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作者：Gilchrist, Simon; Mojon, Benoit
作者单位：Boston University; National Bureau of Economic Research; European Central Bank; Bank of France; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We construct credit risk indicators for euro area banks and non-financial corporations. These indicators reveal that the financial crisis of 2008 dramatically increased the cost of market funding for both banks and non-financial firms. In contrast, the prior recession following the 2000 US dot-com bust led to widening credit spreads of non-financial firms but had no effect on the credit spreads of financial firms. The 2008 financial crisis also led to a systematic divergence in credit spreads ...
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作者：Chen, Yongmin; Zhang, Tianle
作者单位：University of Colorado System; University of Colorado Boulder; Zhejiang University; Lingnan University
摘要：The welfare effects of entry are studied in a model of consumer search. Potential entrants differ in quality, with high-quality sellers being more likely to meet consumer needs. Contrary to the standard view in economics that more entry benefits consumers, we find that free entry is excessive for both consumer welfare and total welfare when entry cost is relatively low, and consumer welfare has an inverted-U relationship with entry cost. We explain why these results may arise naturally in sear...
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作者：Lansing, Kevin J.; Markiewicz, Agnieszka
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We introduce permanently shifting income shares into a growth model with workers and capital owners. The model exactly replicates the US time paths of the top quintile income share, capital's share of income and key macroeconomic variables from 1970 to 2014. Welfare effects depend on changes in the time pattern of agents' consumption relative to a counterfactual scenario that holds income shares and the transfer-output ratio constant. Short-run declines in workers' consumption are only partial...
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作者：Ahlfeldt, Gabriel M.; Holman, Nancy
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：We propose a method to estimate the capitalised value of the architectural design quality of an area. Our economic design premium is identified by spatially differentiating property prices and design quality within neighbourhoods and comparing the differences across neighbourhoods. We apply our method to 48 conservation area neighbourhoods in England in which we analyse around 7,900 property transactions and interview more than 500 residents. We find a capitalisation effect of about 6.6% (16k)...
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作者：Danzer, Natalia; Lavy, Victor
作者单位：Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Warwick; Hebrew University of Jerusalem; National Bureau of Economic Research
摘要：This article investigates whether schooling outcomes at age 15 are affected by the duration of maternity leave, i.e. the time mothers spend at home with their new-born before returning to work. We exploit an unanticipated reform in Austria which extended the maximum duration of paid and job protected parental leave from 12 to 24months for births as of 1 July, 1990. Using PISA data from the cohorts 1990 and 1987, we find no significant overall impact of the parental leave extension on standardi...
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作者：Gine, Xavier; Goldberg, Jessica; Silverman, Dan; Yang, Dean
作者单位：The World Bank; University System of Maryland; University of Maryland College Park; Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：We implement an artefactual field experiment in rural Malawi to study revisions of prior choices regarding future income receipts. This allows examination of intertemporal choice revision and its determinants. New tests provide evidence of self-control problems for some participants. Revisions of money allocations towards the present are positively associated with refined measures of present-bias from an earlier survey and with the randomly assigned closeness in time to the first possible date...
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作者：Lekfuangfu, Warn N.; Powdthavee, Nattavudh; Warrinnier, Nele; Cornaglia, Francesca
作者单位：University of London; London School Economics & Political Science; Chulalongkorn University; University of Warwick; KU Leuven; University of London; Queen Mary University London
摘要：This article builds upon Cunha's (2015) subjective rationality model in which parents have a subjective belief about the impact of their investment on their children's early skill formation. We propose that this subjective belief is determined partly by locus of control (LOC), i.e. the extent to which individuals believe that their actions can influence future outcomes. Consistent with the theory, we show that maternal LOC measured at the 12th week of gestation strongly predicts maternal attit...
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作者：Anderson, Simon P.; Foros, Oystein; Kind, Hans Jarle
作者单位：Norwegian School of Economics (NHH); University of Virginia
摘要：Standard models of advertising-financed media assume consumers patronise a single-media platform, precluding effective competition for advertisers. Such competition ensues if consumers multi-home. The principle of incremental pricing implies that multi-homing consumers are less valuable to platforms. Then entry of new platforms decreases advertisement prices, while a merger increases them, and advertisement-financed platforms may suffer if a public broadcaster carries advertisements. Platforms...
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作者：Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland
作者单位：European Central Bank; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin
摘要：This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global portfolio flows, differentiating across recipient region of the flows, type of flow and QE rounds. Furthermore, the analysis differentiates between the impact of QE expansionary announcements and the actual market operations. The analysis shows that QE1 resulted in (slight) rebalancing towards the US, while QE2 and QE3 resulted in rebalancing towards non-US assets. This suggests that QE increased the ...
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作者：Impullitti, Giammario; Licandro, Omar
作者单位：University of Nottingham; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：We study the welfare gains from trade in an economy with heterogeneous firms, variable markups and endogenous growth. Variable markups arise from oligopolistic competition, and cost-reducing innovation is the engine of long-run growth. Trade liberalisation stiffens competition by reducing markups, generating tougher firm selection and increasing the aggregate productivity level. Selection increases firms' incentives to innovate, thereby leading to a higher aggregate productivity growth rate. E...
