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作者：Blanco, Miguel Artola; Bauluz, Luis; Martinez-Toledano, Clara
作者单位：Universidad Carlos III de Madrid; University of Bonn; Imperial College London
摘要：This study reconstructs Spain's national wealth from 1900 to 2017. By combining new sources with existing accounts, we estimate the wealth of both private and government sectors and use a new asset-specific decomposition of the long-run accumulation of wealth. We find that, during the twentieth century, the national wealth-to-income ratio remained within a relatively narrow range-between 400% and 600%-until the housing boom of the early 2000s led to an unprecedented rise to 800% in 2007. Our r...
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作者：Cameron, Lisa; Meng, Xin; Zhang, Dandan
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作者：Bloom, Nicholas; Romer, Paul; Terry, Stephen J.; Van Reenen, John
作者单位：Stanford University; National Bureau of Economic Research; New York University; Boston University; Massachusetts Institute of Technology (MIT)
摘要：After a recent increase in Chinese import competition, European firms increased innovation. We present and rationalise these patterns using 'trapped factors' at the micro level within a stylised equilibrium model of product-cycle trade and growth. Trade integration of the magnitude observed between the OECD and low-wage nations as a whole can considerably increase the long-run growth rate and welfare. In the short run exposed firms devote trapped factors to increased innovation, leading both t...
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作者：Jagnani, Maulik; Barrett, Christopher B.; Liu, Yanyan; You, Liangzhi
作者单位：Children's Hospital Colorado; University of Colorado System; University of Colorado Anschutz Medical Campus; University of Colorado Denver; Cornell University; CGIAR; International Food Policy Research Institute (IFPRI)
摘要：We present evidence that farmers adjust agricultural inputs in response to within-season temperature variation, undertaking defensive investments to reduce the adverse agro-ecological impacts of warmer temperatures. Using panel data from Kenyan maize-growing households, we find that higher temperatures early in the growing season increase the use of pesticides, while reducing fertiliser use. Warmer temperatures throughout the season increase weeding effort. These adjustments arise because grea...
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作者：Guzman, Martin; Stiglitz, Joseph E.
作者单位：Columbia University; Columbia University; National Bureau of Economic Research
摘要：This paper provides an explanation for situations in which the fundamental state variables describing the economy do not change, but aggregate consumption experiences significant changes. We present a theory of pseudo-wealth-individuals' perceived wealth that is derived from expectations of gains in bets arising from heterogeneous expectations. This wealth is divorced from society's real assets. The creation of a market for bets necessarily generates positive pseudo-wealth. Changes in the magn...
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作者：Gali, Jordi; van Rens, Thijs
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Warwick
摘要：We document two changes in post-war US macroeconomic dynamics: the procyclicality of labour productivity vanished, and the relative volatility of employment rose. We propose an explanation for these changes that is based on reduced hiring frictions due to improvements in information about the quality of job matches and the resulting decline in turnover. We develop a simple model with hiring frictions and variable effort to illustrate the mechanisms underlying our explanation. We show that our ...
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作者：Khadjavi, Menusch; Sipangule, Kacana; Thiele, Rainer
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：Following the 2007-8 global food crisis, agricultural producers have invested in large tracts of land in developing countries. We investigate how the arrival of large-scale farms changes inter-personal trust and reciprocity, important components of social capital. in traditional villages. We elicit trust and reciprocal behaviour in villages that lie near large-scale farms and compare them with villages at a distance. Our data reveal greater trust in villages close to large-scale farms. Recipro...
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作者：Cole, Shawn A.; Fernando, A. Nilesh
作者单位：Harvard University; University of Notre Dame
摘要：Mobile phones promise to bring the ICT revolution to previously unconnected populations. A two-year study evaluates an innovative voice-based ICT advisory service for smallholder cotton farmers in India, demonstrating significant demand for, and trust in. new information. Farmers substantially alter their sources of information and consistently adopt inputs for cotton farming recommended by the service. Willingness to pay is, on average. less than the per-farmer cost of operating the service f...
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作者：Bagger, Jesper; Birchenall, Javier A.; Mansour, Hani; Urzua, Sergio
作者单位：University of London; Royal Holloway University London; Aarhus University; University of California System; University of California Santa Barbara; University of Colorado System; University of Colorado Anschutz Medical Campus; Children's Hospital Colorado; University of Colorado Denver; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：This article introduces a framework to study parental investments in the presence of birth order preferences and/or human capital cost differentials across children. The framework yields canonical models as special cases and delivers sharp testable predictions concerning how parental investments respond to an exogenous change in family size in the presence of birth order effects. These predictions characterize a generalised quantity-quality trade-off. Danish administrative data confirm our the...
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作者：Galenianos, Manolis
作者单位：University of London; Royal Holloway University London
摘要：This is the first article to study the interaction between labour markets and endogenous referral networks in the context of worker heterogeneity. In equilibrium the structure of the referral network is hierarchical, which is different from the usual assumption of homophily but is consistent with the evidence. Hierarchy exacerbates inequality. The welfare effects of the use of referrals are subtle and depend on the nature of heterogeneity. If heterogeneity is due to productivity differences, r...
