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作者：Adhvaryu, Achyuta; Nyshadham, Anant; Tamayo, Jorge
作者单位：National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; National Bureau of Economic Research; Harvard University
摘要：Do productivity and managerial quality vary within the firm? If so which managerial traits and practices matter most for team productivity? Combining granular garment production data with survey data on managers across 120 production lines in India, we document substantial productivity dispersion both across teams producing overlapping products and within team over the course of production runs, and structurally link this variation to a comprehensive assessment of supervisor quality. We find t...
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作者：Giupponi, Giulia; Landais, Camille
作者单位：Bocconi University; University of London; London School Economics & Political Science
摘要：Short-time work (STW) policies provide subsidies for hour reductions to workers in firms experiencing temporary shocks. They are the main policy tool used to support labour hoarding during downturns and were aggressively used during the coronavirus disease 2019 (COVID-19) pandemic. Yet, very little is known about their employment and welfare consequences. This article leverages unique administrative social security data from Italy and quasi-experimental variation in STW policy rules to offer e...
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作者：Imas, Alex; Madarasz, Kristof
作者单位：University of Chicago; University of London; London School Economics & Political Science
摘要：We propose that a person's desire to consume an object or possess an attribute increases in how much others want but cannot have it. We term this motive imitative superiority-seeking and show that it generates preferences for exclusion that help explain a host of market anomalies and make novel predictions in a variety of domains. In bilateral exchange, trade becomes more zero-sum, leading to an endowment effect. People's value of consuming a good increases in its scarcity, which generates a m...
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作者：Cloyne, James; Dimsdale, Nicholas; Postel-Vinay, Natacha
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Oxford; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Centre for Economic Policy Research - UK
摘要：The impact of fiscal policy on economic activity is still a matter of great debate. And, ever since Keynes first commented on it, interwar Britain, 1918-39, has remained a particularly interesting and contentious case-not least because of its high-debt environment and turbulent business cycle. This debate has often focused on the effects of government spending, but little is known about the effects of tax changes. In fact, a number of tax reforms in the period focused on long-term and social o...
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作者：Bursztyn, Leonardo; Rao, Aakaash; Roth, Christopher; Yanagizawa-Drott, David
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University; University of Cologne; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; University of Zurich
摘要：The rise of opinion programs has transformed television news. Because they present anchors' subjective commentary and analysis, opinion programs often convey conflicting narratives about reality. We experimentally document that people across the ideological spectrum turn to opinion programs over straight news, even when provided large incentives to learn objective facts. We then examine the consequences of diverging narratives between opinion programs in a high-stakes setting: the early stages...
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作者：Koijen, Ralph S. J.; Richmond, Robert J.; Yogo, Motohiro
作者单位：University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK; New York University; Princeton University
摘要：Based on an asset demand system, we develop a framework to quantify the impact of market trends and changes in regulation on asset prices, price informativeness, and the wealth distribution. Our leading applications are the transition from active to passive investment management and climate-induced shifts in asset demand. The transition from active to passive investment management had a large impact on equity prices but a small impact on price informativeness because capital did not flow from ...
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作者：Davila, Eduardo; Hebert, Benjamin
作者单位：Yale University; National Bureau of Economic Research; Stanford University
摘要：This article studies the optimal design of corporate taxes when firms have private information about future investment opportunities and face financial constraints. A government whose goal is to efficiently raise a given amount of revenue from its corporate sector should attempt to tax unconstrained firms, which value resources inside the firm less than financially constrained firms. We show that a corporate payout tax (a tax on dividends and share repurchases) can both separate constrained an...
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作者：Nagy, David Krisztian
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作者：Molavi, Pooya; Tahbaz-Salehi, Alireza; Vedolin, Andrea
作者单位：Northwestern University; Centre for Economic Policy Research - UK; Boston University; National Bureau of Economic Research
摘要：This paper analyses how limits to the complexity of statistical models used by market participants can shape asset prices. We consider an economy in which the stochastic process that governs the evolution of economic variables may not have a simple representation, and yet, agents are only capable of entertaining statistical models with a certain level of complexity. As a result, they may end up with a lower-dimensional approximation that does not fully capture the intertemporal complexity of t...
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作者：Beach, Brian; Hanlon, W. Walker
作者单位：Vanderbilt University; National Bureau of Economic Research; Northwestern University; Centre for Economic Policy Research - UK
摘要：The historical transition to a low fertility regime was central for long-run growth, but what caused it? Existing economic explanations largely focus on the economic incentives to limit fertility. This article presents new evidence highlighting the importance of cultural forces as a complementary driver of the fertility transition. We leverage a sharp change in fertility in Britain in 1877 and document large synchronized declines in fertility among culturally British households residing outsid...
