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作者：Kasa, Kenneth; Walker, Todd B.; Whiteman, Charles H.
作者单位：Simon Fraser University; Indiana University System; Indiana University Bloomington; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This article develops a dynamic asset pricing model with persistent heterogeneous beliefs. The model features competitive traders who receive idiosyncratic signals about an underlying fundamentals process. We adapt Futia's (1981) frequency domain methods to derive conditions on the fundamentals that guarantee non-invertibility of the mapping between observed market data and the underlying shocks to agents' information sets. When these conditions are satisfied, agents remain asymmetrically info...
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作者：Noussair, Charles N.; Trautmann, Stefan T.; van de Kuilen, Gijs
作者单位：Tilburg University
摘要：We study the prevalence of the higher order risk attitudes of prudence and temperance in an experiment with a large demographically representative sample of participants. Under expected utility, prudence and temperance are defined by a convex first, and concave second, derivative of the utility function, and have direct implications for saving behaviour and portfolio choice. In the experiment, participants make pairwise choices that distinguish prudent from imprudent, and temperate from intemp...
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作者：Papageorgiou, Theodore
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：While employed, workers learn their comparative advantage and eventually choose occupations that best match their abilities. This learning process is consistent with a number of key facts about occupational mobility, such as the offsetting worker flows across occupations, the non-random patterns of occupational transitions, and the decline of occupational switching with age. We illustrate how search frictions delay learning and lead to mismatch, thereby reducing worker productivity. Moreover, ...
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作者：Avvisati, Francesco; Gurgand, Marc; Guyon, Nina; Maurin, Eric
作者单位：Organisation for Economic Co-operation & Development (OECD); Paris School of Economics; National University of Singapore
摘要：This article provides evidence that schools can influence parents' involvement in education, and this has causal effects on pupils' behaviour. Furthermore, it shows how the impact of more involved parents on their children is amplified at the class level by peer group interaction. We build on a large-scale controlled experiment run in a French deprived educational district, where parents of middle-school children were invited to participate in a simple program of parent-school meetings on how ...
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作者：Rubinstein, Yona; Brenner, Dror
作者单位：University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); Ben-Gurion University of the Negev; Brown University
摘要：Do labour markets discriminate against workers with particular ethnic-sounding names? We use non-random sorting into inter-ethnic marriage and salient differences between Sephardic and Ashkenazi surnames to evaluate the causal impact of Sephardic affiliation on wages. Using the 1995 Israeli Census, we estimate the effect of a Sephardic sounding surname on wages. We first compare the wages of Israeli Jewish males born to Sephardic fathers and Ashkenazi mothers (SA), who are more likely to carry...
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作者：Colombo, Luca; Femminis, Gianluca; Pavan, Alessandro
作者单位：Catholic University of the Sacred Heart; Northwestern University
摘要：We study information acquisition in a flexible framework with strategic complementarity or substitutability in actions and a rich set of externalities that are responsible for possible wedges between the equilibrium and the efficient acquisition of information. First, we relate the (in)efficiency in the acquisition of information to the (in)efficiency in the use of information and explain why efficiency in the use is no guarantee of efficiency in the acquisition. Next, we show how the acquisit...
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作者：Farhi, Emmanuel; Gopinath, Gita; Itskhoki, Oleg
作者单位：Harvard University; Princeton University
摘要：We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under alternative pricing assumptions-producer or local currency pricing, along with nominal wage stickiness; under arbitrary degrees of asset market completeness and for general stochastic sequences of devaluations. T...
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作者：Biais, Bruno; Hombert, Johan; Weill, Pierre-Olivier
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Hautes Etudes Commerciales (HEC) Paris; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Information collection and processing in financial institutions is challenging. This can delay the observation by traders of the exact capital charges and constraints of their institution. During this delay, traders face preference uncertainty. In this context, we study optimal trading strategies and equilibrium prices in a continuous centralized market. We focus on liquidity shocks, during which preference uncertainty is likely to matter most. Preference uncertainty generates allocative ineff...
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作者：Banerjee, Abhijit V.; Duflo, Esther
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This article uses variation in access to a targeted lending program to estimate whether firms are credit constrained. While both constrained and unconstrained firms may be willing to absorb all the directed credit that they can get (because it may be cheaper than other sources of credit), constrained firms will use it to expand production, while unconstrained firms will primarily use it as a substitute for other borrowing. We apply these observations to firms in India that became eligible for ...
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作者：Giuliano, Paola; Spilimbergo, Antonio
作者单位：University of California System; University of California Los Angeles; International Monetary Fund
摘要：Does the historical macroeconomic environment affect preferences for redistribution? We find that individuals who experienced a recession when young believe that success in life depends more on luck than effort, support more government redistribution, and tend to vote for left-wing parties. The effect of recessions on beliefs is long-lasting. We support our findings with evidence from three different datasets. First, we identify the effect of recessions on beliefs exploiting time and regional ...
