-
作者：Fan, Jingting
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：I model and quantify the impact of a new dimension of globalization: offshore R&D. In the model, firms employ researchers across the globe to develop new product blueprints and then engage in offshore production and exporting. Frictions impeding trade and the separation of production from R&D lead to a market-access motive for offshore R&D, while cross-country differences in the distributions of firm knowhow and worker ability generate a talent-acquisition motive. I discipline the model using ...
-
作者：Baker, Scott R.; Bloom, Nicholas; Terry, Stephen J.
作者单位：Northwestern University; National Bureau of Economic Research; Stanford University; Boston University
摘要：Uncertainty rises in recessions and falls in booms. But what is the causal relationship? We construct cross-country panel data on stock market returns to proxy for first- and second-moment shocks and instrument these with natural disasters, terrorist attacks, and political shocks. Our IV regression results reveal a robust negative short-term impact of second moments (uncertainty) on growth. Employing multiple vector autoregression estimation approaches, relying on a range of identifying assump...
-
作者：De Nardi, Mariacristina; Fella, Giulio; Paz-Pardo, Gonzalo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of London; Queen Mary University London; University of Bologna; European Central Bank
摘要：The extent to which households can self-insure depends on family structure and wage risk. We calibrate a model of couples and singles' savings and labour supply under two types of wage processes. The first wage process is the canonical-age-independent, linear-one that is typically used to evaluate government insurance provision. The second wage process is a flexible one. We use our model to evaluate the optimal mix of the two most common types of means-tested benefits-IW versus income floor. T...
-
作者：Kamada, Yuichiro; Kojima, Fuhito
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：This paper studies a general model of matching with constraints. Observing that a stable matching typically does not exist, we focus on feasible, individually rational, and fair matchings. We characterize such matchings by fixed points of a certain function. Building on this result, we characterize the class of constraints on individual schools under which there exists a student-optimal fair matching, the matching that is the most preferred by every student among those satisfying the three des...
-
作者：Oehmke, Martin; Opp, Marcus M.
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Stockholm School of Economics
摘要：We characterize the conditions under which a socially responsible (SR) fund induces firms to reduce externalities, even when profit-seeking capital is in perfectly elastic supply. Such impact requires that the SR fund's mandate permits the fund to trade off financial performance against reductions in social costs-relative to the counterfactual in which the fund does not invest in a given firm. Based on such an impact mandate, we derive the social profitability index, an investment criterion th...
-
作者：Ferriere, Axelle; Navarro, Gaston
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Historically, large changes in U.S. government spending induced fiscal efforts that were not all alike, with some using more progressive taxes than others. We develop a heterogeneous-agent New Keynesian model to analyse how the distribution of taxes across households shapes spending multipliers. The model yields empirically realistic distributions in marginal propensities to consume and labour elasticities, which result in lower responsiveness to tax changes for higher-income earners. In turn,...
-
作者：Galperti, Simone; Levkun, Aleksandr; Perego, Jacopo
作者单位：University of California System; University of California San Diego; Columbia University
摘要：Many e-commerce platforms use buyers' personal data to intermediate their transactions with sellers. How much value do such intermediaries derive from the data record of each single individual? We characterize this value and find that one of its key components is a novel externality between records, which arises when the intermediary pools some records to withhold the information they contain. Our analysis has several implications about compensating individuals for the use of their data, guidi...
-
作者：Cisternas, Gonzalo; Kolb, Aaron
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania
摘要：We study dynamic signalling when the sender does not see the signals that her actions generate. The sender then uses her past play to forecast what a receiver believes, in turn forcing the receiver to forecast the previous forecast, and so forth. We identify a class of linear-quadratic-Gaussian games where this endogenous higher-order uncertainty can be handled. The sender's second-order belief is key: it is a private state that she controls, and it creates a new channel for information transm...
-
作者：Radbruch, Jonas; Schiprowski, Amelie
作者单位：Humboldt University of Berlin; University of Bonn
摘要：Interviewing is a decisive stage of most processes that match candidates to firms and organizations. This article studies how and why a candidate's interview outcome depends on the other candidates interviewed by the same evaluator. We use large-scale data from high-stakes admission and hiring processes, where candidates are quasi-randomly assigned to evaluators and time slots. We find that the individual assessment decreases as the quality of other candidates assigned to the same evaluator in...
-
作者：Akcigit, Ufuk; Pearce, Jeremy; Prato, Marta
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - New York; Bocconi University
摘要：How do innovation and education policy affect individual career choices and aggregate productivity? This paper analyses the effect of R&D subsidies and higher education policy on productivity growth through the supply of innovative talent. We put scarce talent, higher education attainment, and career choice at the centre of a new endogenous growth framework with individual-level heterogeneity in talent, financial resources, and preferences. We link the model to micro-level data from Denmark on...
