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作者：Errico, Marco; Lashkari, Danial
作者单位：European Central Bank; Bank of Italy; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We characterize the contribution of changes in quality, price, and variety entry/exit to the aggregate price index for smooth, invertible demand systems, generalizing the standard results derived in the CES case. The results require the knowledge of heterogeneous cross-product elasticities of substitution. To apply them in practice, we also show how to identify rich demand systems using data only on prices and market shares, without the need for external cost-shock instruments or strong assump...
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作者：Bergeaud, Antonin; Guillouzouic, Arthur; Henry, Emeric; Malgouyres, Clement
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre for Economic Policy Research - UK; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; Institut d'Etudes Politiques Paris (Sciences Po); Centre National de la Recherche Scientifique (CNRS)
摘要：Introducing a new measure of scientific proximity between private firms and public research groups and exploiting a multibillion-euro financing program of academic clusters in France, we provide causal evidence of local spillovers from academic research to firms in the private sector. Our main estimate suggests that each 1 spent in academic research through this program spurred an additional 0.81 in private R&D expenditures. We also show that this shock increased the average quality of patents...
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作者：Golosov, Mikhail; Krasikov, Ilia
作者单位：University of Chicago; Arizona State University; Arizona State University-Tempe
摘要：We study optimal nonlinear taxation of single and married households. Taxes on couples depend on the earnings of both spouses and are an example of multidimensional tax schedules. We develop novel analytical techniques to study properties of such taxes. We show that the optimal marginal taxes for married individuals are generally lower than for single individuals because resource sharing in couples provides socially valuable redistribution. Under realistic assumptions, the optimal tax rates fo...
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作者：Avataneo, Michelle; Norman, Thomas; Persico, Nicola
作者单位：Northwestern University; University of Oxford
摘要：Moral foundations theory is an influential empirical description of moral perception. According to this theory, individuals make moral judgments based on five distinct moral foundations: care, fairness, loyalty, authority, and sanctity. We provide a theory that explores the claimed evolutionary basis for these moral foundations. The theory conceptualizes these five moral foundations as specific modifications of fitness payoffs in a 2 x 2 game. We find that the five foundations are distinguisha...
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作者：Andrews, Isaiah; Barahona, Nano; Gentzkow, Matthew; Rambachan, Ashesh; Shapiro, Jesse M.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Berkeley; Stanford University; Harvard University
摘要：A researcher can use a tightly parameterized structural model to obtain internally consistent estimates of a wide range of economically interesting targets. We ask how reliable these estimates are when the researcher's model may be misspecified. We focus on the case of multivariate, potentially nonlinear models where the causal variable of interest is endogenous. Reliable estimates require that the researcher's model is flexible enough to describe the effects of the endogenous variable approxi...
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作者：Orchard, Jacob D.; Ramey, Valerie A.; Wieland, Johannes F.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Stanford University; University of California System; University of California San Diego; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We present evidence that the high estimated marginal propensities to consume (MPCs) from the leading household studies result in implausible macroeconomic counterfactuals. Using the 2008 tax rebate as a case study, we calibrate a standard macro model with the estimated micro MPCs to construct counterfactual macroeconomic consumption paths in the absence of a rebate. The counterfactual paths imply that consumption expenditures would have plummeted in spring and summer 2008 and mostly recovered ...
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作者：Bassetto, Marco; Miller, David S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This article posits an information channel as an explanation for sudden inflations. Households saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses. They trade off the cost of acquiring information about the surpluses that back bond repayment against the benefit of a more informed saving decision. Through the information channel, small changes in the economic environment can trigger large responses in consumer behavior and pr...
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作者：Bouscasse, Paul; Nakamura, Emi; Steinsson, Jon
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of California System; University of California Berkeley
摘要：We estimate productivity growth in England from 1250 to 1870. Real wages over this period were heavily influenced by plague-induced swings in the population. Our estimates account for these Malthusian dynamics. We find that productivity growth was zero before 1600. Productivity growth began in 1600-almost a century before the Glorious Revolution. Thus, the onset of productivity growth preceded the bourgeois institutional reforms of seventeenth-century England. We estimate productivity growth o...
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作者：Burstein, Ariel T.; Carvalho, Vasco M.; Grassi, Basile
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Cambridge; Center for Economic & Policy Research (CEPR); Bocconi University
摘要：We study markup cyclicality in a granular macroeconomic model with oligopolistic competition. We first characterize how firm, sectoral, and aggregate markups comove with output at different levels of aggregation in response to firm-level shocks. We quantify the model's ability to reproduce salient features of the cyclical properties of measured markups in French administrative firm-level data from the bottom (firm) level to the aggregate level. We document that (i) firm-level markups rise with...
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作者：Corradini, Viola; Lagos, Lorenzo; Sharma, Garima
作者单位：Columbia University; Brown University; Northwestern University
摘要：We study the role of unions in improving workplaces for women. Starting in 2015, Brazil's largest trade union federation made women central to its agenda. Using a difference-in-differences design that leverages variation in union affiliation to this federation, we find that bargaining for women increased female-friendly amenities in collective bargaining agreements and in practice. These changes led women to queue for jobs at treated establishments and separate from them less-both revealed-pre...
