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作者：Floden, Martin; Kilstrom, Matilda; Sigurdsson, Josef; Vestman, Roine
作者单位：Stockholm University; Sveriges Riksbank; Stockholm School of Economics; Norwegian School of Economics (NHH)
摘要：We examine the effect of monetary policy on household spending when households are indebted and interest rates on outstanding loans are linked to short-term interest rates. Using administrative data on balance sheets and consumption expenditure of Swedish households, we reveal the cash-flow transmission channel of monetary policy. On average, indebted households reduce consumption spending by an additional 0.23-0.55 percentage points in response to a one-percentage-point increase in the policy...
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作者：Chowdhury, Subhasish M.; Kovenock, Dan; Arjona, David Rojo; Wilcox, Nathaniel T.
作者单位：University of Bath; Chapman University System; Chapman University; University of North Carolina; Appalachian State University
摘要：This article examines the influence of focality in Colonel Blotto games with a lottery contest success function (CSF), where the equilibrium is unique and in pure strategies. We hypothesise that the salience of battlefields affects strategic behaviour (the salient target hypothesis) and present a controlled test of this hypothesis against Nash predictions, checking the robustness of equilibrium play. When the sources of salience come from asymmetries in battlefield values or labels (as in Sche...
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作者：Berkes, Enrico; Gaetani, Ruben
作者单位：University System of Ohio; Ohio State University; University of Toronto; University Toronto Mississauga
摘要：Using a newly assembled data set of US patents, we show that innovation activity is less concentrated in high-density locations than commonly believed. Yet, inventions based on atypical combinations of knowledge are indeed more prevalent in high-density urban centres. To interpret this relation, we propose that informal interactions in densely populated areas help knowledge flows between distant fields, but are less relevant for flows between close fields. We build a model of innovation in a s...
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作者：Fetzer, Thiemo; Schwarz, Carlo
作者单位：University of Warwick; Centre for Economic Policy Research - UK; Bocconi University
摘要：We use the recent trade escalation between the USA and its trade partners to study whether retaliatory tariffs are politically targeted. We find comprehensive evidence using individual and aggregate voting data suggesting that retaliation is carefully targeted to hurt Trump. We develop a simulation approach to construct counterfactual retaliation responses allowing us to quantify the extent of political targeting while also studying potential trade-offs. China appears to place great emphasis o...
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作者：Egorov, Georgy; Sonin, Konstantin
作者单位：Northwestern University; University of Chicago; HSE University (National Research University Higher School of Economics)
摘要：Free and fair elections are the cornerstone of a democratic system, but elections are common in other regimes as well. Such an election might be a pure farce, with the incumbents getting close to 100% of the vote. In other instances, incumbents allow opposition candidates to be on the ballot and run campaigns, limit electoral fraud, e.g., by inviting international observers, all to make elections appear fair. In our model, the incumbent is informed about his popularity, and having a fair elect...
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作者：Acemoglu, Daron; Wolitzky, Alexander
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We propose a simple model of the emergence of equality before the law. A society can support effort ('cooperation', 'prosocial behaviour') using the carrot of future cooperation or the stick of coercive punishment. Community enforcement relies only on the carrot and involves low coercion, low inequality and low effort. A society in which elites control the means of violence supplements the carrot with the stick, and involves high coercion, high inequality and high effort. In this regime, elite...
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作者：De Philippis, Marta
作者单位：European Central Bank; Bank of Italy
摘要：This paper exploits a natural experiment to study the effects of providing stronger research incentives to faculty members on universities' average teaching and research performance. The results indicate that professors are induced to reallocate effort from teaching towards research. Moreover, tighter research requirements affect the faculty composition, as they lead lower-research-ability professors to leave. Given the estimated positive correlation between teaching and research ability, thos...
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作者：Imai, Taisuke; Rutter, Tom A.; Camerer, Colin F.
作者单位：University of Munich; California Institute of Technology
摘要：We examine 220 estimates of the present-bias parameter from 28 articles using the Convex Time Budget protocol. The literature shows that people are on average present-biased, but estimates exhibit substantial heterogeneity across studies. There is evidence of modest selective reporting in the direction of over-reporting present bias. The primary source of heterogeneity is the type of reward, either monetary or non-monetary, but this effect is weakened after correcting for selective reporting. ...
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作者：Glazer, Jacob; Herrera, Helios; Perry, Motty
作者单位：University of Warwick; Tel Aviv University; Centre for Economic Policy Research - UK
摘要：We propose a model of product reviews in which some are genuine and some are fake in order to shed light on the value of information provided on platforms like TripAdvisor, Yelp, etc. In every period, a review is posted which is either genuine or fake. We characterise the equilibrium of the dynamic model and prove that it is unique. In equilibrium, valuable learning takes place in every period. Fake reviews, however, do slow down the learning process. It is established that any attempt by the ...
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作者：Miles, David; Sefton, James
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Imperial College London
摘要：We analyse housing costs and patterns of residential development over the long term in a dynamic general equilibrium. We show that in a growing economy the speed of travel improvements is crucial to the evolution of land and house prices. We derive a condition for the rate of change in transport efficiency that generates flat land and house prices on a balanced growth path. We present evidence that this condition was satisfied in many countries between the mid-nineteenth century and the mid-tw...
