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作者：Halac, Marina; Yared, Pierre
作者单位：Yale University; Centre for Economic Policy Research - UK; Columbia University; National Bureau of Economic Research
摘要：We study rules based on instruments versus targets. Our application is a New Keynesian economy where the central bank has non-contractible information about aggregate demand shocks and cannot commit to policy. Incentives are provided to the central bank via punishment which is socially costly. Instrument-based rules condition incentives on the central bank's observable choice of policy, whereas target-based rules condition incentives on the outcomes of policy, such as inflation, which depend o...
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作者：Chari, Amalavoyal; Liu, Elaine M.; Wang, Shing-Yi; Wang, Yongxiang
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作者：Salomao, Juliana; Varela, Liliana
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：This article develops a heterogeneous firm-dynamics model to jointly study firms' currency debt composition and investment choices. In our model, foreign currency borrowing arises from a dynamic trade-off between exposure to currency risk and growth. The model endogenously generates selection of productive firms into foreign currency borrowing. Among them, firms with high marginal product of capital use foreign loans more intensively. We assess econometrically the model's predicted pattern of ...
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作者：Loebbing, Jonas
作者单位：Leibniz Association; Ifo Institut; University of Munich
摘要：This article generalizes central results from the theory of (endogenously) directed technical change to settings where technology does not take a labour-augmenting form and with arbitrarily many levels of skill. Building on simple notions of complementarity, the results remain intuitive despite their generality. The developed theory allows to study the endogenous determination of labour-replacing, that is, automation technology through the lens of directed technical change theory. In an assign...
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作者：Iacovone, Leonardo; Maloney, William; McKenzie, David
作者单位：The World Bank
摘要：Differences in management quality are an important contributor to productivity differences across countries. A key question is how to best improve poor management in developing countries. We test two different approaches to improving management in Colombian auto parts firms. The first uses intensive and expensive one-on-one consulting, while the second draws on agricultural extension approaches to provide consulting to small groups of firms at approximately one-third the cost of the individual...
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作者：Ellis, Andrew; Masatlioglu, Yusufcan
作者单位：University of London; London School Economics & Political Science; University System of Maryland; University of Maryland College Park
摘要：We propose and axiomatize the categorical thinking model (CTM) in which the framing of the decision problem affects how agents categorize alternatives, that in turn affects their evaluation of it. Prominent models of salience, status quo bias, loss-aversion, inequality aversion, and present bias all fit under the umbrella of CTM. This suggests categorization is an underlying mechanism of key departures from the neoclassical model of choice. We specialize CTM to provide a behavioural foundation...
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作者：Barnichon, Regis; Debortoli, Davide; Matthes, Christian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Centre for Economic Policy Research - UK; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Indiana University System; Indiana University Bloomington
摘要：This article argues that an important, yet overlooked, determinant of the government spending multiplier is the direction of the fiscal intervention. Regardless of whether we identify government spending shocks from (1) a narrative approach or (2) a timing restriction, we find that the contractionary multiplier-the multiplier associated with a negative shock to government spending-is above 1 and largest in times of economic slack. In contrast, the expansionary multiplier-the multiplier associa...
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作者：Meghir, Costas; Mobarak, A. Mushfiq; Mommaerts, Corina; Morten, Melanie
作者单位：Yale University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; Stanford University
摘要：We document that an experimental intervention offering transport subsidies for poor rural households to migrate seasonally in Bangladesh improved risk sharing. A theoretical model of endogenous migration and risk sharing shows that the effect of subsidizing migration depends on the underlying economic environment. If migration is risky, a temporary subsidy can induce an improvement in risk sharing and enable profitable migration. We estimate the model and find that the migration experiment inc...
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作者：Chahrour, Ryan; Jurado, Kyle
作者单位：Boston College; Duke University
摘要：Time series methods for identifying structural economic disturbances often require disturbances to satisfy technical conditions that can be inconsistent with economic theory. We propose replacing these conditions with a less restrictive condition called recoverability, which only requires that the disturbances can be inferred from the observable variables. As an application, we show how shifting attention to recoverability makes it possible to construct new identifying restrictions for technol...
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作者：Leister, C. Matthew; Zenou, Yves; Zhou, Junjie
作者单位：Monash University; National University of Singapore
摘要：We study a coordination game among agents in a network. The agents choose whether to take action (e.g. adopting a new technology) in an uncertain environment that yields increasing value in the actions of neighbours. We develop an algorithm that fully partitions the network into communities (coordination sets) within which agents have the same propensity to adopt. Our main finding is that a novel measure of network connectedness, which we term social connectedness, determines the propensity to...
