-
作者：Burchardi, Konrad B.; Gulesci, Selim; Lerva, Benedetta; Sulaiman, Munshi
作者单位：Stockholm University; Bocconi University; Bocconi University; Stockholm University; Bangladesh Rural Advancement Committee BRAC; BRAC University
摘要：Agricultural productivity is particularly low in developing countries. Output-sharing rules that make farmers less-than-full residual claimants are seen as a potentially important driver of low agricultural productivity. We report results from a field experiment designed to estimate and understand the effects of sharecropping contracts on agricultural input choices, risk-taking, and output. The experiment induced variation in the terms of sharecropping contracts. After agreeing to pay 50% of t...
-
作者：Hassan, Tarek A.; Mano, Rui C.
作者单位：Boston University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); International Monetary Fund
摘要：Separate literatures study violations of uncovered interest parity (UIP) using regression-based and portfolio-based methods. We propose a decomposition of these violations into a cross-currency, a between-time-and-currency, and a cross-time component that allows us to analytically relate regression-based and portfolio-based facts and to estimate the joint restrictions they put on models of currency returns. Subject to standard assumptions on investors' information sets, we find that the forwar...
-
作者：Beraja, Martin; Fuster, Andreas; Hurst, Erik; Vavra, Joseph
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Swiss National Bank (SNB); University of Chicago
摘要：We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity affect refinancing and spending responses to interest rate cuts, but these effects vary over time with changes in the regional distribution of house price growth. We build a heterogeneous household model of refinancing with mortgage borrower...
-
作者：Caicedo, Felipe Valencia
作者单位：University of British Columbia; IZA Institute Labor Economics
摘要：This article examines the long-term consequences of a historical human capital intervention. The Jesuit order founded religious missions in 1609 among the Guarani, in modern-day Argentina, Brazil, and Paraguay. Before their expulsion in 1767, missionaries instructed indigenous inhabitants in reading, writing, and various crafts. Using archival records, as well as data at the individual and municipal level, I show that in areas of former Jesuit presence-within the Guarani area-educational attai...
-
作者：Alvarez, Fernando; Beraja, Martin; Gonzalez-Rozada, Martin; Andres Neumeyer, Pablo
作者单位：University of Chicago; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Universidad Torcuato Di Tella
摘要：In this article, we analyze how inflation affects firms' price-setting behavior. For a class of menu cost models, we derive several predictions about how price-setting changes with inflation at very high and at near-zero inflation rates. Then, we present evidence supporting these predictions using product-level data underlying Argentina's consumer price index from 1988 to 1997-a unique experience where monthly inflation ranged from almost 200% to less than zero. For low inflation rates, we fin...
-
作者：Chodorow-Reich, Gabriel; Coglianese, John; Karabarbounis, Loukas
作者单位：Harvard University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA
摘要：By how much does an extension of unemployment benefits affect macroeconomic outcomes such as unemployment? Answering this question is challenging because U.S. law extends benefits for states experiencing high unemployment. We use data revisions to decompose the variation in the duration of benefits into the part coming from actual differences in economic conditions and the part coming from measurement error in the real-time data used to determine benefit extensions. Using only the variation co...
-
作者：Keiser, David A.; Shapiro, Joseph S.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Since the 1972 U.S. Clean Water Act, government and industry have invested over $1 trillion to abate water pollution, or $100 per person-year. Over half of U.S. stream and river miles, however, still violate pollution standards. We use the most comprehensive set of files ever compiled on water pollution and its determinants, including 50 million pollution readings from 240,000 monitoring sites and a network model of all U.S. rivers, to study water pollution's trends, causes, and welfare conseq...
-
作者：Cooper, Zack; Craig, Stuart V.; Gaynor, Martin; Van Reenen, John
作者单位：Yale University; University of Pennsylvania; Carnegie Mellon University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We use insurance claims data covering 28% of individuals with employer-sponsored health insurance in the United States to study the variation in health spending on the privately insured, examine the structure of insurer-hospital contracts, and analyze the variation in hospital prices across the nation. Health spending per privately insured beneficiary differs by a factor of three across geographic areas and has a very low correlation with Medicare spending. For the privately insured, half of t...
-
作者：Chen, Ting; Kung, James Kai-Sing
作者单位：Hong Kong Baptist University; University of Hong Kong
摘要：Using data on over a million land transactions during 2004-2016 where local governments are the sole seller, we find that firms linked to members of China's supreme political elites-the Politburo-obtained a price discount ranging from 55.4% to 59.9% compared with those without the same connections. These firms also purchased slightly more land. In return, the provincial party secretaries who provided the discount to these princeling firms are 23.4% more likely to be promoted to positions of na...
-
作者：Song, Jae; Price, David J.; Guvenen, Fatih; Bloom, Nicholas; Von Wachter, Till
作者单位：University of Toronto; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; National Bureau of Economic Research; Stanford University; Stanford University; University of California System; University of California Los Angeles
摘要：We use a massive, matched employer-employee database for the United States to analyze the contribution of firms to the rise in earnings inequality from 1978 to 2013. We find that one-third of the rise in the variance of (log) earnings occurred within firms, whereas two-thirds of the rise occurred due to a rise in the dispersion of average earnings between firms. However, this rising between-firm variance is not accounted for by the firms themselves but by a widening gap between firms in the co...
