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作者：Matouschek, Niko; Powell, Michael; Reich, Bryony
作者单位：Northwestern University; University of Cambridge
摘要：Products are increasingly made by assembling separately produced modules. Motivated by the notion that a firm's production function drives its organization, we explore how modular production shapes a firm's communication structure. Decisions are partitioned into modules and require closer coordination within modules than across. Each agent knows the state his decision must be adapted to. The principal decides whom each agent tells about his state, given that each communication link comes at a ...
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作者：Gagnon, Nickolas; Bosmans, Kristof; Riedl, Arno
作者单位：Aarhus University; Maastricht University
摘要：We conduct experiments on an online platform to investigate the causal effect of gender discrimination on labor supply decisions. Controlling for the piece-rate wage, we find that workers who face explicit negative gender-discriminatory wage inequality supply substantially less labor compared with workers who face gender-neutral wage inequality. We also examine the effect of positive discrimination, differences between men and women, and the impact of implicit rather than explicit discriminati...
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作者：Krishnamurthy, Arvind; Li, Wenhao
作者单位：Stanford University; National Bureau of Economic Research; University of Southern California
摘要：We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. The model accounts for the entire crisis cycle, matching data on the frothy precrisis behavior of asset markets and credit; the sharp transition to a crisis where asset values fall, disintermediation occurs, and output falls; and the slow postcrisis recovery in output. Both the intermediation and the ...
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作者：De Nardi, Mariacristina; French, Eric; Jones, John Bailey; Mcgee, Rory
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Richmond; Western University (University of Western Ontario)
摘要：We estimate a model of savings for retired couples and singles who face longevity and medical expense risks and in which couples can leave bequests both when the first spouse dies and when the last spouse dies. We show that saving motives vary by marital status, permanent income, and age. We find that most households save more for medical expenses than for bequests but that richer households and couples, who hold most of the wealth, save more for bequests. As a result, bequest motives are a ke...
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作者：Rostek, Marzena; Yoon, Ji Hee
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of London; University College London
摘要：Decentralized trading motivates financial innovation, making synthetic products like derivatives nonredundant, even when all traders trade all assets. This nonredundancy arises because derivatives affect cross-security inference (information) and, in markets with large traders, equilibrium price impact (liquidity). The efficient securities differ from the underlying assets. While the market index/mutual funds are efficient in decentralized markets with competitive investors, heterogeneous port...
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作者：Agostinelli, Francesco; Wiswall, Matthew
作者单位：University of Pennsylvania; National Bureau of Economic Research; Johns Hopkins University
摘要：In this paper, we study the process of children's skill formation using a dynamic latent factor model to identify key features of the skill production function. We develop and estimate a joint dynamic process for latent investment and skill development, incorporating both static and dynamic complementarities between parental investments and children's skills in the technology of skill formation. Our analysis of US data reveals that early childhood investments (age 5-6) are highly effective for...
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作者：Alessandria, George; Khan, Shafaat Yar; Khederlarian, Armen; Ruhl, Kim J.; Steinberg, Joseph B.
作者单位：University of Rochester; National Bureau of Economic Research; Syracuse University; City University of New York (CUNY) System; Hunter College (CUNY); University of Wisconsin System; University of Wisconsin Madison; University of Toronto
摘要：We study China's export growth to the United States from 1950-2008, using a structural model to disentangle the effects of past tariff changes from the effects of changes in expectations of future tariffs. We find that the effects of China's 1980 Normal Trade Relations (NTR) grant lasted past its 2001 accession to the World Trade Organization (WTO), and the likelihood of losing NTR status decreased significantly during 1986-92 but changed little thereafter. US manufacturing employment trends s...
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作者：Hill, Ryan; Stein, Carolyn
作者单位：Northwestern University; University of California System; University of California Berkeley
摘要：The scientific community assigns credit or priority to individuals who publish an important discovery first. We examine the impact of losing a priority race (colloquially known as getting scooped) on publication and career outcomes. To do so, we analyze data from structural biology where the nature of the scientific process together with the Protein Data Bank enables us to identify priority races and their outcomes. We find that scooped teams are less likely to publish in top journals and rece...
