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作者：Begenau, J.; Landvoigt, T.
作者单位：Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Pennsylvania
摘要：How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a quantitative general equilibrium model with regulated and unregulated banks to study the unintended consequences of regulation. Tighter capital requirements for regulated banks cause higher convenience yield on debt of all banks, leading to higher shadow bank leverage and a larger shadow banking sector. At the same time, tighter regulation eliminates the subsidies to commercial banks f...
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作者：Barnichon, Regis; Zylberberg, Yanos
作者单位：Centre for Economic Policy Research - UK; University of Bristol; Leibniz Association; Ifo Institut; Alan Turing Institute
摘要：Unemployment insurance (UI) programs traditionally take the form of a single insurance contract offered to job seekers. In this work, we show that offering a menu of contracts can be welfare improving in the presence of adverse selection and moral hazard. When insurance contracts are composed of (1) a UI payment and (2) a severance payment paid at the onset of unemployment, offering contracts with different ratios of UI benefits to severance payment is optimal under the equivalent of a single-...
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作者：Keller, Wolfgang; Utar, Hale
作者单位：University of Colorado System; University of Colorado Boulder; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Grinnell College
摘要：Facing the same labour demand shock through imports from China, we show that men and women make different labour market and family adjustments that result in significant long-run gender inequality. The gender gap is driven by the female biological clock. Using population registers and matched employer-employee data from Denmark, we document that especially women in their late 30s, towards the end of their biological clock, decide to have a baby as the shock causes displacement. High-earning wo...
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作者：Schankerman, Mark; Schuett, Florian
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Tilburg University
摘要：Critics claim that patent screening is ineffective, granting low-quality patents that impose unnecessary social costs. We develop an integrated framework, involving patent office examination, fees, and endogenous validity challenges in the courts, to study patent screening both theoretically and quantitatively. In our model, some inventions require the patent incentive while others do not, and asymmetric information creates a need for screening. We show that the endogeneity of challenges impli...
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作者：Fanelli, S.; Straub, Ludwig
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作者：Ager, Philipp; Bursztyn, Leonardo; Leucht, Lukas; Voth, Hans-Joachim
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley; University of Zurich
摘要：Using newly collected data on death rates and aerial victories of more than 5,000 German fighter pilots during World War II, we examine the effects of public recognition on performance and risk-taking. When a particular pilot is honoured publicly, both the victory rate and the death rate of his former peers increase. Fellow pilots react more if they come from the same region of Germany, or if they worked closely with him. Our results suggest that personal rivalry can be a prime motivating forc...
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作者：Chahrour, Ryan; Valchev, Rosen
作者单位：Boston College
摘要：We propose a model in which the emergence of a single dominant currency is driven by the need to finance international trade. The model generates multiple stable steady states, each characterized by a different dominant asset, consistent with the historical durability of real-world currency regimes. The persistence of regimes is caused by a positive interaction between the returns to saving in an asset and the use of that asset for financing trade. A calibrated version of the model shows that ...
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作者：Verdier, Valentin; Reeling, Carson
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Purdue University System; Purdue University
摘要：Allocating resources without monetary payments is expected to yield inefficient allocations. Theory suggests that introducing rationing when resources are allocated repeatedly over time can mitigate this issue, while the magnitude of the resulting efficiency gains is an empirical question in most settings. We study a dynamic assignment mechanism used by the Michigan Department of Natural Resources to allocate bear hunting licenses and find that it yields a more efficient allocation than static...
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作者：Boar, Corina; Gorea, Denis; Midrigan, Virgiliu
作者单位：New York University; National Bureau of Economic Research
摘要：We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents can extract home equity by refinancing their mortgages. The model implies that four-fifths of homeowners are liquidity constrained and willing to pay an average of 13 cents to extract an additional dollar of liquidity from their home. Most homeowners value liquidity for precautionary reasons, anticipating the possibilit...
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作者：Celebi, Oguzhan; Flynn, Joel P.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：In many centralized matching markets, agents' property rights over objects are derived from a coarse transformation of an underlying score. Prominent examples include the distance-based system employed by Boston Public Schools, where students who lived within a certain radius of each school were prioritized over all others, and the income-based system used in New York public housing allocation, where eligibility is determined by a sharp income cutoff. Motivated by this, we study how to optimal...
