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作者：Colonnelli, Emanuele; Prem, Mounu
作者单位：University of Chicago; Universidad del Rosario
摘要：We estimate the causal real economic effects of a randomized anti-corruption crackdown on local governments in Brazil using rich micro-data on corruption and firms. After anti-corruption audits, municipalities experience an increase in the number of firms concentrated in sectors most dependent on government relationships and public procurement. Through the estimation of geographic spillovers and additional tests, we show that audits operate via both a direct detection effect as well as through...
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作者：Blundell, Richard; Green, David A.; Jin, Wenchao
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of British Columbia
摘要：The proportion of U.K. people with university degrees tripled between 1993 and 2015. However, over the same period the time trend in the college wage premium has been extraordinarily flat. We show that these patterns cannot be explained by composition changes. Instead, we present a model in which firms choose between centralized and decentralized organizational forms and demonstrate that it can explain the main patterns. We also show the model has implications that differentiate it from both t...
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作者：Altmann, Steffen; Grunewald, Andreas; Radbruch, Jonas
作者单位：IZA Institute Labor Economics; University of Copenhagen; Frankfurt School Finance & Management
摘要：This article investigates how incentives and behavioural policy interventions affect individuals' allocation of scarce cognitive resources. Based on experimental evidence, we demonstrate that incentives systematically influence individuals' allocation of cognitive resources, and their propensity to actively engage with a decision or to stay passive. Policies that steer individuals' attention to a specific decision lead to more active decision-making and better choices in the targeted choice do...
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作者：Ko, Ami
作者单位：Georgetown University
摘要：Informal care provided by adult children substitutes for formal long-term care services. However, information about children is not used in pricing long-term care insurance which pays only for formal care. I start by providing descriptive evidence that private information about children's informal care likelihood results in adverse selection: the market attracts a disproportionate number of individuals who face higher formal care utilization risk due to a lower probability of receiving care fr...
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作者：Fornaro, Luca
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Centre for Economic Policy Research - UK
摘要：Since the creation of the euro, capital flows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to financial integration. The key feature of the model is that monetary policy affects the value of collateral that creditors seize upon default. Under flexible exchange rates, national governments can expropriate foreign creditors by depreciating the exchange rate, which induces investors to impose tight constraints o...
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作者：Buera, Francisco J.; Kaboski, Joseph P.; Rogerson, Richard; Vizcaino, Juan, I
作者单位：Washington University (WUSTL); University of Notre Dame; Princeton University; University of Nottingham
摘要：Using a broad panel of advanced economies, we document that increases in GDP per capita are associated with a systematic shift in the composition of value added to sectors that are intensive in high-skill labour, a process we label as skill-biased structural change. It follows that further development in these economies leads to an increase in the relative demand for skilled labour. We develop a quantitative two-sector model of this process as a laboratory to assess the sources of the rise of ...
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作者：Ritzwoller, David M.; Romano, Joseph P.
作者单位：Stanford University; Stanford University; Stanford University
摘要：We study a class of permutation tests of the randomness of a collection of Bernoulli sequences and their application to analyses of the human tendency to perceive streaks of consecutive successes as overly representative of positive dependence-the hot hand fallacy. In particular, we study permutation tests of the null hypothesis of randomness (i.e. that trials are i.i.d.) based on test statistics that compare the proportion of successes that directly follow k consecutive successes with either ...
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作者：Asriyan, Vladimir; Laeven, Luc; Martin, Alberto
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作者：Argente, David; Yeh, Chen
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This article documents a new set of stylized facts on how pricing moments depend on product age and emphasizes how this heterogeneity is crucial for the amplification of nominal shocks to the real economy. Exploiting information from a unique panel containing billions of transactions in the US consumer goods sector, we show that our empirical findings are consistent with a narrative in which firms face demand uncertainty and learn through prices. Such a mechanism of active learning from prices...
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作者：Michelacci, Claudio; Paciello, Luigi; Pozzi, Andrea
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：About half of the change in U.S. non-durable consumption expenditure is due to changes in the products entering households' consumption basket (the extensive margin). Changes in the basket are driven by fluctuations in the rate at which households add products; removals fluctuate little. These patterns reflect that, in response to income increases, households adopt consumer products already available in the market. Household adoption amplifies the effects of fiscal transfers on consumption by ...
