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作者：Rosenzweig, Mark R.; Udry, Christopher
作者单位：Yale University; Northwestern University
摘要：We examine empirically the generalizability of internally valid micro-estimates of causal effects in a fixed population over time when that population is subject to aggregate shocks. Using panel data, we show that the returns to investments in agriculture in India and Ghana, small and medium non-farm enterprises in Sri Lanka, and schooling in Indonesia fluctuate significantly across time periods. We show howthe returns to these investments interact with specific, measurable, and economically r...
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作者：Broer, Tobias; Hansen, Niels-Jakob Harbo; Krusell, Per; Oberg, Erik
作者单位：National Bureau of Economic Research; Uppsala University
摘要：We present a tractable heterogeneous-agent version of the New Keynesian model that allows us to study the interaction between inequality and monetary policy. Though formulated as a precautionary-saving model a la Huggett-Aiyagari, its reduced form is a two-agent model with a highly concentrated wealth distribution. When prices are sticky and wages flexible, as in the textbook representative-agent model, monetary policy affects the distribution of consumption, but has no effect on output as wor...
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作者：Dell, Melissa; Olken, Benjamin A.
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Colonial powers typically organized economic activity in the colonies to maximize their economic returns. While the literature has emphasized long-run negative economic impacts via institutional quality, the changes in economic organization implemented to spur production historically could also directly influence economic organization in the long-run, exerting countervailing effects. We examine these in the context of the Dutch Cultivation System, the integrated industrial and agricultural sys...
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作者：Berger, David; Dew-Becker, Ian; Giglio, Stefano
作者单位：Northwestern University; National Bureau of Economic Research; Yale University
摘要：We provide evidence on the relationship between aggregate uncertainty and the macroeconomy. Identifying uncertainty shocks using methods from the news shocks literature, the analysis finds that innovations in realized stock market volatility are robustly followed by contractions, while shocks to forward-looking uncertainty have no significant effect on the economy. Moreover, investors have historically paid large premia to hedge shocks to realized but not implied volatility. A model in which f...
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作者：Cloyne, James; Ferreira, Clodomiro; Surico, Paolo
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Banco de Espana; University of London; London Business School
摘要：Using household survey data for the U.S. and the U.K., we show that the aggregate response of consumption to interest rate changes is driven by households with a mortgage. Outright home-owners do not adjust expenditure at all while renters change their spending but by less than mortgagors. Income rises for all households as interest rate cuts directly affect firm investment and household consumption, boosting aggregate demand. A crucial difference between the housing tenure groups is the compo...
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作者：Fouka, Vasiliki
作者单位：Stanford University
摘要：Do forced assimilation policies always succeed in integrating immigrant groups? This article examines how a specific assimilation policy-language restrictions in elementary school-affects integration and identification with the host country later in life. After World War I, several U.S. states barred the German language from their schools. Affected individuals were less likely to volunteer in World War II and more likely to marry within their ethnic group and to choose decidedly German names f...
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作者：Grosfeld, Irena; Sakalli, Seyhun Orcan; Zhuravskaya, Ekaterina
作者单位：Paris School of Economics; University of Lausanne; Paris School of Economics
摘要：Using detailed panel data from the Pale of Settlement area between 1800 and 1927, we document that anti-Jewish pogroms-mob violence against the Jewish minority-broke out when economic shocks coincided with political turmoil. When this happened, pogroms primarily occurred in places where Jews dominated middleman occupations, i.e., moneylending and grain trading. This evidence is inconsistent with the scapegoating hypothesis, according to which Jews were blamed for all misfortunes of the majorit...
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作者：De Giorgi, Giacomo; Frederiksen, Anders; Pistaferri, Luigi
作者单位：University of Geneva; Center for Economic & Policy Research (CEPR); Aarhus University; Stanford University; National Bureau of Economic Research
摘要：In this article we study consumption network effects. Does the consumption of our peers affect our own consumption? How large is such effect? What are the economic mechanisms behind it? We use administrative panel data on Danish households to construct a measure of consumption based on tax records on income and assets. We combine tax record data with matched employer-employee data to identify peer groups based on workplace, which gives us a much tighter and credible definition of networks than...
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作者：Tabellini, Marco
作者单位：Harvard University
摘要：In this article, I jointly investigate the political and the economic effects of immigration, and study the causes of anti-immigrant sentiments. I exploit exogenous variation in European immigration to U.S. cities between 1910 and 1930 induced by World War I and the Immigration Acts of the 1920s, and instrument immigrants' location decision relying on pre-existing settlement patterns. I find that immigration triggered hostile political reactions, such as the election of more conservative legis...
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作者：Yang, Ming
作者单位：Duke University
摘要：This article studies a security design problem featuring flexible information acquisition. To raise liquidity, a seller issues a security backed by her asset in place at the price she proposes to a buyer. Before deciding whether to accept the offer, the buyer can acquire costly information about the underlying asset. This case differs from the existing literature on security design, in that the buyer has the full flexibility of choosing not only the amount of resources to spend in information ...
