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作者：Bhandari, Anmol; McGrattan, Ellen R.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We develop a theory of sweat equity-the value of business owners' time and expenses to build customer bases, client lists, and other intangible assets. We discipline the theory using data from U.S. national accounts, business censuses, and brokered sales to estimate a value for sweat equity in the private business sector equal to 1.2 times U.S. GDP, which is about the same magnitude as the value of fixed assets in use in these businesses. For a typical owner, 26% of the sweat equity is transfe...
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作者：Le Barbanchon, Thomas; Rathelot, Roland; Roulet, Alexandra
作者单位：Bocconi University; University of Warwick; INSEAD Business School
摘要：We relate gender differences in willingness to commute to the gender wage gap. Using French administrative data on job search criteria, we first document that unemployed women have a lower reservation wage and a shorter maximum acceptable commute than their male counterparts. We identify indifference curves between wage and commute using the joint distributions of reservation job attributes and accepted job bundles. Indifference curves are steeper for women, who value commute around 20% more t...
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作者：Gopinath, Gita; Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
摘要：We explore the interplay between trade-invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: (i) a currency's role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; (ii) this complementarity can lead to the emergence of a single dominant currency in trade invoicing and global banking, even when multiple large candidate countries share similar economic fundamentals; (iii) firms in ...
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作者：Kim, Ryan
作者单位：Johns Hopkins University
摘要：I study how a credit crunch affects output price dynamics. I build a unique micro-level data set that combines scanner-level prices and quantities with producer information, including the producer's banking relationships, inventory, and cash holdings. I exploit the Lehman Brothers failure as a quasi-experiment and find that the firms facing a negative credit supply shock decrease their output prices approximately 15% more than their unaffected counterparts. I hypothesize that such firms reduce...
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作者：Coppola, Antonio; Maggiori, Matted; Neiman, Brent; Schreger, Jesse
作者单位：Harvard University; Stanford University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Chicago; Columbia University
摘要：Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their true economic location in official statistics. We associate the universe of traded securities issued by firms in tax havens with their issuer's ultimate parent and restate bilateral investment positions to better reflect the financial linkages connecting countries around the world. Bilateral portfolio investment from developed countries to firms in large emerging markets is d...
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作者：Marinescu, Ioana; Skandalis, Daphne
作者单位：University of Pennsylvania; University of Copenhagen
摘要：How does unemployment insurance (UI) affect unemployed workers' search behavior? Search models predict that until benefit exhaustion, UI depresses job search effort and increases reservation wages. Over an unemployment spell, search effort should increase up to benefit exhaustion and stay high thereafter. Meanwhile, reservation wages should decrease up to benefit exhaustion and stay low thereafter. To test these predictions, we link administrative registers to data on job search behavior from ...
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作者：Bessone, Pedro; Rao, Gautam; Schilbach, Frank; Schofield, Heather; Toma, Mattie
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; National Bureau of Economic Research; University of Pennsylvania
摘要：The urban poor in developing countries face challenging living environments, which may interfere with good sleep. Using actigraphy to measure sleep objectively, we find that low-income adults in Chennai, India, sleep only 5.5 hours a night on average despite spending 8 hours in bed. Their sleep is highly interrupted, with sleep efficiency-sleep per time in bed-comparable to those with disorders such as sleep apnea or insomnia. A randomized three-week treatment providing information, encouragem...
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作者：Kehrig, Matthias; Vincent, Nicolas
作者单位：Duke University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Universite de Montreal; HEC Montreal
摘要：The labor share in U.S. manufacturing declined from 61% in 1967 to 41% in 2012. The labor share of the typical U.S. manufacturing establishment, in contrast, rose by over 3 percentage points during the same period. Using micro-level data, we document five salient facts: (i) since the 1980s, there has been a dramatic reallocation of value added toward the lower end of the labor share distribution; (ii) this aggregate reallocation is not due to entry/exit, to superstars growing faster, or to lar...
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作者：Barron, Daniel; Guo, Yingni
作者单位：Northwestern University
摘要：Communication facilitates cooperation by ensuring that deviators are collectively punished. We explore how players might misuse communication to threaten one another, and we identify ways that organizations can deter misuse and restore cooperation. In our model, a principal plays trust games with a sequence of short-run agents who communicate with each other. An agent can shirk and then extort pay by threatening to report that the principal deviated. We show that these threats can completely u...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Kumar, Saten; Ryngaert, Jane
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of California System; University of California Berkeley; Auckland University of Technology; Wake Forest University
摘要：We implement a new survey of firms, focusing on their higher-order macroeconomic expectations. The survey provides a novel set of stylized facts regarding the relationship between first-order and higher-order expectations of economic agents, including how they adjust their beliefs in response to a variety of information treatments. We show how these facts can be used to calibrate key parameters of noisy-information models with infinite regress as well as to test predictions made by this class ...
