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作者：Jorda, Oscar; Taylor, Alan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：After the Global Financial Crisis, a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This article, reconciles seemingly disparate estimates of multipliers within a unified and state-contingent framework. We achieve identification of causal effects with new propensity-score based methods for time series da...
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作者：Hoffman, Mitchell
作者单位：University of Toronto
摘要：Do people buy the right amount of information? In a novel field experiment, businesspeople experts provided guesses about the price and quality of actual websites. Compensation was provided for correct results (high or low). Before answers were revealed, subjects could pay to get a noisy signal. I find that the relationship between subjects' accuracy and their demand for information is much flatter than would be optimal. Subjects underpay for information when signals are valuable and overpay w...
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作者：Kaiser, Boris; Siegenthaler, Michael
作者单位：University of Bern
摘要：This article examines the linkages between real exchange rate movements and firms' skill demand. Augmenting the model of Campa and Goldberg (2001) with heterogeneous labour, we show that exchange rate movements may affect unskilled workers differently than skilled workers because they change the relative price of imported inputs. Using panel data on Swiss manufacturers covering the period 1998-2012, we find that an appreciation increases high-skilled and reduces low-skilled employment in most ...
