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作者：Harding, Torfinn; Stefanski, Radoslaw; Toews, Gerhard
作者单位：Norwegian School of Economics (NHH); University of St Andrews; New Economic School
摘要：We estimate the effect of giant oil and gas discoveries on bilateral real exchange rates. A giant discovery with the value of 10% of a country's GDP appreciates the real exchange rate by 1.5% within ten years following the discovery. The appreciation starts before production begins and the non-traded component of the real exchange rate drives the appreciation. Labour reallocates from the traded goods sector to the non-traded goods sector, leading to changes in labour productivity. These findin...
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作者：Levine, Ross; Lin, Chen; Xie, Wensi
作者单位：University of California System; University of California Berkeley; University of Hong Kong; Chinese University of Hong Kong
摘要：We evaluate the impact of the African slave trade between 1400 and 1900 on modern household finance. Exploiting cross-country and cross-ethnic group differences in the intensity with which people were enslaved and exported from Africa, we find that slave exports during the 1400-1900 period are negatively associated with current measures of household (a) access to financial services, (b) access to credit, (c) use of mobile finance and (d) trust in financial institutions, suggesting that the sla...
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作者：Jehiel, Philippe; Steiner, Jakub
作者单位：University of London; University College London; University of Zurich; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
摘要：A memoryless agent can acquire arbitrarily many signals. After each signal observation, she either terminates and chooses an action, or she discards her observation and draws a new signal. By conditioning the probability of termination on the information collected, she controls the correlation between the payoff state and her terminal action. We provide an optimality condition for the emerging stochastic choice. The condition highlights the benefits of selective memory applied to the extracted...
