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A Comment on “Testing Models of Social Learning on Networks: Evidence From Two Experiments” 关于 "测试网络上的社会学习模型：来自两个实验的证据"
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA22442
Marina Agranov, Benjamin Gillen, Dotan Persitz
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引用次数: 0
Backmatter of Econometrica Vol. 92 Iss. 5 Backmatter of Econometrica Vol.5
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA925BM
{"title":"Backmatter of Econometrica Vol. 92 Iss. 5","authors":"","doi":"10.3982/ECTA925BM","DOIUrl":"https://doi.org/10.3982/ECTA925BM","url":null,"abstract":"","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"iii-v"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Submission of Manuscripts to the Econometric Society Monograph Series 向计量经济学会专著丛书投稿
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA925SUM
{"title":"Submission of Manuscripts to the Econometric Society Monograph Series","authors":"","doi":"10.3982/ECTA925SUM","DOIUrl":"https://doi.org/10.3982/ECTA925SUM","url":null,"abstract":"","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1775"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can Deficits Finance Themselves? 赤字能为自己筹资吗？
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA21791
George-Marios Angeletos, Chen Lian, Christian K. Wolf
{"title":"Can Deficits Finance Themselves?","authors":"George-Marios Angeletos,&nbsp;Chen Lian,&nbsp;Christian K. Wolf","doi":"10.3982/ECTA21791","DOIUrl":"https://doi.org/10.3982/ECTA21791","url":null,"abstract":"<div>\u0000 <p>We ask how fiscal deficits are financed in environments with two key features: (i) nominal rigidity, and (ii) a violation of Ricardian equivalence due to finite lives or liquidity constraints. In such environments, deficits can contribute to their own financing through two channels: a boom in real economic activity, which expands the tax base; and a surge in inflation, which erodes the real value of nominal government debt. Our main theoretical result establishes that this mechanism becomes more potent as fiscal adjustment is delayed, leading to full self-financing in the limit: if the monetary authority does not lean too heavily against the fiscal stimulus, then the government can run a deficit today, refrain from tax hikes or spending cuts in the future, and still see its debt converge back to its initial level. We further demonstrate that a significant degree of self-financing is achievable when the theory is disciplined by empirical evidence on marginal propensities to consume, nominal rigidities, the monetary policy reaction, and the speed of fiscal adjustment.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1351-1390"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA21791","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Historical Self-Governance and Norms of Cooperation 历史自治与合作规范
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA20579
Devesh Rustagi
{"title":"Historical Self-Governance and Norms of Cooperation","authors":"Devesh Rustagi","doi":"10.3982/ECTA20579","DOIUrl":"https://doi.org/10.3982/ECTA20579","url":null,"abstract":"<p>Does self-governance, a hallmark of democratic societies, foster norms of generalized cooperation? Does this effect persist, and if so, why? I investigate these questions using a natural experiment in Switzerland. In the Middle Ages, the absence of an heir resulted in the extinction of a prominent noble dynasty. As a result, some Swiss municipalities became self-governing, whereas the others remained under feudalism for another 600 years. Evidence from a behavioral experiment, the World Values Survey and the Swiss Household Panel consistently show that individuals from historically self-governing municipalities exhibit stronger norms of cooperation today. Referenda data on voter-turnout allow me to trace these effects on individually costly and socially beneficial actions for over 150 years. Furthermore, norms of cooperation map into prosocial behaviors like charitable giving and environmental protection. Uniquely, Switzerland tracks every family's place of origin in registration data, which I use to demonstrate persistence from cultural transmission in a context of historically low migration.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1473-1502"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20579","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Endogenous Production Networks Under Supply Chain Uncertainty 供应链不确定性下的内生生产网络
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA20629
Alexandr Kopytov, Bineet Mishra, Kristoffer Nimark, Mathieu Taschereau-Dumouchel
{"title":"Endogenous Production Networks Under Supply Chain Uncertainty","authors":"Alexandr Kopytov,&nbsp;Bineet Mishra,&nbsp;Kristoffer Nimark,&nbsp;Mathieu Taschereau-Dumouchel","doi":"10.3982/ECTA20629","DOIUrl":"https://doi.org/10.3982/ECTA20629","url":null,"abstract":"<p>Supply chain disturbances can lead to substantial increases in production costs. To mitigate these risks, firms may take steps to reduce their reliance on volatile suppliers. We construct a model of endogenous network formation to investigate how these decisions affect the structure of the production network and the level and volatility of macroeconomic aggregates. When uncertainty increases in the model, producers prefer to purchase from more stable suppliers, even though they might sell at higher prices. The resulting reorganization of the network tends to reduce macroeconomic volatility, but at the cost of a decline in aggregate output. The model also predicts that more productive and stable firms have higher Domar weights—a measure of their importance as suppliers—in the equilibrium network. We provide a basic calibration of the model using U.S. data to evaluate the importance of these mechanisms.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1621-1659"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Exact Bias Correction for Linear Adjustment of Randomized Controlled Trials 随机对照试验线性调整的精确偏差校正
