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作者：Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
作者单位：Sabanci University; Arizona State University; Arizona State University-Tempe
摘要：What are the macroeconomic effects of transfers to households with children? How do alternative policies fare in welfare terms? We answer these questions in an equilibrium life-cycle model with household labour supply decisions, skill losses of females associated to non-participation, and heterogeneity in terms of fertility, childcare expenditures, and access to informal care. Calibrating our model to the U.S. economy, we first provide a roadmap for policy evaluation by contrasting transfers t...
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作者：Rees-Jones, Alex; Taubinsky, Dmitry
作者单位：Cornell University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：What mental models do individuals use to approximate their tax schedule? Using incentivized forecasts of the U.S. Federal income tax schedule, we estimate the prevalence of the schmeduling heuristics for constructing mental representations of nonlinear incentive schemes. We find evidence of widespread reliance on the ironing heuristic, which linearizes the tax schedule using one's average tax rate. In our preferred specification, 43% of the population irons. We find no evidence of reliance on ...
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作者：Andolfatto, David; Berentsen, Aleksander; Martin, Fernando M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Basel
摘要：The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical nature of this interaction, however, has not been fully explored. To this end, we integrate the Diamond (1997, Journal of Political Economy 105, 928-956) model of banking and financial markets with the Lagos and Wright (2005, Journal of Political Economy 113, 463-484) dynamic model of monetary exchange-a union that bears a framework in which fractional reserve banks emerge in equi...
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作者：Cage, Julia; Herve, Nicolas; Viaud, Marie-Luce
作者单位：Centre for Economic Policy Research - UK
摘要：News production requires investment, and competitors' ability to appropriate a story may reduce a media's incentives to provide original content. Yet, there is little legal protection of intellectual property rights in online news production, which raises the issue of the extent of copying online and the incentives to provide original content. In this article, we build a unique dataset combining all the online content produced by French news media during the year 2013 with new micro audience d...
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作者：Goeree, Jacob K.; Lindsay, Luke
作者单位：University of New South Wales Sydney; University of Exeter
摘要：Markets have an exposure problem when getting to the optimal allocation requires a sequence of transactions which if started but not completed leaves at least one trader with losses. We use laboratory experiments to evaluate the effect of the exposure problem on alternative market mechanisms. The continuous double auction performs poorly: efficiency is only 20% when exposure is high and 55% when it is low. Apackage market effectively eliminates the exposure problem: in lowand high-exposure tre...
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作者：Schennach, Susanne M.
作者单位：Brown University
摘要：The traditional approach to obtain valid confidence intervals for non-parametric quantities is to select a smoothing parameter such that the bias of the estimator is negligible relative to its standard deviation. While this approach is apparently simple, it has two drawbacks: first, the question of optimal bandwidth selection is no longer well-defined, as it is not clear what ratio of bias to standard deviation should be considered negligible. Second, since the bandwidth choice necessarily dev...
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作者：Abito, Jose Miguel
作者单位：University of Pennsylvania
摘要：I empirically measure the welfare gains from optimal incentive regulation in the context of electric utilities facing both emissions and rate of return regulation (RORR). I provide evidence that RORR induces lower fuel efficiency, leading to greater coal consumption and higher emissions abatement costs. Replacing RORR with the optimal mechanism of Laffont and Tirole (1986) yields annual welfare gains of $686 million or a 11% reduction in electricity prices. I construct a much simpler two-contr...
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作者：Michelacci, Claudio; Paciello, Luigi
作者单位：Center for Economic & Policy Research (CEPR)
摘要：We study the effects of monetary announcements when agents face Knightian uncertainty about the commitment capacity of the monetary authority. Households are ambiguity averse and differentially exposed to inflation due to differences in wealth. In response to the announcement of a future monetary loosening, only wealthy households (creditors) act as if the announcement will be fully implemented, due to the potential wealth losses from future inflation. As a result the economy responds as if ag...
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作者：Butikofer, Aline; Salvanes, Kjell G.
作者单位：Norwegian School of Economics (NHH)
摘要：This article examines the economic impact of a tuberculosis control program launched in Norway in 1948. In the 1940s, Norway had one of the highest tuberculosis infection rates in Europe, affecting about 85% of the inhabitants. To lower the disease burden, the Norwegian government launched a largescale tuberculosis testing and vaccination campaign that substantially reduced tuberculosis infection rates among children. We find that cohorts in school during and after the campaign in municipaliti...
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作者：Grobovsek, Jan
作者单位：University of Edinburgh
摘要：I propose a novel general equilibrium framework to quantify the impact of law enforcement on the internal organization of firms and thereby on aggregate outcomes. The model features an agency problem between the firm and its middle managers. Imperfect law enforcement allows middle managers to divert revenue from firms, which reduces delegation and constrains firm size. I use French matched employer-employee data for evidence of the model's pattern of managerial wages. Relative to the French be...
