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  • Economics  (3)
  • 1
    Online Resource
    Online Resource
    Feedbacks: Financial Markets and Economic Activity
    American Economic Association ; 2021
    In:  American Economic Review Vol. 111, No. 6 ( 2021-06-01), p. 1845-1879
    Details
    In: American Economic Review, American Economic Association, Vol. 111, No. 6 ( 2021-06-01), p. 1845-1879
    Abstract: Is credit expansion a sign of desirable financial deepening or the prelude to an inevitable bust? We study this question in modern US data using a structural VAR model of 10 monthly frequency variables, identified by heteroskedasticity. Negative reduced-form responses of output to credit growth are caused by endogenous monetary policy response to credit expansion shocks. On average, credit and output growth remain positively associated. “Financial stress” shocks to credit spreads cause declines in output and credit levels. Neither credit aggregates nor spreads provide much advance warning of the 2008–2009 crisis, but spreads improve within-crisis forecasts. (JEL C51, E23, E31, E43, E44, E52, G01)
    Type of Medium: Online Resource
    ISSN: 0002-8282
    URL: Article
    DOI: 10.1257/aer.20180733
    RVK:
    QA 10000
    Language: English
    Publisher: American Economic Association
    Publication Date: 2021
    detail.hit.zdb_id: 203590-X
    detail.hit.zdb_id: 2009979-4
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    Online Resource
  • 2
    Online Resource
    Online Resource
    Nonlinear Pricing with Underutilization: A Theory of Multi-part Tariffs
    American Economic Association ; 2023
    In:  American Economic Review Vol. 113, No. 3 ( 2023-03-01), p. 836-860
    Details
    In: American Economic Review, American Economic Association, Vol. 113, No. 3 ( 2023-03-01), p. 836-860
    Abstract: We study the nonlinear pricing of goods whose usage generates revenue for the seller and of which buyers can freely dispose. The optimal price schedule is a multi-part tariff, featuring tiers within which buyers pay a marginal price of zero. We apply our model to digital goods, for which advertising, data generation, and network effects make usage valuable, but monitoring legitimate usage is infeasible. Our results rationalize common pricing schemes including free products, free trials, and unlimited subscriptions. The possibility of free disposal harms producer and consumer welfare and makes both less sensitive to changes in usage-based revenue and demand. (JEL D11, D21, D42, L86, M37)
    Type of Medium: Online Resource
    ISSN: 0002-8282
    URL: Article
    DOI: 10.1257/aer.20220199
    RVK:
    QA 10000
    Language: English
    Publisher: American Economic Association
    Publication Date: 2023
    detail.hit.zdb_id: 203590-X
    detail.hit.zdb_id: 2009979-4
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    Online Resource
  • 3
    Online Resource
    Online Resource
    Imperfect Macroeconomic Expectations: Evidence and Theory
    University of Chicago Press ; 2021
    In:  NBER Macroeconomics Annual Vol. 35 ( 2021-05-01), p. 1-86
    Details
    In: NBER Macroeconomics Annual, University of Chicago Press, Vol. 35 ( 2021-05-01), p. 1-86
    Type of Medium: Online Resource
    ISSN: 0889-3365 , 1537-2642
    URL: Article
    DOI: 10.1086/712313
    RVK:
    QC 300
    Language: English
    Publisher: University of Chicago Press
    Publication Date: 2021
    detail.hit.zdb_id: 2061336-2
    detail.hit.zdb_id: 799988-4
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