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作者：Del Canto, Felipe; Grigsby, John; Qian, Eric; Walsh, Conor
作者单位：Harvard University; Princeton University; National Bureau of Economic Research; Columbia University
摘要：We develop a framework to measure the welfare impact of macroeconomic shocks throughout the distribution. The first-order impact of a shock is summarized by the induced movements in agents' feasible sets: their budget constraint and borrowing constraints. We combine estimated impulse response functions with micro-data on household consumption bundles, asset holdings, and labor income for different U.S. households. We find that inflationary oil shocks are regressive, but monetary expansions are...
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作者：Finkelstein, Amy; Gentzkow, Matthew; Li, Dean
作者单位：National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Stanford University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We develop and estimate a dynamic model of risky prescription opioid use that allows us to unpack the role of person- and place-specific drivers of the opioid epidemic and assess the impact of state opioid policies. Event studies indicate that among adults receiving federal disability insurance from 2006 to 2019, moves to states with higher rates of risky use produce an immediate jump in the probability of risky use, followed by an additional gradual increase for the next several years. Using ...
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作者：Maxted, Peter
作者单位：University of California System; University of California Berkeley
摘要：By augmenting the continuous-time specification of Harris and Laibson (2013) with the assumption that hard borrowing constraints do not bind in equilibrium, present bias can be tractably incorporated into rich consumption-saving models featuring stochastic income, risky and illiquid assets, and costly borrowing. I present closed-form expressions characterizing how present bias affects consumption, illiquid asset demand, and welfare. This welfare analysis specifies the channels through which pr...
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作者：Miyauchi, Yuhei; Nakajima, Kentaro; Redding, Stephen J.
作者单位：Boston University; Hitotsubashi University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop a tractable quantitative framework for modeling the rich patterns of spatial mobility observed in smartphone data. We show that travel is frequently undertaken as part of a travel itinerary, defined as a journey starting and ending at home that can include more than one intermediate stop on a given day. We show that these travel itineraries provide microfoundations for consumption externalities and generate both complementarity and substitutability between locations. We show that th...
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作者：Jiang, Zhengyang; Liu, Hongqi; Peng, Cameron; Yan, Hongjun
作者单位：Northwestern University; National Bureau of Economic Research; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; DePaul University
摘要：We survey a large, representative sample of retail investors in China to elicit their memories of stock market investments and their return expectations. We merge these survey data with administrative transaction data to test a model in which investors selectively recall past experiences to form their beliefs. Our analysis uncovers new facts about investor memory and highlights similarity-based recall as a key mechanism of belief formation in financial markets. A rising market prompts investor...
