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作者：Ash, Elliott; Morelli, Massimo; Vannoni, Matia
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre for Economic Policy Research - UK; Bocconi University; University of London; King's College London
摘要：This paper analyzes the conditions under which more legislation contributes to economic growth. In the context of US states, we apply natural language processing tools to measure legislative flows for the years 1965-2012. We implement a novel shift-share design for text data, where the instrument for legislation is leave-one-out legal topic flows interacted with pretreatment legal topic shares. We find that at the margin, higher legislative output causes more economic growth. Consistent with m...
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作者：Maskin, E.; Saari, D. G.
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作者：Sargent, Thomas J.
作者单位：New York University
摘要：This sequel to Lucas and Sargent (1978) tells how equilibrium Markov processes underlie much applied dynamic economics today. It recalls how Robert E. Lucas Jr. saw Keynesian and rational expectations revolutions as interconnected transformations of economic theories and econometric practices. It describes rules that Lucas used to guide and constrain his research by restricting himself to equilibrium Markov processes and to conserving quantitative successes achieved by previous researchers, in...
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作者：Waldfogel, Joel
作者单位：University of Minnesota System; National Bureau of Economic Research; University of Minnesota Twin Cities; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：Women have traditionally participated in intellectual property creation at depressed rates relative to men. Book authorship is now an exception: women now publish more than half of new books. Adding new products can have significant welfare benefits, particularly when product quality is unpredictable. Growth in female-authored books has delivered substantial increases in the female-authored shares of consumption, book awards, and other measures of success, indicating that the additional female...
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作者：Fagereng, Andreas; Gomez, Matthieu; Gouin-Bonenfant, Emilien; Holm, Martin; Moll, Benjamin; Natvik, Gisle
作者单位：BI Norwegian Business School; Columbia University; University of Oslo; University of London; London School Economics & Political Science
摘要：Asset valuations across many asset classes have increased substantially over the past several decades. While these rising valuations had important effects on the distribution of wealth, little is known regarding their redistributive effects in terms of welfare. To make progress on this question, we develop a sufficient statistic for the money-metric welfare gain of deviations in asset valuations. This welfare gain depends on the present value of an individual's net asset sales rather than asse...
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作者：von Wangenheim, Jonas
作者单位：University of Bonn
摘要：Consumer data increasingly enable online marketplaces to identify buyers' preferences and provide individualized product information. Buyers, however, fully learn their product value only after contracting, when the product is delivered. I characterize the impact of such ex ante information on buyer surplus and seller surplus, when the seller sets prices and refund conditions in response to the ex ante information. I show that efficient trade and an arbitrary split of the surplus can be achiev...
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作者：Pellegrina, Heitor S.; Sotelo, Sebastian
作者单位：University of Notre Dame; University of Michigan System; University of Michigan
摘要：We study how migration shapes aggregate and regional comparative advantage, exploiting a large migration of farmers to Brazil's West between 1950 and 2010. Migration allowed workers to sort according to their own comparative advantage, reallocating knowledge and raw labor to high-productivity regions. In a quantitative model, we find that migration cost reductions reshaped Brazil's comparative advantage and contributed to its rise as a leading commodity exporter-accounting for 25% of the obser...
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作者：Baseler, Travis; Ginn, Thomas; Hakiza, Robert; Ogude-Chambert, Helidah; Woldemikael, Olivia
作者单位：University of Rochester; Center for Global Development - Europe; University of Oxford; The New School
摘要：Many public policies create winners and losers, but it is unclear whether redistribution can support new political economy equilibria that raise aggregate welfare. We study policies that partially redistribute foreign aid for refugees to natives while allowing refugees to work and move freely. Cash grants to Ugandan and Kenyan natives, labeled as aid from the refugee response, substantially increase support for refugee integration. Information about existing redistribution has significant but ...
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作者：Finan, Frederico; Mazzocco, Maurizio
作者单位：University of California System; University of California Berkeley; University of California System; University of California Los Angeles
摘要：In this paper, we develop a dynamic model of politicians who can engage in corruption. The model provides important insights into the determinants of corruption and how to design policies to combat it. We estimate the model using data from Brazil to measure voters' willingness to pay for various commonly proposed anticorruption policies, such as increasing audit probabilities, raising politicians' wages, and extending term limits. We document that while audit policies effectively reduce corrup...
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作者：Le Grand, Francois; Ragot, Xavier
作者单位：Universite de Rennes; Centre National de la Recherche Scientifique (CNRS); Centre for Economic Policy Research - UK
摘要：We analyze optimal fiscal policy in a heterogeneous-agent model with capital accumulation and aggregate shocks, where the government uses public debt, a capital tax, and a progressive labor tax to finance public spending. We first study a tractable model and show that the steady-state optimal capital tax can be positive if credit constraints are occasionally binding. However, the existence of such an equilibrium depends on the shape of the utility function. We also characterize the optimal dyn...
