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作者：In, Younghwan; Wright, Julian
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作者：Marie, Olivier; Zolitz, Ulf
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Maastricht University; Tinbergen Institute; IZA Institute Labor Economics; IZA Institute Labor Economics
摘要：This paper investigates how legal cannabis access affects student performance. Identification comes from an exceptional policy introduced in the city of Maastricht in the Netherlands that discriminated access via licensed cannabis shops based on an individual's nationality. We apply a difference-in-difference approach using administrative panel data on course grades of local students enrolled at Maastricht University before and during the partial cannabis prohibition. We find that the academic...
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作者：Helpman, Elhanan; Itskhoki, Oleg; Muendler, Marc-Andreas; Redding, Stephen J.
作者单位：Harvard University; Canadian Institute for Advanced Research (CIFAR); Princeton University; University of California System; University of California San Diego
摘要：While neoclassical theory emphasizes the impact of trade on wage inequality between occupations and sectors, more recent theories of firm heterogeneity point to the impact of trade on wage dispersion within occupations and sectors. Using linked employer-employee data for Brazil, we show that much of overall wage inequality arises within sector-occupations and for workers with similar observable characteristics; this within component is driven by wage dispersion between firms; and wage dispersi...
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作者：Hirano, Tomohiro; Yanagawa, Noriyuki
作者单位：University of Tokyo
摘要：This article analyses the existence and the effects of bubbles in an endogenous growth model with financial frictions and heterogeneous investments. Bubbles are likely to emerge when the degree of pledgeability is in the middle range, implying that improving the financial market might increase the potential for asset bubbles. Moreover, when the degree of pledgeability is relatively low, bubbles boost long-run growth; when it is relatively high, bubbles lower growth. Furthermore, we examine the...
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作者：Qu, Zhongjun; Tkachenko, Denis
作者单位：Boston University; National University of Singapore
摘要：This article presents a framework for analysing global identification in log linearized Dynamic Stochastic General Equilibrium (DSGE) models that encompasses both determinacy and indeterminacy. First, it considers a frequency domain expression for the Kullback-Leibler distance between two DSGE models and shows that global identification fails if and only if the minimized distance equals 0. This result has three features: (1) it can be applied across DSGE models with different structures; (2) i...
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作者：Booij, Adam S.; Leuven, Edwin; Oosterbeek, Hessel
作者单位：University of Amsterdam; University of Oslo
摘要：This article estimates peer effects originating from the ability composition of tutorial groups for undergraduate students in economics. We manipulated the composition of groups to achieve a wide range of support, and assigned students-conditional on their prior ability-randomly to these groups. The data support a specification in which the impact of group composition on achievement is captured by the mean and standard deviation of peers' prior ability, their interaction, and interactions with...
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作者：Di Tillio, Alfredo; Kos, Nenad; Messner, Matthias
作者单位：Bocconi University; Bocconi University
摘要：This article explores the sale of an object to an ambiguity averse buyer. We show that the seller can increase his profit by using an ambiguous mechanism. That is, the seller can benefit from hiding certain features of the mechanism that he has committed to from the agent. We then characterize the profit maximizing mechanisms for the seller and characterize the conditions under which the seller can gain by employing an ambiguous mechanism. Finally, we propose a class of ambiguous mechanisms th...
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作者：Cheron, Arnaud; Decreuse, Bruno
作者单位：Universite Catholique de Lille; EDHEC Business School; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：Searching for partners involves informational persistence that reduces future traders' matching probability. In this article, traders who are no longer available but who left tracks on the market are called phantoms. We examine a dynamic matching market in which phantoms are a by-product of search activity, no coordination frictions are assumed, and non-phantom traders may lose time trying to match with phantoms. The resulting aggregate matching technology features increasing returns to scale ...
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作者：Melosi, Leonardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop a dynamic general equilibrium model in which the policy rate signals the central bank's view about macroeconomic developments to price setters. The model is estimated with likelihood methods on a U.S. data set that includes the Survey of Professional Forecasters as a measure of price setters' inflation expectations. This model improves upon existing perfect information models in explaining why, in the data, inflation expectations respond with delays to monetary impulses and remain d...
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作者：De La Roca, Jorge; Puga, Diego
作者单位：University of Southern California
摘要：Individual earnings are higher in bigger cities. We consider three reasons: spatial sorting of initially more productive workers, static advantages from workers' current location, and learning by working in bigger cities. Using rich administrative data for Spain, we find that workers in bigger cities do not have higher initial unobserved ability as reflected in fixed effects. Instead, they obtain an immediate static premium and accumulate more valuable experience. The additional value of exper...
