-
作者：Benhabib, Jess; Bisin, Alberto; Fernholz, Ricardo T.
作者单位：New York University; Claremont Colleges; Claremont Graduate University; Claremont McKenna College
摘要：Recent empirical work has demonstrated a positive correlation between grandparent-child wealth rank, even after controlling for parent-child wealth rank, and a positive correlation between dynastic wealth ranks across almost six hundred years. We show that a simple heterogeneous agents model with idiosyncratic wealth returns generates a realistic wealth distribution, but fails to capture these long-run patterns of wealth mobility. An auto-correlated returns specification of this model also fai...
-
作者：Hagen, Johannes; Hallberg, Daniel; Lindquist, Gabriella Sjogren
作者单位：Jonkoping University; Uppsala University; Stockholm University
摘要：We study the effects of two exogenous modifications in the Swedish pension system application form nudging individuals towards a fixed-term payout. Meanwhile, the set of available options and the default option-life annuity-were unchanged during the period under study. We examine the effects on individuals' payout decisions and the spillover effects on labour supply and other pensions using a difference-in-difference framework and detailed administrative data on actual payout decisions and a w...
-
作者：Crafts, Nicholas; Mills, Terence C.
作者单位：University of Sussex; University of Warwick; Loughborough University
摘要：We investigate a structural model of demographic-economic interactions for England during 1570 to 1850. We estimate that the annual rate of population growth consistent with constant real wages was 0.4% before 1760 but 1.5% thereafter. We find that exogenous shocks increased population growth dramatically in the early decades of the Industrial Revolution. Simulations of our model show that if these demographic shocks had occurred before the Industrial Revolution the impact on real wages would ...
-
作者：Dickens, Andrew
作者单位：Brock University
摘要：I study the role of trade on inter-ethnic linguistic differences in the long run. I hypothesise that the geographic environment of neighbouring ethnic groups determines their potential gains from trade, and that the frequency of inter-ethnic trade-and resulting social interactions-shape the co-evolution of language. As a test of this hypothesis, I build a georeferenced dataset to examine the border region of spatially adjacent ethnic groups, together with variation in the set of potentially cu...
-
作者：Ciani, Emanuele; Delavande, Adeline; Etheridge, Ben; Francesconi, Marco
作者单位：European Central Bank; Bank of Italy; University of Technology Sydney; Universidade Nova de Lisboa; University of Essex
摘要：We examine how workers' expectations about pension reform vary with proximity to reforms, information availability and worker characteristics. Using newly collected data, we find that (1) expectations about reform are revised upward by about 10 percentage points in the year prior to a reform, from a median of 50%, regardless of whether the reform is announced; (2) expectations increase more the stronger the media activity about imminent reforms; (3) the effect of information on expectations va...
-
作者：Ater, Itai; Elster, Yael; Genesove, David; Hoffmann, Eran B.
作者单位：Tel Aviv University; Centre for Economic Policy Research - UK; Hebrew University of Jerusalem
摘要：We study residential lease payments during the COVID-19 pandemic. A survey of Israeli renters shows that nearly one in eight did not pay full rent during the first lockdown in March-April 2020. These households held back two-thirds of their contractually due rent on average. Financially fragile households with large income cuts withheld a greater share. Both formal and relational aspects of the landlord-tenant relationship affected payments: tenants paid more of their rent if their leases incl...
-
作者：Li, Weijia; Roland, Gerard; Xie, Yang
作者单位：Monash University; University of California System; University of California Berkeley; University of California System; University of California Riverside
摘要：We model how corruption erodes state power, that is, the state's ability to keep its apparatus under control in crises. Under a general assumption about fat-tailed risk of crisis, we show that given strong fiscal capacity, the head of the state will control local corruption at such a level that its power is secured; given weaker capacity, the state will over-tolerate corruption to retain officials, risking control in crises; moreover, a state may be trapped with too weak fiscal capacity, rampa...
-
作者：Gary, Kathryn; Jensen, Peter Sandholt; Olsson, Mats; Radu, Cristina Victoria; Severgnini, Battista; Sharp, Paul
作者单位：Linnaeus University; Lund University; Linnaeus University; University of Southern Denmark; Copenhagen Business School; Centre for Economic Policy Research - UK
摘要：We exploit a large historical shock to the Danish labour market to provide evidence of how restrictions on labour mobility increase monopsony power and thereby reduce wages. By severely limiting the possibility of the rural population to work beyond their place of birth, the reintroduction of serfdom in 1733 aimed to increase monopsony power and secure cheaper labour in the countryside. Using a unique data source based on the archives of estates from the eighteenth century, we test whether ser...
-
作者：Mitchener, Kris James; O'Rourke, Kevin Hjortshoj; Wandschneider, Kirsten
作者单位：Santa Clara University; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; National Bureau of Economic Research; New York University; New York University Abu Dhabi; University of Vienna
摘要：We document the outbreak of a trade war after the United States adopted the Smoot-Hawley tariff in June 1930. U.S. trade partners initially protested, with many eventually choosing to retaliate with tariffs. Using a new quarterly dataset on bilateral trade for ninety-nine countries, we show that U.S. exports to retaliators fell by 28%-32%. Using a second new dataset on U.S. exports at the product level, we find that the most important U.S. exports to retaliating markets were particularly affec...
-
作者：Costain, James; Nakov, Anton; Petit, Borja
作者单位：Banco de Espana; European Central Bank; Centre for Economic Policy Research - UK; CUNEF Universidad
摘要：We study monetary transmission in a model of state-dependent prices and wages based on 'control costs'. Stickiness arises because precise choice is costly: decision makers tolerate errors both in the timing of adjustments, and in the new level at which the price or wage is set. The model is calibrated to microdata on the size and frequency of price and wage changes. In our simulations, money shocks have less persistent real effects than in the Calvo framework; nonetheless, the model exhibits a...
