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Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation

By Raphael Auer, Ariel Burstein, Katharina Erhardt, and Sarah M. Lein

AEA Papers and Proceedings, May 2019

Do differences in border price adjustment by currency of invoicing carry over to allocations? We document the cross-industry variation in the response of Swiss export prices and export values by currency of invoicing of border prices in the aftermath of t...

www.aeaweb.org/articles?id=10.1257/pandp.20191008

Neutral Bargaining in Financial Over-The-Counter Markets

By Jin Yeub Kim

AEA Papers and Proceedings, May 2019

I study bargaining over prices between two investors in financial over-the-counter markets with asymmetric information. I focus on environments in which an asset owner has private information about both her liquidity state and asset quality, and so a buye...

www.aeaweb.org/articles?id=10.1257/pandp.20191100

Information and Communication in Organizations

By Inga Deimen and Dezsö Szalay

AEA Papers and Proceedings, May 2019

We study a constrained information design problem in an organization. A designer chooses the information structure. A sender with preferences different from the decision-maker observes and processes the information before he communicates with the decision...

www.aeaweb.org/articles?id=10.1257/pandp.20191099

Optimal Information Design for Search Goods

By Michael Choi, Kyungmin Kim, and Marilyn Pease

AEA Papers and Proceedings, May 2019

We consider a monopoly pricing problem in which a consumer with an uncertain valuation of a search good receives a signal of value before deciding whether to visit the seller. She discovers her true value upon visiting and before purchase. We characterize...

www.aeaweb.org/articles?id=10.1257/pandp.20191101

Noisy Memory and Over-Reaction to News

By Rava Azeredo da Silveira and Michael Woodford

AEA Papers and Proceedings, May 2019

We propose a model of optimal decision-making subject to a memory constraint. The constraint is a limit on the complexity of memory measured using Shannon's mutual information, as in models of rational inattention. We show that the model implies that both...

www.aeaweb.org/articles?id=10.1257/pandp.20191049

Cognitive Abilities and Inflation Expectations

By Francesco D'Acunto, Daniel Hoang, Maritta Paloviita, and Michael Weber

AEA Papers and Proceedings, May 2019

Cognitive abilities help explain the large cross-sectional variation in inflation expectations at the household level. But which type of cognitive abilities are important? We find that not only quantitative abilities but also logical and verbal abilities ...

www.aeaweb.org/articles?id=10.1257/pandp.20191050

Emotional Tagging and Belief Formation: The Long-Lasting Effects of Experiencing Communism

By Christine Laudenbach, Ulrike Malmendier, and Alexandra Niessen-Ruenzi

AEA Papers and Proceedings, May 2019

Growing evidence in macrofinance suggests long-lasting effects of personally experienced outcomes on beliefs. To understand the underlying mechanism we turn to the neurological foundations of memory formation. We propose that emotional tagging plays a cru...

www.aeaweb.org/articles?id=10.1257/pandp.20191051

Memory and Reference Prices: An Application to Rental Choice

By Pedro Bordalo, Nicola Gennaioli, and Andrei Shleifer

AEA Papers and Proceedings, May 2019

Loewenstein and Simonsohn (2006) found that movers across US cities anchor their rental choices to rents in the city of origin, but subsequently converge to comparable local households. We explain this finding using the authors' (2019) model of memory and...

www.aeaweb.org/articles?id=10.1257/pandp.20191052