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作者：Stern, Nicholas
作者单位：University of London; London School Economics & Political Science
摘要：The case for action on climate change with urgency and at scale rests on the immense magnitude of climate risk, the very rapid emissions reductions which are necessary, and that there is a real opportunity to create a new and attractive form of growth and development. The analysis must be based on a dynamic approach to the economics of public policy, set in a complex, imperfect and uncertain world. The economics of climate change, and further, economics more broadly, must change to respond to ...
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作者：Al-Amine, Ramzy; Willems, Tim
作者单位：International Monetary Fund
摘要：We find that countries able to borrow at spreads that seem low given fundamentals (e.g., because investors are bullish regarding the country's future) are more likely to develop medium-term difficulties. We establish this by regressing spreads on fundamentals. Subsequently deploying first-stage residuals in a second-stage regression suggests that an optimistic sentiment reduces growth in the medium term while increasing odds of fiscal crises. Incorporating information from our mispricing estim...
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作者：Farago, Adam; Holmen, Martin; Holzmeister, Felix; Kirchler, Michael; Razen, Michael
作者单位：University of Gothenburg; University of Innsbruck
摘要：We investigate the impact of cognitive skills and economic preferences on fund managers' professional decisions by running a battery of experiments with them. First, we find that fund managers' risk tolerance positively correlates with fund risk when accounting for fund benchmark, fund category and other controls. Second, we show that fund managers' ambiguity tolerance positively correlates with the funds' tracking error from the benchmark. Finally, we report that cognitive skills do not expla...
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作者：Johnsen, Julian Vedeler; Vaage, Kjell; Willen, Alexander
作者单位：Norwegian School of Economics (NHH); University of Bergen; Norwegian School of Economics (NHH)
摘要：In this paper we exploit the introduction of an early retirement reform in Norway to provide new evidence on interactions in public policies across programs and household members. The analysis generates four results. First, the reform decreased the employment of the directly affected individuals. Second, the introduction of the early retirement option caused program substitution away from alternative welfare programs. Third, it reduced employment among spouses of directly affected individuals....
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作者：Piguillem, Facundo; Shi, Liyan
摘要：We study quantitatively the optimality of quarantine and testing policies; and whether they are complements or substitutes. We extend the epidemiological susceptible-exposed-infectious-recovered model to incorporate an information friction. Our main finding is that testing is a cost-efficient substitute for lockdowns, rendering them almost unnecessary. By identifying carriers, testing contains the spread of the virus without reducing output, although the implementation requires widespread mass...
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作者：Macours, Karen; Premand, Patrick; Vakis, Renos
作者单位：Paris School of Economics; INRAE; The World Bank
摘要：We present experimental evidence on a programme aimed at improving households' risk management through income diversification. The intervention targeted rural Nicaraguan households exposed to weather variability and combined a one-year conditional cash transfer with vocational training or a productive investment grant. Both complementary interventions provided protection against weather shocks two years after the programme ended. Households that received the productive investment grant also ha...
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作者：Fitzenberger, Bernd; Mena, Gary; Nimczik, Jan; Sunde, Uwe
作者单位：University of Munich; University of Erlangen Nuremberg; IZA Institute Labor Economics; Humboldt University of Berlin; European School of Management & Technology; University of Munich; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK
摘要：Economists increasingly recognise the importance of personality traits for socio-economic outcomes, but little is known about the stability of these traits over the life cycle. Existing empirical contributions typically focus on age patterns and disregard cohort and period influences. This paper contributes novel evidence for the separability of age, period and cohort effects for a broad range of personality traits based on systematic specification tests for disentangling age, period and cohor...
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作者：Kiso, Takahiko
作者单位：University of Aberdeen
摘要：This study considers a new subsidy design to support the purchase or production of target products. Under the proposed design, subsidy payments are inversely related to product prices. Compared to 'flat' subsidies, this design reduces producers' market power and the subsidy benefits passed on to them, improving the cost-effectiveness of government spending (by up to 50% according to simulations based on an actual subsidy programme). Additionally, this subsidy's cost-effectiveness and incidence...
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作者：Chen, Natalie; Novy, Dennis
作者单位：University of Warwick; Leibniz Association; Ifo Institut; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science
摘要：How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to popular trade cost variables such as currency unions, trade agreements and World Trade Organization membership. While we estimate that these variables are associated with increased bilateral trade on average, we find substantial heterogeneity. Consistent with the p...
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作者：Chen, Ting; Han, Li; Kung, James; Xie, Jiaxin
作者单位：Hong Kong Baptist University; Hong Kong University of Science & Technology; University of Hong Kong; Jinan University
摘要：By matching data on land transactions in China's primary land market with detailed curricula vitae of board directors in publicly listed firms, we identify a pattern of 'revolving-door' exchanges between local officials and firms. The officials discounted the price of land that they sold to the said firms, and were subsequently rewarded with board appointments upon retirement. Specifically, these 'client officials' are three times as likely to be recruited by the 'patron firms' as board direct...
