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作者：Kuran, Timur; Rubin, Jared
作者单位：Duke University; Chapman University System; Chapman University
摘要：In advanced economies interest rates vary inversely with the risk of default, which itself is negatively related to the borrower's socio-economic status. The former relationship depends on the impartiality of the law. Where the law is markedly biased in favour of certain groups, these groups will pay a surcharge for capital. Legal power, as measured by privileges before the law, thus undermines financial power, the capacity to borrow cheaply. Developing this argument, this article also tests i...
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作者：Dennis, Richard; Kirsanova, Tatiana
作者单位：University of Glasgow
摘要：Discretionary policy makers cannot manage private-sector expectations and cannot coordinate the actions of future policy makers. As a consequence, coordination failures can occur and multiple equilibria can arise. In this article, we employ notions of self-enforceability and learnability to motivate and identify equilibria of particular interest in discretionary policy problems exhibiting multiple equilibria. Central among these criteria are whether an equilibrium is robust to the formation of...
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作者：Bogart, Dan
作者单位：University of California System; University of California Irvine
摘要：Economic and political interests often block or delay infrastructure improvements. This article examines their effects by studying Britain's river navigation improvements in the early 1700s - a subject of intense lobbying in parliament. It shows that stronger party connections and influence in neighbouring areas likely to oppose or support projects affected whether a town got a river navigation act. Their estimated effects are comparable to geography and town economic characteristics in magnit...
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作者：Bonfiglioli, Alessandra; Crino, Rosario; Gancia, Gino
作者单位：Pompeu Fabra University; Barcelona School of Economics; Catholic University of the Sacred Heart; Centre de Recerca en Economia Internacional (CREI)
摘要：We study the determinants of firm-level heterogeneity in a model where innovation choices upon entry affect the variance of productivity draws. In equilibrium, productivity is Pareto distributed with a shape parameter that depends on industry-level characteristics. We show that export opportunities, by increasing the pay-offs in the tail, induce firms to invest in bigger projects with more dispersed outcomes. When more productive firms pay higher wages, trade amplifies wage dispersion by makin...
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作者：Cairo, Isabel; Cajner, Tomaz
作者单位：Federal Reserve System - USA
摘要：Why do more educated workers experience lower unemployment rates and lower employment volatility? Empirically, these workers have similar job finding rates but much lower and less volatile separation rates than their less educated peers. We argue that on-the-job training, being complementary to formal education, is the reason for this pattern. Using a search and matching model with endogenous separations, we show that investments in match-specific human capital reduce incentives to separate bu...
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作者：Manzini, Paola; Mariotti, Marco
作者单位：University of St Andrews; IZA Institute Labor Economics; University of London; Queen Mary University London
摘要：There are many situations in which alternatives ranked by quality wish to be chosen and compete for the imperfect attention of a chooser by selecting their own salience. The chooser may be tricked' into choosing more salient but inferior alternatives. We investigate when competitive forces ensure instead that (strictly) higher salience is diagnostic of (strictly) higher quality and the most frequently chosen alternative is the best one. We prove that the structure of externalities in the techn...
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作者：Bergin, Paul R.; Feng, Ling; Lin, Ching-Yi
作者单位：University of California System; University of California Davis; Shanghai University of Finance & Economics; National Tsing Hua University
摘要：This article shows that firm entry dynamics are an important part of the propagation of financial shocks to the real macroeconomy. A VAR documents empirically that adverse financial shocks are associated with significant declines in both new firm creation and equity values. A DSGE business cycle model combining endogenous firm entry and financial frictions, where firms have a choice of financing entry through debt or equity, can explain these facts. The model implies that adjustment in firm nu...
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作者：Azmat, Ghazala; Moeller, Marc
作者单位：University of London; Queen Mary University London; University of Bern
摘要：Do the contests with the largest prizes attract the most able contestants? To what extent do contestants avoid competition? We show that the distribution of abilities is crucial in determining contest choice. Complete sorting exists only when the proportion of high-ability contestants is small. As this proportion increases, high-ability contestants shy away from competition and sorting decreases, making reverse sorting a possibility. We test our theoretical predictions with a large panel data ...
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作者：Dalton, Patricio S.; Ghosal, Sayantan
作者单位：University of Glasgow; Tilburg University
摘要：This article incorporates self-fulfilling mistakes into an otherwise classical decision-making framework. A behavioural agent makes a mistake when he fails to internalise all the consequences of his actions on himself. We show that Sen's axioms and fully characterise choice data consistent with behavioural agents. These two axioms are weaker than Sen's axioms and that fully characterise rational agents. We offer a welfare benchmark that can be applied to existing behavioural economics models a...
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作者：Gerlagh, Reyer; Liski, Matti
作者单位：Tilburg University; Aalto University
摘要：This article examines the socially optimal pricing of carbon emissions over time when climate-change impacts are unknown, potentially high-consequence events. The carbon price tends to increase with income. But learning about impacts, or their absence, decouples the carbon price from income growth. The price should grow faster than the economy if the past warming is not substantial enough for learning the true long-run social cost. It grows slower than the economy as soon as the warming genera...
