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作者：Bai, Ying
作者单位：Chinese University of Hong Kong
摘要：By exploiting immigrant spatial variation in 287 prefectures, this study shows that the 1127-30 Han migration southward in historic China had a significantly positive effect on economic prosperity in the year 2000 (as measured by GDP and nighttime lights per capita). One possible explanation is that the migrant-local competition since the implementation of the imperial civil service examination has incentivized both migrants and locals to invest in education to better compete with their rivals...
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作者：Lopez-Martin, Bernabe
作者单位：Central Bank of Chile
摘要：This article provides a theoretical model of firm dynamics that replicates the export elasticity values estimated in the empirical literature, and the heterogeneous response of firms. The analysis of alternative versions of the model allows for a decomposition of the contributions of the different mechanisms (distribution costs, imported intermediate inputs, gradual growth of foreign demand, and market access costs in foreign/domestic currency). Distribution costs represent the most important ...
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作者：Jiang, Shenzhe; Miao, Jianjun; Zhang, Yuzhe
作者单位：Peking University; Boston University; Texas A&M University System; Texas A&M University College Station
摘要：China's housing prices have been growing rapidly over the past few decades, despite low growth in rents. We study the impact of housing bubbles on China's economy, based on the understanding that local governments use land-sale revenue to fuel infrastructure investment. We calibrate our model to the Chinese data over the period 2003-13 and find that our calibrated model can match the declining capital return and GDP growth, the average housing price growth, and the rising infrastructure to GDP...
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作者：Alloza, Mario
作者单位：Banco de Espana
摘要：This article estimates the impact of government spending shocks on economic activity during periods of boom and recession. I estimate these effects using an eclectic approach that employs (i) different strategies to identify exogenous variation in government spending, (ii) different methods to compute dynamic responses, and (iii) different measures of the state of business cycles. I find that government spending shocks have larger impacts on output during expansions than during recessions. Imp...
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作者：Greenwood, Jeremy; Han, Pengfei; Sanchez, Juan M.
作者单位：University of Pennsylvania; Peking University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：The relationship between venture capital (VC) and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about VC: statistics by funding round concerning success rates,...
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作者：Moro, Alessio; Rachedi, Omar
作者单位：University of Cagliari; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：We document a secular change in the structure of government consumption spending: Over time the government purchases relatively more private-sector goods, and relies less on its own production of value added. This process alters the transmission of fiscal policy, by dampening the response of hours, public value added, and the labor share to government spending shocks, while leaving the response of total output unchanged. We rationalize these facts in a general equilibrium model where a decline...
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作者：Evans, George W.; Honkapohja, Seppo; Mitra, Kaushik
作者单位：University of Oregon; University of St Andrews; Aalto University; University of Birmingham
摘要：Stagnation and fiscal policy are examined in a nonlinear stochastic New-Keynesian model with adaptive learning. There are three steady states. The steady state targeted by policy is locally but not globally stable under learning. A severe pessimistic expectations shock can trap the economy in a stagnation regime, underpinned by a low-level steady state, with falling inflation and output. A large fiscal stimulus may be needed to avoid or emerge from stagnation, and the impacts of forward guidan...
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作者：Kato, Hayato; Okoshi, Hirofumi
作者单位：University of Osaka; University of Munich; Okayama University
摘要：Do low corporate taxes always favor multinational production over economic integration? We propose a two-country model in which multinationals choose the locations of production plants and foreign distribution affiliates and shift profits between them through transfer prices. With high trade costs, plants are concentrated in the low-tax country; surprisingly, this pattern reverses with low trade costs. Indeed, economic integration has a nonmonotonic impact: Falling trade costs first decrease a...
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作者：Macedoni, Luca; Xu, Mingzhi (Jimmy)
作者单位：Aarhus University; Peking University
摘要：We document four new stylized facts using Chinese firm-level data to show that the standard single-attribute model of trade, in which firms only differ in productivity, must be augmented with an additional layer of heterogeneity to match the facts. To match the evidence, a model requires heterogeneity in flexibility, namely, the ability to introduce new varieties in a destination at low costs. We calibrate our model and find suggestive evidence of a trade-off between productivity and flexibili...
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作者：Carpenter, Jeffrey; Damianov, Damian S.; Matthews, Peter Hans
作者单位：Middlebury College; IZA Institute Labor Economics; Durham University; Aalto University
摘要：Auctions and raffles are commonly used to fund public goods. We run fundraising events in the field at the meetings of a well-known service organization across the United States to examine the fundraising properties of five mechanisms: one that is common in the literature, two that are familiar to practitioners in the field, and two that are new. Consistent with a novel model assuming independent private attachments to the charity, we find large differences in the performance between the two m...
