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作者：Freyberger, Joachim
作者单位：University of Bonn
摘要：An important class of structural models studies the determinants of skill formation and the optimal timing of interventions. In this article, I provide new identification results for these models and investigate the effects of seemingly innocuous scale and location restrictions on parameters of interest. To do so, I first characterize the identified set of all parameters without these additional restrictions and show that important policy-relevant parameters are point identified under weaker a...
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作者：Celentano, Francesco; Rempel, Mark
作者单位：University of Lausanne; Swiss Finance Institute (SFI); University of Toronto
摘要：How much does firm intangibility amplify CEOs' persistent private information and reduce firms' public listing propensity? We develop a model of competing public and private investors financing firms heterogeneously exposed to persistent private cash flows. Equilibrium financing is driven by information rent differentials in CEO compensation. We validate and structurally estimate the model using firm listing and CEO compensation data. We find private (intangible) cash flows exhibit 63% higher ...
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作者：Boar, Corina; Midrigan, Virgiliu
作者单位：New York University; National Bureau of Economic Research
摘要：We characterize optimal product market policy in an unequal economy in which firm ownership is concentrated and markups increase with firm market shares. We study the problem of a utilitarian regulator who designs revenue-neutral interventions in the product market. We show that optimal policy increases product market concentration. This is because policies that encourage larger producers to expand improve allocative efficiency, increase the demand for labour and equilibrium wages. We derive t...
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作者：Miranda-Agrippino, Silvia; Hacioglu-Hoke, Sinem; Bluwstein, Kristina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve System Board of Governors; Bank of England
摘要：We exploit information in patent applications to construct an instrumental variable for the identification of technology news shocks that relaxes all the identifying assumptions traditionally used in the literature. The instrument recovers news shocks that have no effect on aggregate productivity in the short-run, but are a significant driver of its trend component. The shock prompts a broad-based expansion in anticipation of the future increase in total factor productivity (TFP), with output,...
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作者：Jessen, Jonas; Jessen, Robin; Galecka-Burdziak, Ewa; Gora, Marek; Kluve, Jochen
作者单位：IZA Institute Labor Economics; Leibniz Association; Ifo Institut; Warsaw School of Economics; Humboldt University of Berlin
摘要：We quantify micro and macro effects of changes in the potential benefit duration (PBD) in unemployment insurance. In Poland, the PBD is 12 months for the newly unemployed if the previous year's county unemployment rate is more than 150% of the national average, and 6 months otherwise. We exploit this cut-off using regression discontinuity estimates on registry data containing the universe of unemployed from 2005 to 2019. For those whose PBD is directly affected by the policy rule, benefit reci...
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作者：Chen, Heng; Chen, Yuyu; Yang, Qingxu
作者单位：University of Hong Kong; Peking University
摘要：Our study analyses 6 million civil judgments in China from 2014 to 2018, documenting gender disparities that disfavour female litigants. We investigate the impact of an open justice reform that mandated courts to broadcast legal proceedings live on a centralized online platform. By exploiting variations in its implementation across courts and over time and employing both difference-in-differences and Bartik IV approaches, we find that gender disparities in chances of winning decrease as broadc...
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作者：Coulomb, Renaud; Henriet, Fanny; Reitzmann, Leo
作者单位：University of Melbourne; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Paris School of Economics
摘要：Not all barrels of oil are created equal: their extraction varies in both private cost and carbon intensity. Leveraging a comprehensive micro-dataset on world oil fields, alongside detailed estimates of carbon intensities and private extraction costs, this study quantifies the additional emissions and costs from having extracted the wrong deposits. We do so by comparing historical deposit-level supplies to counterfactuals that factor in pollution costs, while keeping annual global consumption ...
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作者：Auster, Sarah; Gottardi, Piero; Wolthoff, Ronald
作者单位：University of Bonn; University of Essex; Universita Ca Foscari Venezia; University of Toronto
摘要：We study the effect of diminishing search frictions in markets with adverse selection by presenting a model in which agents with private information can simultaneously contact multiple trading partners. We highlight a new trade-off: facilitating contacts reduces coordination frictions but also the ability to screen agents' types. We find that, when agents can contact sufficiently many trading partners, fully separating equilibria obtain only if adverse selection is sufficiently severe. When th...
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作者：Gomez, Matthieu
作者单位：Columbia University
摘要：Wealthy households disproportionately invest in equity, causing equity returns to generate large and persistent fluctuations in top wealth inequality. Motivated by this observation, I study the joint dynamics of asset prices and wealth inequality in a model where a subset of agents (entrepreneurs) hold levered positions on the economy. In the model, as in the data, the wealth distribution is stochastic and it exhibits a Pareto tail, with a tail index that depends on the logarithmic average ret...
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作者：Lagunoff, Roger
作者单位：Georgetown University
摘要：Authoritarian regimes often use targeted social control-unequal application of the law to limit expressive freedom and enforce social conformity. At the same time, their methods appear less draconian than in the past. In this model, an authority structures punishments and rewards to compel adherence to its preferred norm. The authority's commitment is time-limited and depends on imperfectly informative signals of a citizen's behaviour. Given two citizens with the same observed behaviour, the a...
