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作者：Ring, Marius A. K.
作者单位：University of Texas System; University of Texas Austin
摘要：Neither theory nor existing empirical evidence support the notion that wealth taxation reduces saving. Theoretically, the effect is ambiguous due to opposing income and substitution effects. Empirically, the effect may be masked by misreporting responses. Using geographic discontinuities in the Norwegian annual net-wealth tax and third-party-reported data on savings, I find that wealth taxation causes households to save more. Each additional NOK of wealth tax increases annual net financial sav...
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作者：Kleven, Henrik; Landais, Camille; Leite-Mariante, Gabriel
作者单位：Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper builds a world atlas of child penalties in employment based on microdata from 134 countries. The estimation of child penalties is based on pseudo-event studies of first child birth using cross-sectional data. The pseudo-event studies are validated against true event studies using panel data for a subset of countries. Most countries display clear and sizable child penalties: men and women follow parallel trends before parenthood, but diverge sharply and persistently after parenthood....
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作者：Song, Wenting; Stern, Samuel
作者单位：Bank of Canada; University of Michigan System; University of Michigan
摘要：This paper provides empirical evidence of the importance of firm attention to macroeconomic dynamics. We construct a text-based measure of attention to macroeconomic news and document that attention is polarized across firms and countercyclical. Differences in attention lead to asymmetric responses to monetary policy: expansionary monetary shocks raise the market values of attentive firms more than those of inattentive firms, and contractionary shocks lower the values of attentive firms by les...
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作者：Chapman, Jonathan; Snowberg, Erik; Wang, Stephanie W.; Camerer, Colin
作者单位：University of Bologna; Utah System of Higher Education; University of Utah; National Bureau of Economic Research; Leibniz Association; Ifo Institut; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; California Institute of Technology
摘要：We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N=3,000). We find that around 50% of the U.S. population is loss tolerant-they are willing to accept negative-expected-value gambles that contain a loss. This is counter to expert predictions and earlier findings-which mostly come from laboratory/student samples-that 70-90% of participants are loss averse. Consistent with the different findings in our study versus the pri...
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作者：Che, Yeon-Koo; Zhong, Weijie
作者单位：Columbia University; Stanford University
摘要：We study robustly optimal mechanisms for selling multiple items. The seller maximizes revenue against a worst-case distribution of a buyer's valuations within a set of distributions, called an ambiguity set. We identify the exact forms of robustly optimal selling mechanisms and the worst-case distributions when the ambiguity set satisfies various moment conditions on the values of subsets of goods. The analysis reveals general properties of the ambiguity set that justifies categorical bundling...
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作者：Caramp, Nicolas
作者单位：University of California System; University of California Davis
摘要：What sows the seeds of financial crises, and what policies can help avoid them? I model the interaction between the ex-ante production of assets and ex-post adverse selection in financial markets. Positive shocks that increase market prices exacerbate the production of low-quality assets and can increase the likelihood of a financial market collapse. The interest rate and the liquidity premium are endogenous and depend on the functioning of financial markets as well as the total supply of asse...
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作者：Huo, Zhen; Takayama, Naoki
作者单位：Yale University; Hitotsubashi University
摘要：We develop a method of solving rational expectations models with dispersed information and dynamic strategic complementarities. In these types of models, the equilibrium outcome hinges on an infinite number of higher-order expectations which require an increasing number of state variables to keep track of. Despite this complication, we prove that the equilibrium outcome always admits a finite-state representation when the signals follow finite ARMA processes. We also show that such a finite-st...
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作者：Mello, Steven
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：While survey evidence suggests widespread financial fragility in the U.S., causal evidence on the implications of typical, negative income shocks is scarce. I estimate the impact of speeding fines on household finances using administrative traffic citation records and a panel of credit reports. Event studies reveal that fines averaging $195 are associated with a $34 increase in unpaid bills in collections. Given additional evidence that fine payment explains this effect and that default is the...
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作者：Honore, Bo E.; Weidner, Martin
作者单位：Princeton University; University of Oxford; University of Oxford
摘要：This paper investigates the construction of moment conditions in discrete choice panel data with individual-specific fixed effects. We describe how to systematically explore the existence of moment conditions that do not depend on the fixed effects, and we demonstrate how to construct them when they exist. Our approach is closely related to the numerical functional differencing construction introduced in a seminal paper by Bonhomme, but our emphasis is to find explicit analytic expressions for...
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作者：Cocci, Matthew D.; Plagborg-Moller, Mikkel
作者单位：Amazon.com; Princeton University
摘要：Calibration, the practice of choosing the parameters of a structural model to match certain empirical moments, can be viewed as minimum distance estimation. Existing standard error formulas for such estimators require a consistent estimate of the correlation structure of the empirical moments, which is often unavailable in practice. Instead, the variances of the individual empirical moments are usually readily estimable. Using only these variances, we derive conservative standard errors and co...
