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作者：Rieder, Kilian; Anson, Michael; Bholat, David; Thomas, Ryland
作者单位：Oesterreichische Nationalbank (OeNB); Centre for Economic Policy Research - UK; Bank of England; Oesterreichische Nationalbank (OeNB)
摘要：We exploit a fixed rule constraining central bank credit provision in a regression discontinuity framework to analyse counterparties' behavioural responses to the (non-)receipt of liquidity during a crisis. In spring 1847, the Bank of England suddenly started rationing credit to avoid violating its gold reserve requirement. We show that counterparties that suffered rejection from the Bank were more likely to fail. Conditional on survival, rationed counterparties learned from their experience a...
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作者：Silva, Dejanir H.
作者单位：Purdue University System; Purdue University
摘要：This paper studies optimal fiscal policy in a currency union subject to capital flow shocks in an economy with two main ingredients: (i) sticky prices and (ii) financially constrained arbitrageurs. Given capital outflows and high external debt, the fiscal authority faces a trade-off between stimulating the economy or paying off external debt. The planner reduces the value-added tax in the short run, while it raises and front-loads the sum of value-added tax and payroll taxes. It is not optimal...
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作者：Heidhues, Paul; Koester, Mats; Koszegi, Botond
作者单位：Heinrich Heine University Dusseldorf; University of Bonn
摘要：Online intermediaries with information about a consumer's tendencies often 'steer' her toward products she is more likely to purchase. We analyse the welfare implications of this practice for 'fallible' consumers, who make statistical and strategic mistakes in evaluating offers. The welfare effects depend on the nature and quality of the intermediary's information and on properties of the consumer's mistakes. In particular, steering based on high-quality information about the consumer's mistak...
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作者：Gaggero, Alessio; Tommasi, Denni
作者单位：University of Granada; IZA Institute Labor Economics; University of Bologna
摘要：A variety of external conditions may affect individual performance in high-stake cognitive assessments, with potentially lasting consequences on earnings and career. We provide the first causal evidence that the time of the day is an important condition affecting the performance at the moment of an evaluation. Exploiting a setting in which cognitive assessments are quasi-randomly assigned at a different time of day, we find that peak performance occurs in the early afternoon. The estimated tim...
