3期

最新文章

• The Effect of Gender Discrimination on Labor Supply AI翻译
  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...
• Why Do Couples and Singles Save during Retirement? Household Heterogeneity and Its Aggregate Implications AI翻译
  作者：De Nardi, Mariacristina; French, Eric; Jones, John Bailey; Mcgee, Rory
  作者单位：University of Minnesota System; Federal Reserve System - USA; University of Minnesota Twin Cities; 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...
• Trade Policy Dynamics: Evidence from 60 Years of US-China Trade AI翻译
  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...
• Organizing Modular Production AI翻译
  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 ...
• Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment AI翻译
  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 ...
• Financial Product Design in Decentralized Markets AI翻译
  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...