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作者：Broner, Fernando; Clancy, Daragh; Erce, Aitor; Martin, Alberto
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; European Central Bank; Central Bank of Ireland; Universidad Publica de Navarra
摘要：This article explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are likely to be weaker when governments have access to foreign savings when selling their debt, leading to larger fiscal multipliers. We test th...
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作者：Ambrus, Attila; Gao, Wayne; Milan, Pau
作者单位：Duke University; University of Pennsylvania; Autonomous University of Barcelona; Barcelona School of Economics
摘要：This article considers the effect of contracting limitations in risk-sharing networks, arising for example from observability, verifiability, complexity, or cultural constraints. We derive necessary and sufficient conditions for Pareto efficiency under these constraints in a general setting, and we provide an explicit characterization of Pareto efficient bilateral transfer profiles under CARA utility and normally distributed endowments. Our model predicts that network centrality is positively ...
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作者：Mikusheva, Anna; Sun, Liyang
作者单位：Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：We develop a concept of weak identification in linear instrumental variable models in which the number of instruments can grow at the same rate or slower than the sample size. We propose a jackknifed version of the classical weak identification-robust Anderson-Rubin (AR) test statistic. Large-sample inference based on the jackknifed AR is valid under heteroscedasticity and weak identification. The feasible version of this statistic uses a novel variance estimator. The test has uniformly correc...
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作者：Carrera, Mariana; Royer, Heather; Stehr, Mark; Sydnor, Justin; Taubinsky, Dmitry
作者单位：Montana State University System; Montana State University Bozeman; National Bureau of Economic Research; University of California System; University of California Santa Barbara; Drexel University; University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California Berkeley
摘要：This article investigates whether offers of commitment contracts, in the form of self-imposed choice-set restrictions and penalties with no financial upside, are well-targeted tools for addressing self-control problems. In an experiment on gym attendance (N = 1, 248), we examine take-up of commitment contracts and also introduce a separate elicitation task to identify actual and perceived time inconsistency. There is high take-up of commitment contracts for greater gym attendance, resulting in...
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作者：Nakamura, Emi; Sigurdsson, Josef; Steinsson, Jon
作者单位：University of California System; University of California Berkeley; Norwegian School of Economics (NHH)
摘要：We exploit a volcanic experiment to study the costs and benefits of geographic mobility. In our experiment, a third of the houses in a town were covered by lava. People living in these houses were much more likely to move away permanently. For the dependents in a household (children), our estimates suggest that being induced to move by the lava shock dramatically raised lifetime earnings and education. While large, these estimates come with a substantial amount of statistical uncertainty. The ...
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作者：Proto, Eugenio; Rustichini, Aldo; Sofianos, Andis
作者单位：University of Glasgow; Centre for Economic Policy Research - UK; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; University of Minnesota System; University of Minnesota Twin Cities; Ruprecht Karls University Heidelberg
摘要：We study how strategic interaction and cooperation are affected by the heterogeneity of cognitive skills of groups of players, over consecutive plays of repeated games with randomly matched opponents using Prisoner's Dilemma as stage game. We observe overall higher cooperation rates and average final payoffs in integrated treatment groups-where subjects of different IQ levels interact together-than in separated treatment groups. Lower IQ subjects are better off and higher IQ subjects are worse...
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作者：Igami, Mitsuru; Sugaya, Takuo
作者单位：Stanford University
摘要：Do mergers help or hinder collusion? This article studies the stability of the vitamin cartels in the 1990s and presents a repeated-games approach to quantify coordinated effects of a merger. We use data and direct evidence from American courts and European agencies to show the collusive incentive of the short-lived vitamin C cartel was likely to be negative when it actually collapsed in 1995, whereas the incentives of the long-lived cartels (vitamins A and E, and beta carotene) were unambiguo...
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作者：Lundborg, Petter; Rooth, Dan-Olof; Alex-Petersen, Jesper
作者单位：Lund University; Stockholm University; Lund University
摘要：We study the long-term impact of a policy-driven change in childhood nutrition. For this purpose, we evaluate a program that rolled out nutritious school lunches free of charge to all pupils in Swedish primary schools between 1959 and 1969. We estimate the impact of the program on children's economic, educational, and health outcomes throughout life. Our results show that the school lunch program generated substantial long-term benefits, where pupils exposed to the program during their entire ...
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作者：Hufe, Paul; Kanbur, Ravi; Peichl, Andreas
作者单位：University of Bristol; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Cornell University; Leibniz Association; Ifo Institut; University of Munich
摘要：Empirical evidence on distributional preferences shows that people do not judge inequality as problematic per se but that they take into account the fairness or unfairness of the outcome. This article conceptualizes a view of unfair inequality and introduces a new measure of inequality based on two widely held fairness principles: equality of opportunity and freedom from poverty. It develops a method for decomposing inequality and its trends into an unfair and a fair component. We provide two ...
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作者：Benabou, Roland; Ticchi, Davide; Vindigni, Andrea
作者单位：Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); IZA Institute Labor Economics; Marche Polytechnic University; University of Genoa
摘要：We study the co-evolution of religion, science, and politics. We first uncover, in international and U.S. data, a robust negative relationship between religiosity and patents per capita. The model then combines: (1) scientific discoveries that raise productivity but sometimes erode religious beliefs; (2) a government that allows innovations to diffuse, or blocks them; (3) religious institutions that can invest in doctrinal reform. Three long-term outcomes emerge. The Western-European Seculariz...