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA20289
Haoge Chang, Joel A. Middleton, P. M. Aronow
{"title":"Exact Bias Correction for Linear Adjustment of Randomized Controlled Trials","authors":"Haoge Chang,&nbsp;Joel A. Middleton,&nbsp;P. M. Aronow","doi":"10.3982/ECTA20289","DOIUrl":"https://doi.org/10.3982/ECTA20289","url":null,"abstract":"<p>Freedman (2008a,b) showed that the linear regression estimator is biased for the analysis of randomized controlled trials under the randomization model. Under Freedman's assumptions, we derive exact closed-form bias corrections for the linear regression estimator. We show that the limiting distribution of the bias corrected estimator is identical to the uncorrected estimator. Taken together with results from Lin (2013), our results show that Freedman's theoretical arguments against the use of regression adjustment can be resolved with minor modifications to practice.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1503-1519"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spatial Unit Roots and Spurious Regression 空间单位根与虚假回归
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-09-27 DOI: 10.3982/ECTA21654
Ulrich K. Müller, Mark W. Watson
{"title":"Spatial Unit Roots and Spurious Regression","authors":"Ulrich K. Müller,&nbsp;Mark W. Watson","doi":"10.3982/ECTA21654","DOIUrl":"https://doi.org/10.3982/ECTA21654","url":null,"abstract":"<p>This paper proposes a model for, and investigates the consequences of, strong spatial dependence in economic variables. Our findings echo those of the corresponding “unit root” time series literature: Spatial unit root processes induce spuriously significant regression results, even with clustered standard errors or spatial HAC corrections. We develop large-sample valid unit root and stationarity tests that can detect such strong spatial dependence. Finally, we use simulations to study strategies for valid inference in regressions with persistent spatial data, such as spatial analogues of first-differencing transformations. Regressions from Chetty, Hendren, Kline, and Saez (2014) are used to illustrate the issues and methods.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1661-1695"},"PeriodicalIF":6.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142328538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sequentially Stable Outcomes 连续稳定的结果
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-07-30 DOI: 10.3982/ECTA21402
Francesc Dilmé
{"title":"Sequentially Stable Outcomes","authors":"Francesc Dilmé","doi":"10.3982/ECTA21402","DOIUrl":"10.3982/ECTA21402","url":null,"abstract":"<div>\u0000 <p>This paper introduces and analyzes <i>sequentially stable outcomes</i> in extensive-form games. An outcome <i>ω</i> is sequentially stable if, for any <i>ε</i> &gt; 0 and any small enough perturbation of the players' behavior, there is an <i>ε</i>-perturbation of the players' payoffs and a corresponding equilibrium with outcome close to <i>ω</i>. Sequentially stable outcomes exist for all finite games and are outcomes of sequential equilibria. They are closely related to stable sets of equilibria and satisfy versions of forward induction, iterated strict equilibrium dominance, and invariance to simultaneous moves. In signaling games, sequentially stable outcomes pass the standard selection criteria, and when payoffs are generic, they coincide with outcomes of stable sets of equilibria.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 4","pages":"1097-1134"},"PeriodicalIF":6.6,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA21402","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141863686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The U.S. Public Debt Valuation Puzzle 美国公共债务估值之谜
IF 6.6 1区 经济学
Econometrica Pub Date : 2024-07-30 DOI: 10.3982/ECTA20497
Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh, Mindy Z. Xiaolan
{"title":"The U.S. Public Debt Valuation Puzzle","authors":"Zhengyang Jiang,&nbsp;Hanno Lustig,&nbsp;Stijn Van Nieuwerburgh,&nbsp;Mindy Z. Xiaolan","doi":"10.3982/ECTA20497","DOIUrl":"10.3982/ECTA20497","url":null,"abstract":"<p>The government budget constraint ties the market value of government debt to the expected present discounted value of fiscal surpluses. We find evidence that U.S. Treasury investors fail to impose this no-arbitrage restriction in the United States. Both cyclical and long-run dynamics of tax revenues and government spending make the surplus claim risky. In a realistic asset pricing model, this risk in surpluses creates a large gap between the market value of debt and its fundamental value, the PDV of surpluses, suggesting that U.S. Treasuries may be overpriced.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 4","pages":"1309-1347"},"PeriodicalIF":6.6,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141863906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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