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作者：Agostinelli, Francesco; Saharkhiz, Morteza; Wiswall, Matthew
作者单位：University of Pennsylvania; National Bureau of Economic Research; Johns Hopkins University
摘要：We develop an empirical framework integrating Child Development and Education Production Function literature. It accounts for classroom and parental influences, skill measurement issues, and cognitive/noncognitive interactions. Both home and school investments shape children's skills by kindergarten, with low-skill children benefiting most from improvements. While classrooms are generally more productive, reducing disparities in home investments is more effective in closing income-related skil...
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作者：Guertler, Oliver; Struth, Lennart
作者单位：University of Cologne
摘要：Wage transparency rules arguably enable workers better to assess their contribution to firm value, allowing them to make wage demands that more accurately reflect their value for the employing firm. This article contains a formal analysis of transparency rules and their effects on wages and the payoffs of the targeted workers. We find that these rules induce firms to behave strategically with the aim of manipulating the information workers receive. We identify a large class of rules that yield...
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作者：Anbarci, Nejat; Celik, Gorkem
作者单位：Durham University; Deakin University; ESSEC Business School
摘要：We study arbitration mechanisms where two parties to the dispute have single-peaked preferences over outcomes, represented by concave utility functions. The most preferred outcome of each party is her private information. By participating in an arbitration mechanism, the parties forfeit the default outcome, which is set without consideration of private preferences. We show that the ideal default outcome for efficient dispute resolution maximizes the sum of the reservation payoffs of the most d...
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作者：Iwasaki, Kohei
作者单位：Kyoto University
摘要：This paper develops a model of a cryptocurrency by incorporating mining into the otherwise standard search-theoretic monetary framework. As usual, multiple equilibria exist. To obtain a sharp prediction on whether a cryptocurrency' s value will last in the future, I propose a notion of equilibrium refinement based on the feature that mining uses real resources. This refinement eliminates all equilibria where the value of the cryptocurrency is zero at some point in time or converges to zero ove...
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作者：Cohen, Rachelle; Maltz, Amnon; Ofek-Shanny, Yuval
作者单位：University of Haifa; University of Haifa; University of Erlangen Nuremberg
摘要：Many economic allocation decisions involve subjective judgment. This judgment may be perceived as fair when needs are considered but may seem unjust in cases of personal-taste discrimination. In an experimental impartial-spectator design, we explore perceptions of taste-based inequality and compare them to attitudes toward inequalities grounded in objective procedures, namely, merit and luck. We find that while taste-based inequality is perceived distinctly, it is treated as unfair, similar to...
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作者：Khan, Shafaat Yar; Khederlarian, Armen
作者单位：Syracuse University; City University of New York (CUNY) System; Hunter College (CUNY)
摘要：Sourcing internationally allows firms to access cheaper or better inputs but increases logistical costs, particularly through higher inventory holdings. This article examines the productivity gains from trade liberalizations accounting for inventory costs-typically omitted from revenue-based measures of productivity. In model simulations, we show that omitting these overestimates the effect of input tariffs on productivity and that controlling for inventories in the estimation of productivity ...
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作者：Noda, Shunya; Okumura, Kyohei; Hashimoto, Yoshinori
作者单位：University of Tokyo; University of Wisconsin System; University of Wisconsin Madison
摘要：We study the stability of cryptocurrency systems through difficulty adjustment. Bitcoin's difficulty adjustment algorithm (DAA) exhibits instability when the reward elasticity of the hash rate is high, implying that a sharp price reduction could disrupt the current Bitcoin system. By contrast, newer DAAs developed and installed for other cryptocurrencies remain stably under substantially weaker conditions; thus, Bitcoin can inherently address this concern by upgrading its DAA. However, miners ...
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作者：Fang, Hanming; Wang, Yongqin; Wu, Xian
作者单位：University of Pennsylvania; National Bureau of Economic Research; Fudan University; Fudan University; Chinese University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison
摘要：We exploit the unique institutional features of Chinese bond markets to estimate the causal effect of collateral-based monetary policy on asset prices and the real economy. A policy change allowed certain bonds to be used as collateral for the Medium-Term Lending Facility in the interbank market, while the same bonds in the exchange market remained ineligible. This change reduced the spreads of the newly eligible bonds by 37-53 basis points, or 10%-15% of the average spread in the secondary in...
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作者：Malpede, Maurizio
作者单位：University of Pavia; Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC)
摘要：Although extractive industries have been associated with women's empowerment and lower infant mortality in Africa, this article provides evidence that the rapid increase in the demand for lithium-ion batteries reduced the education rates of children living in cobalt mining villages in sub-Saharan Africa. Children exposed to cobalt mining also exhibit slower cognitive and physical development than those living in noncobalt mining communities. The estimates are robust to spatial spillover effect...
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作者：Guler, Bulent; Michaud, Amanda
作者单位：Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We argue that transitional dynamics play a critical role in evaluating the effects of punitive incarceration reform on crime, inequality, and labor markets. Individuals' past choices regarding crime and employment under previous policies have persistent consequences that limit their responsiveness to policy changes. A quantitative model of this theory, calibrated using administrative data, predicts nuanced dynamics of crime and incarceration that are distinct across property and violent crime ...
