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作者：D'Acunto, Francesco; Hoang, Daniel; Paloviita, Maritta; Weber, Michael
作者单位：Georgetown University; Helmholtz Association; Karlsruhe Institute of Technology; Bank of Finland; University of Chicago
摘要：We use administrative and survey-based micro data to study the relationship between cognitive abilities (IQ), the formation of inflation expectations, and the consumption plans of a representative male population. High-IQ men display 50% lower forecast errors for inflation than other men. High-IQ men, but not others, have consistent inflation expectations and perceptions over time. In terms of choice, only high-IQ men increase their consumption propensity when expecting higher inflation as the...
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作者：Herkenhoff, Kyle; Phillips, Gordon; Cohen-Cole, Ethan
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Dartmouth College
摘要：How do consumer credit markets affect the allocation of workers to firms, output, and labour productivity? We address this question in two steps. First, we use new micro-data to estimate empirical elasticities of job search patterns to credit. Second, we estimate our novel theory of sorting under risk aversion to match these elasticities, and then we conduct aggregate counterfactuals. Empirically, we show that an increase in credit limits worth 10% of prior annual earnings allows individuals t...
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作者：Johnsen, Julian, V; Ku, Hyejin; Salvanes, Kjell G.
作者单位：University of Bergen; University of London; University College London; Norwegian School of Economics (NHH)
摘要：In standard promotion tournaments, contestants are ranked based on their output or productivity. We argue that workers' career progression may also depend on their relative rankings in dimensions a priori unrelated to their job performance, such as visibility or in-person presence. Such implicit tournaments may rationalize a variety of seemingly counterproductive practices in the workplace, including long working hours, low uptake of statutory leave, and presenteeism. We illustrate the signifi...
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作者：de Bresser, Jochem
作者单位：Tilburg University; Tilburg University
摘要：This article shows that individual-level heterogeneity in survival expectations derived from subjective survey information improves the out-of-sample predictions of a dynamic model of retirement and saving. We consider three approaches to modelling survival: life tables, average subjective expectations, and individual-specific estimates based on reported survival probabilities. The models are estimated using Dutch data from the 1990s, a period during which workers could retire from age 59 at n...
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作者：Boehm, Michael J.; Metzger, Daniel; Stromberg, Per
作者单位：Dortmund University of Technology; IZA Institute Labor Economics; Swedish House of Finance; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; European Corporate Governance Institute; Stockholm School of Economics; Centre for Economic Policy Research - UK
摘要：Financial sector wages have increased extraordinarily over the last decades. We address two potential explanations for this increase: (1) rising demand for talent and (2) firms sharing rents with their employees. Matching administrative data of Swedish workers, which include unique measures of individual talent, with financial information on their employers, we find no evidence that talent in finance improved, neither on average nor at the top. The increase in relative finance wages is present...
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作者：Straub, Ludwig; Ulbricht, Robert
作者单位：Harvard University; National Bureau of Economic Research; Boston College
摘要：We develop a theory of endogenous uncertainty in which the ability of investors to learn about firm-level fundamentals is impaired during financial crises. At the same time, higher uncertainty reinforces financial distress. Through this two-way feedback loop, a temporary financial shock can cause a persistent reduction in risky lending, output, and employment that coincides with increased uncertainty, default rates, credit spreads, and disagreement among forecasters. We embed our mechanism int...
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作者：Kleiner, Morris M.; Soltas, Evan J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research
摘要：We assess the welfare consequences of occupational licensing for workers and consumers. We estimate a model of labour market equilibrium in which licensing restricts labour supply but also affects labour demand via worker quality and selection. On the margin of occupations licensed differently between U.S. states, we find that licensing raises wages and hours but reduces employment. We estimate an average welfare loss of 12% of occupational surplus. Workers and consumers respectively bear 70% ...
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作者：Ollar, Mariann; Penta, Antonio
作者单位：University of Edinburgh; Pompeu Fabra University; ICREA
摘要：We study robust mechanism design in environments in which agents commonly believe that others' types are identically distributed, but we do not assume that the actual distribution is common knowledge, nor that it is known to the designer. First, we characterize all incentive compatible transfers under these assumptions. Second, we characterize the conditions under which full implementation is possible via direct mechanisms, that only elicit payoff relevant information, and the transfer schemes...
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作者：Engel, Charles; Wu, Steve Pak Yeung
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of California System; University of California San Diego
摘要：We find strong empirical evidence that the liquidity yield on government bonds in combination with standard economic fundamentals can well account for nominal exchange rate movements. We find impressive evidence that changes in the liquidity yield are significant in explaining exchange rate changes for all the G10 countries, and we stress that the US dollar is not special in this relationship. We show how these relationships arise out of a canonical two-country New Keynesian model with liquidi...
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作者：[Anonymous]
