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作者：Brancaccio, Giulia; Kalouptsidi, Myrto; Papageorgiou, Theodore; Rosaia, Nicola
作者单位：New York University; Harvard University; Boston College; Columbia University
摘要：We explore efficiency and optimal policy in decentralized transport markets, such as taxis, trucks, and bulk shipping. We show that in these markets, search frictions distort the transportation network and the dynamic allocation of carriers over space. We derive explicit and intuitive conditions for efficiency and show how they translate into efficient pricing rules, or optimal taxes and subsidies for the planner who cannot set prices directly. The results imply that destination-based pricing ...
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作者：Greenwood, Robin; Hanson, Samuel; Stein, Jeremy C.; Sunderam, Adi
作者单位：Harvard University
摘要：We develop a model in which specialized bond investors must absorb shocks to the supply and demand for long-term bonds in two currencies. Since long-term bonds and foreign exchange are both exposed to unexpected movements in short-term interest rates, a shift in the supply of long-term bonds in one currency influences the foreign exchange rate between the two currencies, as well as bond term premia in both currencies. Our model matches several important empirical patterns, including the comove...
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作者：Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo
作者单位：Johns Hopkins University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop a new class of general-equilibrium models with partially unfunded debt to propose a fiscal theory of persistent inflation. In response to business cycle shocks, the monetary authority controls inflation and the fiscal authority stabilizes debt. However, the central bank accommodates unfunded fiscal shocks, causing persistent movements in inflation, output, and real interest rates. In an estimated quantitative model, fiscal inflation accounts for the bulk of inflation dynamics. In th...
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作者：Guvenen, Fatih; Kambourov, Gueorgui; Kuruscu, Burhan; Ocampo, Sergio; Chen, Daphne
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Toronto; Western University (University of Western Ontario)
摘要：How does wealth taxation differ from capital income taxation? When the return on investment is equal across individuals, a well-known result is that the two tax systems are equivalent. Motivated by recent empirical evidence documenting persistent return heterogeneity, we revisit this question. With heterogeneity, the two tax systems typically have opposite implications for efficiency and inequality. Under capital income taxation, entrepreneurs who are more productive and therefore generate mor...
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作者：Beraja, Martin; Kao, Andrew; Yang, David Y.; Yuchtman, Noam
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University; Canadian Institute for Advanced Research (CIFAR); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：Recent scholarship has suggested that artificial intelligence (AI) technology and autocratic regimes may be mutually reinforcing. We test for a mutually reinforcing relationship in the context of facial-recognition AI in China. To do so, we gather comprehensive data on AI firms and government procurement contracts, as well as on social unrest across China since the early 2010s. We first show that autocrats benefit from AI: local unrest leads to greater government procurement of facial-recognit...
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作者：Korting, Christina; Lieberman, Carl; Matsudaira, Jordan; Pei, Zhuan; Shen, Yi
作者单位：University of Delaware; Columbia University; Cornell University; IZA Institute Labor Economics
摘要：Despite the widespread use of graphs in empirical research, little is known about readers' ability to process the statistical information they are meant to convey (``visual inference''). We study visual inference in the context of regression discontinuity (RD) designs by measuring how accurately readers identify discontinuities in graphs produced from data-generating processes calibrated on 11 published papers from leading economics journals. First, we assess the effects of different graphical...
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作者：Adukia, Anjali; Eble, Alex; Harrison, Emileigh; Runesha, Hakizumwami Birali; Szasz, Teodora
作者单位：University of Chicago; National Bureau of Economic Research; Columbia University
摘要：Books shape how children learn about society and norms, in part through representation of different characters. We use computational tools to characterize representation in children's books widely read in homes, classrooms, and libraries over the past century and describe economic forces that may contribute to these patterns. We introduce new artificial intelligence methods for systematically converting images into data. We apply these tools, alongside text analysis methods, to measure skin co...
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作者：Bazzi, Samuel; Ferrara, Andreas; Fiszbein, Martin; Pearson, Thomas; Testa, Patrick A.
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Boston University; Syracuse University; Tulane University
摘要：This article shows how the migration of millions of Southern whites in the twentieth century shaped the cultural and political landscape across the United States. Racially and religiously conservative, Southern white migrants created new electoral possibilities for a broad-based coalition with economic conservatives. With their considerable geographic scope, these migrants hastened partisan realignment and helped catalyze and bolster a New Right movement with national influence over the long r...
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作者：Jacobsen, Mark R.; Sallee, James M.; Shapiro, Joseph S.; van Benthem, Arthur A.
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; University of California System; University of California Berkeley; University of Pennsylvania
摘要：The world has 1.4 billion passenger vehicles. How should governments regulate their air pollution emissions? A Pigouvian tax is technologically infeasible. Most countries instead rely on exhaust standards that limit air pollution emissions per mile for new vehicles. We assess the effectiveness and efficiency of these standards, which are the centerpiece of U.S. Clean Air Act regulation of transportation, and counterfactual policies. We show that the air pollution emissions per mile of new U.S....
