
w12550 Marco Cagetti
Mariacristina De Nardi

Wealth Inequality: Data and Models
w12477 Guido Lorenzoni
A Theory of Demand Shocks
w12486 Laarni Bulan
Christopher J. Mayer
C. Tsuriel Somerville

Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development
w12433 Rajnish Mehra
Recursive Competitive Equilibrium
w12433 Rajnish Mehra
Recursive Competitive Equilibrium
w12433 Rajnish Mehra
Recursive Competitive Equilibrium
w12319 Matthias Doepke
Martin Schneider

Inflation as a Redistribution Shock: Effects on Aggregates and Welfare
w12030 Laurent E. Calvet
John Y. Campbell
Paolo Sodini

Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
w11966 Enrique G. Mendoza
Lessons From the Debt-Deflation Theory of Sudden Stops
2005
w11864 Jaime Casassus
Pierre Collin-Dufresne
Bryan R. Routledge

Equilibrium Commodity Prices with Irreversible Investment and Non-Linear Technology
w11701 Martin D. D. Evans
Viktoria Hnatkovska

International Capital Flows, Returns and World Financial Integration
t0318 Martin D. D. Evans
Viktoria Hnatkovska

Solving General Equilibrium Models with Incomplete Markets and Many Assets
w11255 Tom Krebs
Pravin Krishna
William Maloney

Trade Policy, Income Risk, and Welfare
w11178 Ceyhun Bora Durdu
Enrique G. Mendoza

Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff
w11180 George-Marios Angeletos
UNINSURED IDIOSYNCRATIC INVESTMENT RISK
2004
w11016 George-Marios Angeletos
Laurent-Emmanuel Calvet

Incomplete Market Dynamics in a Neoclassical Production Economy
w11016 George-Marios Angeletos
Laurent-Emmanuel Calvet

Incomplete Market Dynamics in a Neoclassical Production Economy
w10940 Enrique G. Mendoza
Katherine A. Smith

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices
w10899 Kala Krishna
Cesar A. Perez

Unbalanced Growth
w10790 Enrique G. Mendoza
Ceyhun Bora Durdu

Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees
w10252 Donald R. Davis
David E. Weinstein

A Search for Multiple Equilibria in Urban Industrial Structure
2003
w9840 Laurent Calvet
Martin Gonzalez-Eiras
Paolo Sodini

Financial Innovation, Market Participation and Asset Prices
w9764 George-Marios Angeletos
Laurent Calvet

Idiosyncratic Production Risk, Growth, and the Business Cycle
w9485 Edgar Cudmore
John Whalley

Border Delays and Trade Liberalization
2002
w9349 Wouter J. DenHaan
Temporary Shocks and Unavoidable Transistions to a High-Unemployment Regime
w9184 Lisandro Abrego
John Whalley

Decomposing Wage Inequality Change Using General Equilibrium Models
w9077 Patrick J. Kehoe
Fabrizio Perri

Competitive Equilibria With Limited Enforcement
w8883 John Rust
George Hall

Middlemen versus Market Makers: A Theory of Competitive Exchange
2001
w8135 Kenneth L. Judd
Sy-Ming Guu

Asymptotic Methods for Asset Market Equilibrium Analysis
2000
w7654 A. Lans Bovenberg
Lawrence H. Goulder

Neutralizing the Adverse Industry Impacts of CO2 Abatement Policies: What Does it Cost?
w7674 Lisandro Abrego
John Whalley

Demand Side Considerations and the Trade and Wages Debate
1999
w6499 Herschel I. Grossman
Producers and Predators
w6953 Fernando Alvarez
Urban J. Jermann

Quantitative Asset Pricing Implications of Endogenous Solvency Constraints
w6901 Gene M. Grossman
Imperfect Labor Contracts and International Trade
1998
w6787 Donald R. Davis
David E. Weinstein

Market Access, Economic Geography, and Comparative Advantage: An Empirical Assessment
w6741 Gene M. Grossman
Giovanni Maggi

Diversity and Trade
w6693 A. Lans Bovenberg
Johan J. Graafland
Ruud A. de Mooij

Tax Reform and the Dutch Labor Market: An Applied General Equilibrium Approach
w6712 Keshab Bhattarai
John Whalley

The Division and Size of Gains from Liberalization of Service Networks
w6588 Raquel Fernandez
Education and Borrowing Constraints: Tests vs. Prices
w6476 Fernando Alvarez
Urban J. Jermann

Asset Pricing when Risk Sharing is Limited by Default
1997
w5950 Patrick K. Asea
Mthuli Ncube

Heterogeneous Information Arrival and Option Pricing
w5930 Raquel Fernandez
Jordi Gali

To Each According To...? Markets, Tournaments, and the Matching Problem with Borrowing Constraints
1996
w5625 Donald R. Davis
David E. Weinstein
Scott C. Bradford
Kazushige Shimpo

The Heckscher-Ohlin-Vanek Model of Trade: Why Does It Fail? When Does It Work?
w5557 Christina D. Romer
David H. Romer

Institutions for Monetary Stability
w5579 Bennett T. McCallum
Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General
w5597 Bennett T. McCallum
Crucial Issues Concerning Central Bank Independence
1995
t0120 Maurice Obstfeld
Evaluating Risky Consumption Paths: The Role of Intertemporal Substitutability
1994
w4919 Fumio Hayashi
Akihiko Matsui

A Model of Fiat Money and Barter
w4862 Don Fullerton
Diane Lim Rogers

Distributional Effects on a Lifetime Basis
1993
w4581 Don Fullerton
Marios Karayannis

Tax Evasion and the Allocation of Capital
w4318 Stephen A. O'Connell
Stephen P. Zeldes

Dynamic Efficiency in the Gifts Economy
1991
w3750 Don Fullerton
Diane Lim Rogers

Lifetime vs. Annual Perspectives on Tax Incidence

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