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作者：Barro, Robert J.; Fernandez-Villaverde, Jesus; Levintal, Oren; Mollerus, Andrew
作者单位：Harvard University; University of Pennsylvania; Reichman University; Columbia University
摘要：This paper investigates the quantity of safe assets. First, we estimate that the average safe-asset ratio (ratio of safe to total assets) in 34 OECD countries was 37% in 2015. Further, we document that this ratio is relatively stable over time. Second, we build a heterogeneous-agent model with rare disasters and risk aversion coefficients that accounts for (i) the average level of the safe-asset ratio; (ii) the stability of this ratio over time; (iii) the observed risk-free rate of around 1.0%...
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作者：Acharya, Sushant; Bengui, Julien; Dogra, Keshav; Wee, Shu Lin
作者单位：Bank of Canada; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We analyse monetary policy in a model where temporary shocks can permanently scar the economy's productive capacity. Workers lose skill while unemployed and are costly to retrain, generating multiple steady-state unemployment rates. Following a large shock, unless monetary policy acts aggressively and quickly enough to prevent a significant rise in unemployment, hiring falls to a point where the economy recovers slowly at best-at worst, it falls into a permanent unemployment trap. Monetary pol...
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作者：Hanushek, Eric A.; Kinne, Lavinia; Lergetporer, Philipp; Woessmann, Ludger
作者单位：Stanford University; Leibniz Association; Ifo Institut; National Bureau of Economic Research; Leibniz Association; Ifo Institut; Technical University of Munich; University of Munich; IZA Institute Labor Economics
摘要：Patience and risk-taking-two preference components that steer intertemporal decision-making-are fundamental to human capital investment decisions. To understand how they contribute to international skill differences, we combine Programme for International Student Assessment tests with the Global Preference Survey. We find that opposing effects of patience (positive) and risk-taking (negative) together account for two-thirds of the cross-country variation in student skills. In an identification...
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作者：Westphal, Matthias; Kamhoefer, Daniel A.; Schmitz, Hendrik
作者单位：University of Paderborn; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung; University of Paderborn; Dortmund University of Technology; Leibniz Association; RWI - Leibniz Institut fur Wirtschaftsforschung; Heinrich Heine University Dusseldorf; IZA Institute Labor Economics; University of Paderborn
摘要：We identify female long-term wage returns to college education using the educational expansion between 1960-90 in West Germany as exogenous variation for college enrolment. We estimate marginal treatment effects and propose a simple partial identification technique accounting for women selecting into employment due to having a college education. College-educated women are, on average, more than 18 percentage points more likely to be employed due to having a college education than those without...
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作者：Griffith, Rachel; O'Connell, Martin; Smith, Kate
作者单位：University of London; London School Economics & Political Science; University of Manchester; University of Wisconsin System; University of Wisconsin Madison; University of London; University College London
摘要：We evaluate the impact of a price floor for alcohol introduced in Scotland in 2018, using a difference-in-differences strategy with England as a control group. We show that the policy led to the largest reductions in alcohol units purchased among the heaviest drinkers-the group who, at the margin, are likely to create the largest externalities from drinking. The price floor is well targeted at heavy drinkers because they buy a much greater fraction of their units from cheap products and switch...
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作者：Leeson, Peter T.; Hardy, R. August; Suarez, Paola A.
作者单位：George Mason University; Seton Hall University
摘要：The central implication of maximising behaviour amid competition is that rates of return tend toward equality. We test that implication in a market whose participants have the traits that behavioural economics suggests should make it hardest to find evidence of maximisation: the market for panhandling at Metrorail stations in Washington, District of Columbia. We find that stations with more panhandling opportunities attract more panhandlers and that cross-station differences in hourly panhandl...
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作者：Artuc, Erhan; Brambilla, Irene; Porto, Guido
作者单位：The World Bank; National University of La Plata
摘要：We explore how different investment frictions affect the patterns of responses of labour markets to tariff cuts. To investigate these patterns, we formulate a multi-sector dynamic model featuring capital and labour adjustment costs that we fit to Argentine data. Using counterfactual simulations of a tariff decline in the textile sector, we show that capital adjustment can create long-run responses of real wages that are larger than the short-run responses. This happens as textile firms disinve...
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作者：Layy, Victor; Sand, Edith; Shayo, Moses
作者单位：University of Warwick; Hebrew University of Jerusalem; National Bureau of Economic Research; Bank of Israel; Hebrew University of Jerusalem; University of London; King's College London
摘要：While religions frequently preach preferential treatment of fellow believers, the magnitude and economic implications of religiosity-based discrimination are largely unknown. Religiosity is often confounded with ethnicity, but it varies even within ethnicities and religious denominations. It is also seldom observed in administrative data. This paper exploits a setting that avoids these limitations. We analyse grading decisions in national matriculation exams in Israel, exploiting unique featur...
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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...
