-
作者：Bertrand, Marianne; Black, Sandra E.; Jensen, Sissel; Lleras-Muney, Adriana
作者单位：Center for Economic & Policy Research (CEPR); IZA Institute Labor Economics; National Bureau of Economic Research; University of Texas System; University of Texas Austin; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH); University of California System; University of California Los Angeles
摘要：In late 2003, Norway passed a law mandating 40% representation of each gender on the board of public limited liability companies. The primary objective of this reform was to increase the representation of women in top positions in the corporate sector and decrease the gender disparity in earnings within that sector. We document that the women appointed to these boards post-reform were observably more qualified than their female predecessors along many dimensions, and that the gender gap in ear...
-
作者：Rampini, Adriano A.; Viswanathan, S.
作者单位：Duke University
摘要：We propose a dynamic theory of financial intermediaries that are better able to collateralize claims than households, that is, have a collateralization advantage. Intermediaries require capital as they have to finance the additional amount that they can lend out of their own net worth. The net worth of financial intermediaries and the corporate sector are both state variables affecting the spread between intermediated and direct finance and the dynamics of real economic activity, such as inves...
-
作者：Aghion, Philippe; Akcigit, Ufuk; Bergeaud, Antonin; Blundell, Richard; Hemous, David
作者单位：Universite PSL; College de France; University of London; London School Economics & Political Science; University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; European Central Bank; Bank of France; University of London; University College London; University of London; London School Economics & Political Science; University of Zurich
摘要：In this article, we use cross-state panel and cross-U.S. commuting-zone data to look at the relationship between innovation, top income inequality and social mobility. We find positive correlations between measures of innovation and top income inequality. We also show that the correlations between innovation and broad measures of inequality are not significant. Next, using instrumental variable analysis, we argue that these correlations at least partly reflect a causality from innovation to to...
-
作者：Arkolakis, Costas; Costinot, Arnaud; Donaldson, Dave; Rodriguez-Clare, Andrs
作者单位：Yale University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
摘要：We study the gains from trade liberalization in models with monopolistic competition, firm-level heterogeneity, and variable markups. For a large class of demand functions used in the international macro and trade literature, we derive a parsimonious generalization of the welfare formula in Arkolakis et al. (2012). We then use both estimates from micro-level trade data and evidence regarding firm-level pass-through to quantify the implications of this new formula. Within the class of models th...
-
作者：Enke, Benjamin; Zimmermann, Florian
作者单位：Harvard University; National Bureau of Economic Research; University of Bonn
摘要：Many information structures generate correlated rather than mutually independent signals, the news media being a prime example. This article provides experimental evidence that many people neglect the resulting double-counting problem in the updating process. In consequence, beliefs are too sensitive to the ubiquitous telling and re-telling of stories and exhibit excessive swings. We identify substantial and systematic heterogeneity in the presence of the bias and investigate the underlying me...
-
作者：Dovis, Alessandro
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：In this article, I show that the key aspects of sovereign debt crises can be rationalized as part of the efficient risk-sharing arrangement between a sovereign borrower and foreign lenders in a production economy with informational and commitment frictions. The constrained efficient allocation involves ex post inefficient outcomes that resemble sovereign default episodes in the data and can be implemented with non-contingent defaultable bonds and active maturity management. Defaults and period...
-
作者：Fang, Zheng; Santos, Andres
作者单位：Texas A&M University System; Texas A&M University College Station; University of California System; University of California Los Angeles
摘要：This article studies an asymptotic framework for conducting inference on parameters of the form f(.0), where f is a known directionally differentiable function and.0 is estimated by <^>.n. In these settings, the asymptotic distribution of the plug- in estimator f( <^>.n) can be derived employing existing extensions to the Delta method. We show, however, that ( full) differentiability of f is a necessary and sufficient condition for bootstrap consistency whenever the limiting distribution of <^...
-
作者：Fajgelbaum, Pablo D.; Morales, Eduardo; Serrato, Juan Carlos Suarez; Zidar, Owen
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We study state taxes as a potential source of spatial misallocation in the U.S.. We build a spatial general equilibrium framework that incorporates salient features of the U.S. state tax system, and use changes in state tax rates between 1980 and 2010 to estimate the model parameters that determine how worker and firm location respond to changes in state taxes. We find that heterogeneity in state tax rates leads to aggregate welfare losses. In terms of consumption equivalent units, harmonizing...
-
作者：Cunha, Jesse M.; De Giorgi, Giacomo; Jayachandran, Seema
作者单位：United States Department of Defense; United States Navy; Naval Postgraduate School; University of Geneva; Barcelona School of Economics; Northwestern University
摘要：This article examines the effect of cash versus in-kind transfers on local prices. Both types of transfers increase the demand for normal goods; in-kind transfers also increase supply in recipient communities, which could lead to lower prices than under cash transfers. We test and confirm this prediction using a programme in Mexico that randomly assigned villages to receive boxes of food (trucked into the village), equivalently-valued cash transfers, or no transfers. We find that prices are si...
-
作者：Azoulay, Pierre; Zivin, Joshua S. Graff; Li, Danielle; Sampat, Bhaven N.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California San Diego; Columbia University
摘要：We quantify the impact of scientific grant funding at the National Institutes of Health (NIH) on patenting by pharmaceutical and biotechnology firms. Our article makes two contributions. First, we use newly constructed bibliometric data to develop a method for flexibly linking specific grant expenditures to private-sector innovations. Second, we take advantage of idiosyncratic rigidities in the rules governing NIH peer review to generate exogenous variation in funding across research areas. Ou...
