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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...
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作者：Card, David; Colella, Fabrizio; Lalive, Rafael
作者单位：University of California System; University of California Berkeley; Universita della Svizzera Italiana; University of Lausanne
摘要：In Spring 2005, the Ombud for Equal Treatment in Austria launched a campaign notifying employers and newspapers that gender preferences in job ads were illegal. At the time, over 40% of vacancies on the nation's largest job board stated a gender preference; within a year the rate fell below 5%. We merge job board vacancies and employer records to study how the campaign affected hiring choices and the gender diversity of occupations and workplaces. Using pre-campaign data, we predict the use of...
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作者：Londono-Velez, Juliana; Avila-Mahecha, Javier
作者单位：University of California System; University of California Los Angeles
摘要：We study behavioural responses to personal wealth taxes in Colombia. We utilise tax microdata from 1993 to 2016 linked with the leaked Panama Papers to investigate offshoring to the country's key tax havens. We leverage variation from discrete jumps in tax liability and four major reforms to the wealth tax system, including changes in tax rates and duration, using bunching and difference-in-difference techniques. We find compelling evidence that taxpayers instantly reduce the wealth they decla...
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作者：Bilbiie, Florin O.
作者单位：University of Cambridge; Centre for Economic Policy Research - UK
摘要：THANK is a tractable heterogeneous-agent New-Keynesian model that captures analytically core micro-heterogeneity channels of quantitative-HANK: cyclical inequality and risk; self-insurance, precautionary saving, and realistic intertemporal marginal propensities to consume. I use it to elucidate key transmission mechanisms and dynamic properties of HANK models. Countercyclical inequality yields aggregate-demand amplification and makes determinacy with Taylor rules more stringent; but solving th...
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作者：Auray, Stephane; Devereux, Michael B.; Eyquem, Aurelien
作者单位：Institut Polytechnique de Paris; ENSAE Paris; University of British Columbia; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Lausanne
摘要：This paper shows that the outcome of trade wars for tariffs and welfare will be affected by the monetary policy regime. The key message is that trade policy interacts with monetary policy in a way that magnifies the welfare costs of discretionary monetary policy in an international setting. If countries follow monetary policies of flexible inflation targeting, trade wars are relatively mild, with low equilibrium tariffs and small welfare costs. Discretionary monetary policies imply much higher...
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作者：Axbard, Sebastian
作者单位：University of London; Queen Mary University London; Centre for Economic Policy Research - UK
摘要：Can the judiciary help root out government corruption? This article exploits the random assignment of court cases to justices who exhibit varying degrees of strictness to examine how convicting corrupt officials affects local government outcomes in the Philippines. I document that convictions improve the management of local public finances and reduce associated corruption. An exploration of mechanisms suggests that legal deterrence effects contribute to these findings. The results further indi...
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作者：Bergemann, Dirk; Bonatti, Alessandro; Wu, Nicholas
作者单位：Yale University; Massachusetts Institute of Technology (MIT)
摘要：We present a model of digital advertising with three key features: (1) advertisers can reach consumers on and off a platform, (2) additional data enhances the value of advertiser-consumer matches, and (3) the allocation of advertisements follows an auction-like mechanism. We contrast data-augmented auctions, which leverage the platform's data advantage to improve match quality, with managed-campaign mechanisms that automate match formation and price-setting. The platform-optimal mechanism is a...
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作者：Grennan, Matthew; Myers, Kyle R.; Swanson, Ashley; Chatterji, Aaron
作者单位：Emory University; University of California System; University of California Berkeley; National Bureau of Economic Research; Harvard University; University of Wisconsin System; University of Wisconsin Madison; Duke University
摘要：We study how firms target and influence expert intermediaries. In our context, pharmaceutical manufacturers provide payments to physicians during promotional interactions. We develop an identification strategy based on plausibly exogenous variation in payments driven by differential exposure to spillovers from AMC CoI policies. Using a case study of an important class of cardiovascular drugs, we estimate heterogeneous effects of payments on prescribing, with firms targeting highly responsive p...
