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作者：Cingano, Federico; Leonardi, Marco; Messina, Julian; Pica, Giovanni
作者单位：University of Salerno; University of Milan
摘要：This article estimates the causal impact of dismissal costs on capital deepening and productivity, exploiting a reform that introduced unjust-dismissal costs in Italy for firms below 15 employees, leaving firing costs unchanged for larger firms. We show that the rise in firing costs induced an increase in the capital-labour ratio and a decline in total factor productivity in small firms relative to larger firms. Our results indicate that capital deepening was more pronounced at the low-end of ...
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作者：Becker, Sascha O.; Boeckh, Katrin; Hainz, Christa; Woessmann, Ludger
作者单位：University of Warwick; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Munich; University of Augsburg
摘要：We hypothesise that the Habsburg Empire with its well-respected administration increased citizens' trust in local public services. In several Eastern European countries, communities on both sides of the long-gone Habsburg border have shared common formal institutions for a century now. We use a border specification and a two-dimensional geographic regression discontinuity design to identify from individuals living within a restricted band around the former border. We find that historical Habsb...
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作者：Lessem, Rebecca; Urban, Carly
作者单位：Montana State University System; Montana State University Bozeman; Carnegie Mellon University
摘要：This article asks how government and private consumption spending affect earnings in service sectors. To do this, we exploit the variation across states and time in the money spent while campaigning for a party's Presidential primary nomination. We create a novel data set combining the date each state held its primary from 1976 to 2008, the date in each election cycle in which only one candidate remained, and quarterly state earnings by sector. Using an instrumental variable strategy, we find ...
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作者：Carlsson, Mikael; Messina, Julian; Skans, Oskar Nordstrom
作者单位：Uppsala University; Sveriges Riksbank
摘要：We study how workers' wages respond to changes in firm-level physical productivity using Swedish data. We find that technology shocks affect workers' wages through both internal and external forces. Wages respond three times as much to physical productivity shocks that are shared with outside firms within the same sector as they do to firm-level physical productivity shocks. The larger impact of sectoral physical productivity is related to the degree of within-sector labour mobility, suggestin...
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作者：Keane, Michael P.
作者单位：University of Oxford; University of New South Wales Sydney
摘要：I examine econometric and behavioural implications of including human capital in the life-cycle labour supply model. With human capital, the wage is no longer the price of time - which is, instead, the wage plus returns to work experience. This has important implications: first, labour supply elasticities become functions of both preference and wage process parameters. One cannot estimate them separately. Second, the data appear consistent with larger elasticities than prior work suggests. Thi...
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作者：Hilber, Christian A. L.; Vermeulen, Wouter
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; CPB Netherlands Bureau for Economic Policy; Vrije Universiteit Amsterdam
摘要：We test the theoretical prediction that house prices respond more strongly to changes in local earnings in places with tight supply constraints using a unique panel dataset of 353 Local Planning Authorities in England between 1974 and 2008. Exploiting exogenous variation from a policy reform, vote shares and historical density to identify the endogenous constraints-measures, we find that: regulatory constraints have a substantive positive impact on the house price-earnings elasticity; the effe...
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作者：Feld, Jan; Salamanca, Nicolas; Hamermesh, Daniel S.
作者单位：University of Gothenburg; University of Melbourne; University of Queensland; ARC Centre of Excellence for Children & Families Over the Life Course; University of London; Royal Holloway University London; National Bureau of Economic Research
摘要：The discrimination literature treats outcomes as relative. But does a differential arise because agents discriminate against others - exophobia - or because they favour their own kind - endophilia? Using a field experiment that assigned graders randomly to students' examinations that did/did not contain names, we find favouritism but no discrimination by nationality nor by gender. We are able to identify these preferences under a wide range of behavioural scenarios regarding the graders. That ...
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作者：van Dijk, Dick; Lumsdaine, Robin L.; van der Wel, Michel
作者单位：American University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; National Bureau of Economic Research; CREATES
摘要：This article considers the extent to which the federal (fed) funds futures market prepares for Federal Open Market Committee (FOMC) announcements. We demonstrate that there is often less variation in fed funds futures prices during the period immediately preceding an FOMC announcement than in earlier periods, despite greater trading activity, as the market has already incorporated anticipated signals. We find that macro announcements and central bank officials' congressional testimony are of c...
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作者：Ghani, Ejaz; Goswami, Arti Grover; Kerr, William R.
作者单位：Harvard University; The World Bank; Harvard University; Bank of Finland; National Bureau of Economic Research
摘要：We investigate the impact of transport infrastructure on the organisation and efficiency of manufacturing activity. The Golden Quadrilateral (GQ) project upgraded a central highway network in India. Manufacturing activity grew disproportionately along the network. These findings hold in straight-line IV frameworks and are not present on a second highway that was planned to be upgraded at the same time as GQ but subsequently delayed. Both entrants and incumbents facilitated the output growth, w...
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作者：Dogra, Keshav; Gorbachev, Olga
作者单位：Columbia University; University of Delaware
摘要：We evaluate the impact of increased income uncertainty and financial liberalisation in the US on consumption volatility and household welfare. We estimate Euler equations and measure the volatility of unpredictable changes in consumption as the squared residuals. We directly control for liquidity constraints using Survey of Consumer Finances data on access to credit, and document that despite the increase in household debt between 1983 and 2007, there was no decline in the proportion of liquid...
