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作者：De Haas, Ralph; Popov, Alexander
作者单位：European Bank of Reconstructon & Development
摘要：We study how countries' financial structure affects their transition to low-carbon growth. Using global industry-level data, we document that carbon-intensive industries reduce emissions faster in economies with deeper stock markets. The main channel underpinning this stylised fact is that stock markets facilitate green innovation in carbon-intensive sectors, resulting in lower carbon emissions per unit of output. More tentative evidence indicates that stock markets also help to reallocate inv...
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作者：Gennaro, Gloria; Ash, Elliott
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作者：Mahmood, Rafat; Jetter, Michael
作者单位：University of Western Australia; New York University; New York University Abu Dhabi; IZA Institute Labor Economics; Leibniz Association; Ifo Institut
摘要：Employing day-to-day wind conditions as an identification strategy, we explore the consequences of the 420 US drone strikes in Pakistan between 2006 and 2016. Results suggest that drone strikes encourage terrorism over the upcoming days and weeks, causing up to 19% of all terror attacks with more than 3,000 terror deaths in Pakistan during that period. Studying a leading Pakistani newspaper, we identify a polarised response to drone strikes as negative emotions and anger, but also positive emo...
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作者：Garcia-Uribe, Sandra
作者单位：Banco de Espana
摘要：This paper studies the effects of anticipations of tax changes on economic activity through the release of tax news in the media in the United States. I provide a measure of anticipations by exploiting the content of television news. This information typically flows faster than standard measures of gross domestic product, thus I propose a mixed frequency dynamic factor model to estimate both the economic activity latent factor and the effects of anticipated tax shocks on it. I find that one-mo...
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作者：Gill, David; Prowse, Victoria
作者单位：Purdue University System; Purdue University
摘要：We leverage response-time data from repeated strategic interactions to measure the strategic complexity of a situation by how long people think on average when they face that situation (where we categorise situations according to characteristics of play in the previous round). We find that strategic complexity varies significantly across situations, and we find considerable heterogeneity in how responsive subjects' thinking times are to complexity. We also study how variation in response times...
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作者：Cattan, Sarah; Kamhoefer, Daniel A.; Karlsson, Martin; Nilsson, Therese
作者单位：University of London; London School Economics & Political Science; IZA Institute Labor Economics; Heinrich Heine University Dusseldorf; University of Duisburg Essen; Lund University; Research Institute of Industrial Economics (IFN)
摘要：Despite the relatively uncontested importance of promoting school attendance in the policy arena, little evidence exists on the causal effect of school absence on long-run outcomes. We address this question by combining historical and administrative records for cohorts of Swedish individuals born in the 1930s. We find that elementary school absence significantly reduces contemporaneous academic performance, final educational attainment and labour income throughout the life cycle. The findings ...
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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...
