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作者：Boneva, Lena; Elliott, David; Kaminska, Iryna; Linton, Oliver; McLaren, Nick; Morley, Ben
作者单位：Bank of England
摘要：There is substantial uncertainty about the impact of quantitative easing on market liquidity. Identifying the impact is particularly challenging due to the potential for reverse causality, because liquidity considerations might affect quantitative easing purchases. We address this challenge by studying the Bank of England's 2016-7 Corporate Bond Purchase Scheme. In particular, we use granular offer-level data from the Corporate Bond Purchase Scheme auctions to construct proxy measures for the ...
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作者：Schmitz, Patrick W.
作者单位：University of Cologne; Centre for Economic Policy Research - UK
摘要：A buyer wants to purchase an innovative good from a seller. Both parties are risk-neutral, and payments from the buyer to the seller must be non-negative. After the contract is signed, the seller privately observes a signal which may be informative about the seller's costs. We compare two contracting regimes. In the case of specific performance, the courts enforce the contractually specified trade level. In the case of at-will contracting, the seller is free to walk away from the contract afte...
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作者：Cappelen, Alexander W.; Mollerstrom, Johanna; Reme, Bjorn-Atle; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); George Mason University; Research Institute of Industrial Economics (IFN); Norwegian Institute of Public Health (NIPH); Norwegian School of Economics (NHH)
摘要：We report from a study of how uncertainty about whether a given inequality reflects performance or luck shapes distributive behaviour. We show theoretically that the reaction to uncertainty depends on how people trade-off the probability of making a mistake when redistributing, and the size of this mistake. We show experimentally that uncertainty causes a strong egalitarian pull among a majority of meritocratic individuals. The theoretical framework and the experimental results are supported i...
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作者：Depew, Briggs; Swensen, Isaac
作者单位：Utah System of Higher Education; Utah State University; Montana State University System; Montana State University Bozeman
摘要：The 1911 New York State Sullivan Act outlawed carrying concealable firearms without a licence, established strict licencing rules and regulated the sale and possession of handguns. We analyse the effects of the Sullivan Act using historical data on mortality rates, pistol permits and citations for illegal carrying. Our analysis of pistol permits and citations reveal clear initial effects of the Sullivan Act on gun-related behaviours. Using synthetic control and difference-in-differences method...
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作者：Maattanen, Niku; Tervio, Marko
作者单位：University of Helsinki; Aalto University
摘要：We evaluate the welfare cost of housing transaction taxes with a new assignment model-based framework, where welfare effects are driven by distortions in the matching of houses and households. We calibrate the model with data from the Helsinki metropolitan region to assess the impact of a reform where an ad valorem transaction tax is replaced with a revenue-equivalent property tax. The aggregate welfare gain from this reform increases rapidly with the initial transaction tax rate, with the Laf...
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作者：Tian, Jianrong
作者单位：University of Hong Kong
摘要：This paper provides a simple unified analysis of optimal interval division problems. My primitive is a cell function that assigns a value to each subinterval (cell). Submodular cell functions conveniently imply the property of decreasing marginal returns. Also, for coarse decision problems, optimal cutoffs commonly increase as prior belief shifts upward. Its implications on language and efficient menus are discussed.
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作者：Ajzenman, Nicolas; Durante, Ruben
作者单位：Getulio Vargas Foundation; IZA Institute Labor Economics; Pompeu Fabra University; ICREA; Barcelona School of Economics; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：Can seemingly unimportant factors influence voting decisions by making certain issues salient? We study this in the context of Argentina's 2015 presidential elections by examining how the infrastructure quality of the school where citizens voted influenced their choice. Exploiting the quasi-random assignment of voters to ballot stations in public schools in Buenos Aires, we show that individuals assigned to poorer infrastructure schools were less likely to vote for Mauricio Macri, the incumben...
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作者：Cerina, Fabio; Dienesch, Elisa; Moro, Alessio; Rendall, Michelle
作者单位：University of Cagliari; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Monash University; Centre for Economic Policy Research - UK
摘要：We document the emergence of spatial polarisation in the United States during the 1980-2008 period. This phenomenon is characterised by stronger employment polarisation in larger cities, both at the occupational and the worker levels. We quantitatively evaluate the role of technology in generating these patterns by constructing and calibrating a spatial equilibrium model. We find that faster skill-biased technological change in larger cities can account for a substantial fraction of spatial po...
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作者：Dustmann, Christian; Fitzenberger, Bernd; Zimmermann, Markus
作者单位：University of London; University College London; University of Erlangen Nuremberg; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Humboldt University of Berlin
摘要：The trend of rising income inequality in Germany since the mid-1990s is strongly amplified when considering income after housing expenditure. The income share of housing expenditure rose disproportionally for the bottom income quintile and fell for the top quintile. Factors contributing to these trends include declining relative costs of homeownership versus renting, changes in household structure, declining real incomes for low-income households and residential mobility towards larger cities....
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作者：Slavik, Ctirad; Yazici, Hakki
作者单位：Charles University Prague; University of Bristol
摘要：The skill premium has increased significantly in the United States in the last five decades. During the same period, individual wage risk has also increased. This paper proposes a mechanism through which a rise in wage risk increases the skill premium. Intuitively, a rise in uninsured wage risk increases precautionary savings, thereby boosting capital accumulation, which increases the skill premium due to capital-skill complementarity. Using a quantitative macroeconomic model, we find that the...
