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作者：Quispe-Torreblanca, Edika; Gathergood, John; Loewenstein, George; Stewart, Neil
作者单位：University of Leeds; University of Nottingham; Carnegie Mellon University; University of Warwick
摘要：We study attention utility, the hedonic pleasure or pain derived purely from paying attention to information, which differs from the news utility that arises from gaining new information. The main, field, study examines brokerage account login data to show that investors pay disproportionate attention to already-known positive information on their stocks. Through its effect on logins, this selective attention affects their trading activity. Three experimental studies then show that (1) investo...
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作者：Acharya, Viral V.; Vij, Siddharth
作者单位：New York University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University System of Georgia; University of Georgia
摘要：We establish that macroprudential controls limiting capital flows can curb risks arising from foreign currency borrowing by corporates in emerging markets. Firm-level data show that Indian firms tend to issue more foreign currency debt when the interest rate differential between India and the U.S. is higher. This carry trade relationship, however, breaks down once regulators institute more stringent interest rate caps on borrowing; in response, riskier borrowers cut issuance most. Prior to ado...
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作者：Barwick, Panle Jia; Kalouptsidi, Myrto; Zahur, Nahim Bin
作者单位：National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; Center for Economic & Policy Research (CEPR); Harvard University; National Bureau of Economic Research; Queens University - Canada
摘要：Industrial policies are widely used across the world. In practice, designing and implementing these policies is a complicated task. In this paper, we assess the long-term performance of different industrial policy instruments, which include production subsidies, investment subsidies, entry subsidies, and consolidation policies. To do so, we examine a recent industrial policy in China aiming to propel the country's shipbuilding industry to the largest globally. Using firm-level data from 1998 t...
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作者：Egan, Mark; Matvos, Gregor; Seru, Amit
作者单位：Harvard University; National Bureau of Economic Research; Northwestern University; Stanford University
摘要：This article studies the impact of the arbitrator selection process on consumer outcomes. Using data from consumer arbitration cases in the securities industry over the past two decades, where we observe detailed information on case characteristics, the randomly generated list of potential arbitrators presented to both parties, the selected arbitrator, and case outcomes, we establish several motivating facts. These facts suggest that firms hold an informational advantage over consumers in sele...
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作者：Melcangi, Davide; Sterk, Vincent
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of London; University College London
摘要：Recent literature has shown that the fraction of liquidity-constrained households in the population critically determines the mix of transmission channels of monetary policy. In this article, we bring a different but important dimension of heterogeneity to the forefront: stock market participation. We show that the stock market participation rate not only shapes the mix of policy channels but also heavily affects the aggregate responses. This happens as direct rebalancing effects and indirect ...
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作者：Aguiar, Mark; Bils, Mark; Boar, Corina
作者单位：Princeton University; University of Rochester; New York University
摘要：Many households hold little wealth. In standard precautionary savings models, these households should not only display higher marginal propensities to consume (MPCs) but also higher future consumption growth. In contrast, we see from the Panel Study of Income Dynamics that such hand-to-mouth households do not display higher growth in spending. They also exhibit greater volatility of spending and adjust their spending to a greater extent through the number of categories consumed. Consistent wit...
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作者：Amiti, Mary; Heise, Sebastian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Many studies have documented that the sales concentration of U.S. producers has risen in recent decades. In this article, we show that this increase was accompanied by more entry and growth of foreign competitors. Using confidential census data covering the universe of all firm sales in the U.S. manufacturing sector, we find that rising import competition increased concentration among U.S. firms by reallocating sales from smaller to larger U.S. firms and by causing firm exit. However, this inc...
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作者：Anderson, Simon P.; Renault, Regis
作者单位：University of Virginia; University of Virginia; CY Cergy Paris Universite
摘要：We formulate a tractable model of pricing under directed search with heterogeneous firm demands. Demand characteristics drive bids in a position auction and enable us to bridge insights from the ordered search literature to those in the position auction literature. Equilibrium pricing implies that the marginal consumer's surplus decreases down the search order, so consumers optimally follow the firms' position ordering. A firm suffers from business stealing by firms that precede it and search ...
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作者：Lockwood, Benjamin B.; Allcott, Hunt; Taubinsky, Dmitry; Sial, Afras
作者单位：University of Pennsylvania; National Bureau of Economic Research; Stanford University; University of California System; University of California Berkeley
摘要：We use natural experiments embedded in state-run lotteries and a new nationally representative survey to provide reduced-form and structural estimates of risk preferences and behavioural biases in lottery demand, and to explore the implications for optimal lottery design. We find that sales respond more to the expected value of the jackpot than to price but are unresponsive to variation in the second prize-a pattern that is consistent with probability weighting but is inconsistent with standar...
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作者：Asriyan, Vladimir; Laeven, Luc; Martin, Alberto; Van der Ghote, Alejandro; Vanasco, Victoria
作者单位：ICREA; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; European Central Bank; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：We show that in a canonical model with heterogeneous entrepreneurs, financial frictions, and an imperfectly elastic supply of capital, a fall in the interest rate has an ambiguous effect on aggregate economic activity. In partial equilibrium, a lower interest rate raises aggregate investment both by relaxing financial constraints and by prompting relatively less productive entrepreneurs to invest. In general equilibrium, however, this higher demand for capital raises its price and crowds out i...
