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作者：Osotimehin, Sophie; Pappada, Francesco
作者单位：University of Virginia; European Central Bank; Bank of France
摘要：Recessions are conventionally considered as times when the least productive firms are driven out of the market. How do credit frictions affect this cleansing effect of recessions? We build and calibrate a model of firm dynamics with credit frictions and endogenous entry and exit to investigate this question. We find that there is a cleansing effect of recessions in the presence of credit frictions, despite their effect on the selection of exiting and entering firms. This result holds true rega...
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作者：Anderson, Robert Warren; Johnson, Noel D.; Koyama, Mark
作者单位：University of Michigan System; University of Michigan; George Mason University
摘要：What factors caused the persecution of minorities in pre-modern Europe? Using panel data consisting of 1,366 persecutions of Jews from 936 European cities between 1100 and 1800, we test whether persecutions were more likely following colder growing seasons. A one standard deviation decrease in growing season temperature in the previous five-year period increased the probability of a persecution by between 1 and 1.5 percentage points (relative to a baseline of 2%). This effect was strongest in ...
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作者：Kamei, Kenju; Putterman, Louis
作者单位：Durham University; Brown University
摘要：Often the fuller the reputational record people's actions generate, the greater their incentive to earn a reputation for cooperation. However, inability to wipe clean' one's past record might trap some agents who initially underappreciate reputation's value in a cycle of bad behaviour, whereas a clean slate could have been followed by their reforming' themselves. In a laboratory experiment, we investigate what subjects learn from playing a finitely repeated dilemma game with endogenous, symmet...
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作者：Andersen, Torben M.; Bhattacharya, Joydeep
作者单位：Aarhus University; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Iowa State University; Iowa State University
摘要：This article develops a theory of the two-armed intergenerational welfare state, consistent with key features of modern welfare arrangements, and uses it to rationalise the rise and fall in generosity of Pay-as-you-go Pensions solely on efficiency grounds. By using the education arm, a dynamically-efficient welfare state is shown to improve upon long-run laissez faire even when market failures are absent. To release these downstream welfare gains without hurting any transitional generation, he...
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作者：Dagher, Jihad; Fu, Ning
作者单位：International Monetary Fund; Harvard University
摘要：The weakly regulated independent mortgage companies (IMCs) had a vastly disproportional contribution to the expansion in risky credit during the mortgage boom and to the ensuing foreclosure crisis. We exploit a quasi-experimental setting, created by the inconsistency of state lender regulations between banks and IMCs and their heterogeneity across states, to isolate the impact of regulation on lending standards using county-pairs straddling state borders. We find that weaker state regulation o...
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作者：Aldashev, Gani; Kirchsteiger, Georg; Sebald, Alexander
作者单位：CY Cergy Paris Universite; University of Namur; Universite Libre de Bruxelles; University of Copenhagen
摘要：Randomised controlled trials (RCT) have gained ground as the dominant tool for studying policy interventions in many fields of applied economics. We analyse theoretically encouragement and resentful demoralisation in RCTs and show that these might be rooted in the same behavioural trait - people's propensity to act reciprocally. When people are motivated by reciprocity, the choice of assignment procedure influences the RCTs' findings. We show that even credible and explicit randomisation proce...
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作者：Guala, Francesco; Filippin, Antonio
作者单位：University of Milan; IZA Institute Labor Economics
摘要：Group identity can influence significantly people's attitudes towards monetary allocations. In this article, we reassess the representation of group identity using social preference models. First, we show that the influence of group identity varies unsystematically across different types of mini-dictator games and cannot be described using a well-behaved preference function. Second, we demonstrate that the effect is not robust to slightly increasing the complexity of the task, suggesting that ...
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作者：Goux, Dominique; Gurgand, Marc; Maurin, Eric
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：At the end of middle school, many low-achieving students realise that they do not have the ability to get into selective high school programmes, which may be a source of disengagement and eventually lead them to drop out of high school. Based on a randomised controlled trial, this article shows that a series of meetings facilitated by the school principals can help low-achievers to formulate educational objectives better suited to their academic aptitudes. By changing the high school plans of ...
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作者：Mitra, Anirban; Mitra, Shabana
作者单位：University of Oslo; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：We investigate how electoral competition affects the income distribution in society. We utilise a standard probabilistic voting setup where parties compete at two stages. Our model delivers that greater electoral competition in a district results in equalisation of incomes therein. We check for these relationships using data from Indian national elections which are combined with consumption expenditure data rounds from the National Sample Survey Organization (1987-8 and 2004-5) to yield a dist...
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作者：Pavoni, Nicola; Yazici, Hakki
作者单位：Bocconi University; Bocconi University; Sabanci University
摘要：We study optimal taxation of savings in an economy where agents face self-control problems and the severity of these problems possibly depends on age. Focusing on quasi-hyperbolic discounting, we show that if agents' ability to self-control increases concavely with age, then savings should be subsidised and the subsidy should decrease with age. Quantitatively, we find that the optimal subsidies in our calibrated model with age-dependent self-control are much larger than those implied by models...
