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作者：Figlio, David; Giuliano, Paola; Marchingiglio, Riccardo; Ozek, Umut; Sapienza, Paola
作者单位：University of Rochester; National Bureau of Economic Research; University of California System; University of California Los Angeles; Analysis Group Inc.; RAND Corporation; Northwestern University
摘要：We study the effect of exposure to immigrants on the educational outcomes of U.S.-born students, using a unique dataset combining population-level birth and school records from Florida. This research question is complicated by the substantial school selection of U.S.-born students, especially among White and comparatively affluent students, in response to the presence of immigrant students in the school. We propose a new identification strategy, comparing sibling outcomes with the inclusion of...
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作者：Gete, Pedro; Zecchetto, Franco
作者单位：IE University
摘要：We show that mortgage recourse systems, by discouraging default, magnify the impact of nominal rigidities. They cause deeper and more persistent recessions. This mechanism can account for up to 31% of the recovery gap during the Great Recession between the U.S., mostly a non-recourse economy, and Spain, a recourse economy. General equilibrium effects explain most of the differences between mortgage systems. With recourse, highly indebted homeowners dramatically cut consumption in a crisis, and...
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作者：Acemoglu, Daron; Tahbaz-Salehi, Alireza
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University
摘要：This paper develops a model to study the macroeconomic implications of supply chain disruptions with three key ingredients: (i) a firm-level network of customized supplier-customer links that generate relationship-specific productivity gains; (ii) bargaining over these relationship-specific surpluses; and (iii) an extensive margin of adjustment, whereby firms decide to form or sever relations with suppliers and customers. We establish equilibrium existence and uniqueness, provide characterizat...
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作者：Acemoglu, Daron; Jensen, Martin Kaae
作者单位：Massachusetts Institute of Technology (MIT); University of Nottingham
摘要：Rich behavioural biases, mistakes, and limits on rational decision-making are often thought to make equilibrium analysis much more intractable. We establish that this is not the case in the context of one-sector growth models such as Ramsey-Cass-Koopmans or Bewley-Aiyagari models. We break down the response of the economy to a change in the environment or policy into two parts: the direct response at the given (pre-tax) prices, and the equilibrium response which plays out as prices change. Our...
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作者：Ashraf, Quamrul H.; Cinnirella, Francesco; Galor, Oded; Gershman, Boris; Hornung, Erik
作者单位：Williams College; University of Bergamo; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Brown University; National Bureau of Economic Research; American University; University of Cologne
摘要：This study argues that the decline of coercive labour institutions over the course of industrialization was partly driven by complementarity between physical capital and effective labour in manufacturing. Given the difficulty of extracting labour effort in care-intensive industrial tasks through monitoring and punishment, capital-owning elites ultimately chose to emancipate workers to induce their supply of effective labour and, thus, boost the return to physical capital. This hypothesis is em...
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作者：Coimbra, Nuno; Rey, Helene
作者单位：European Central Bank; Bank of France; Centre for Economic Policy Research - UK; University of London; London Business School; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：We develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries. When interest rates are high, a decrease in interest rates stimulates investment and decreases aggregate risk. In contrast, when they are low, further stimulus can increase financial instability while inducing a fall in the risk premium. In this case, there ...
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作者：Mennuni, Alessandro; Rubio-Ramirez, Juan F.; Stepanchuk, Serhiy
作者单位：University of Southampton; Emory University
摘要：We present a novel algorithm called Dynamic Perturbation for solving large-scale macroeconomic models. Our approach involves computing first-order Taylor expansions of the policy functions along the entire equilibrium path. This method applies to a wide range of models and offers significantly higher accuracy than traditional perturbation approaches. Remarkably, even when utilising first-order approximations, our method can effectively handle models with strong nonlinearities and occasionally ...
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作者：Viviano, Davide
作者单位：Harvard University
摘要：This article studies the problem of optimally allocating treatments in the presence of spillover effects, using information from a (quasi-)experiment. I introduce a method that maximizes the sample analogue of average social welfare when spillovers occur. I construct semi-parametric welfare estimators with known and unknown propensity scores and cast the optimization problem into a mixed-integer linear program, which can be solved using off-the-shelf algorithms. I derive a strong set of guaran...
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作者：Couture, Victor; Gaubert, Cecile; Handbury, Jessie; Hurst, Erik
作者单位：University of British Columbia; University of California System; University of California Berkeley; University of Pennsylvania; University of Chicago
摘要：We explore the impact of rising incomes at the top of the distribution on spatial sorting patterns within large U.S. cities. We develop and quantify a spatial model of a city with heterogeneous agents and non-homothetic preferences for neighbourhoods with endogenous amenity quality. As the rich get richer, demand increases for the high-quality amenities available in downtown neighbourhoods. Rising demand drives up house prices and spurs the development of higher quality neighbourhoods downtown...
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作者：Acemoglu, Daron; Ajzenman, Nicolas; Aksoy, Cevat Giray; Fiszbein, Martin; Molina, Carlos
作者单位：Massachusetts Institute of Technology (MIT); McGill University; European Bank of Reconstructon & Development; University of London; King's College London; Boston University
摘要：Using large-scale survey data covering more than 110 countries and exploiting within-country variation across cohorts and surveys, we show that individuals with longer exposure to democracy display stronger support for democratic institutions, and that this effect is almost entirely driven by exposure to democracies with successful performance in terms of economic growth, control of corruption, peace and political stability, and public goods provision. Across a variety of specifications, estim...
