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作者：Best, James; Quigley, Daniel
作者单位：Carnegie Mellon University; University of Oxford
摘要：We examine persuasion when the sole source of credibility today is a desire to maintain a public record for accuracy. A long-run sender plays a cheap talk game with a sequence of short-run receivers, who observe some record of feedback about past accuracy. When all feedback is public (as is standard in repeated games), persuasion frequently requires inefficient on-path punishment-even if accuracy is monitored perfectly. If instead the record publishes coarse summary statistics (as is common on...
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作者：Jiang, Janet Hua; Norman, Peter; Puzzello, Daniela; Sultanum, Bruno; Wright, Randall
作者单位：Bank of Canada; University of North Carolina; University of North Carolina Chapel Hill; Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Zhejiang University
摘要：Monetary exchange is called essential when better outcomes become incentive compatible when money is introduced. We study essentiality theoretically and experimentally using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations both when they are incentive compatible and when they are not. Results show that output and welfare are significantly enhanced by fiat currency if monetary equilibrium exist...
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作者：Kashyap, Anil K.; Tsomocos, Dimitrios P.; Vardoulakis, Alexandros P.
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We modify the 1983 Diamond and Dybvig model so that banks offer liquidity services to depositors, raise equity funding, make risky loans, and invest in safe, liquid assets. Banks monitor borrowers to ensure that they repay loans and they are susceptible to depositor runs. We model the run decision by solving a novel global game. Relative to a social planner, banks opt for a more deposit-intensive capital structure, their assets may be more or less lending intensive, and the level of lending ma...
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作者：Resnjanskij, Sven; Ruhose, Jens; Wiederhold, Simon; Woessmann, Ludger; Wedel, Katharina
作者单位：University of Konstanz; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; University of Kiel; IZA Institute Labor Economics; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Ifo Institut; Martin Luther University Halle Wittenberg; IZA Institute Labor Economics; University of Munich; Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut
摘要：We study a mentoring program that aims to improve the labor market prospects of disadvantaged adolescents. Our randomized controlled trial investigates its effectiveness on three outcomes highly predictive of later labor market success: math grades, patience/social skills, and labor market orientation. For low-SES (socioeconomic status) adolescents, the mentoring increases a combined index of the outcomes by over half a standard deviation after 1 year, with significant increases in each outcom...
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作者：Mityakov, Sergey; Mroz, Thomas A.
作者单位：State University System of Florida; Florida State University; University System of Georgia; Georgia State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Most household production studies ignore unobserved inputs. Without additional assumptions, however, estimated impacts of the observed inputs cannot provide informative estimates of marginal products because of contaminating variations in unobserved inputs. Not even the signs of marginal impacts can be ascertained. One can establish the direction of these biases and significantly reduce them by including detailed information about nonproductive (pure consumption) goods in the analysis. Estimat...
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作者：Juhasz, Reka; Squicciarini, Mara P.; Voigtlander, Nico
作者单位：National Bureau of Economic Research; Columbia University; Centre for Economic Policy Research - UK; Bocconi University; National Bureau of Economic Research
摘要：New technologies tend to be adopted slowly and-even after being adopted-take time to be reflected in higher aggregate productivity. One prominent explanation is that major technological breakthroughs create the need to reorganize production. We study a unique setting that allows us to examine this mechanism: the adoption of mechanized cotton spinning during the first Industrial Revolution in France. Using a novel hand-collected, plant-level dataset from French archival sources, we show that a ...
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作者：Karpowitz, Christopher F.; O'Connell, Stephen D.; Preece, Jessica; Stoddard, Olga
作者单位：Brigham Young University; Emory University
摘要：This article studies the effect of team gender composition and leadership on women's influence in two field experiments. Study 1 finds that male-majority teams accord disproportionately less influence to women and are less likely to choose women to represent the team externally. We replicate this finding in a new context, where we also vary the gender of an assigned team leader. We find that a female leader substantially increases women's influence, even in male-majority teams. With a model of...
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作者：Low, Corinne
作者单位：University of Pennsylvania
摘要：Throughout the twentieth century, the relationship between women's human capital and men's income was nonmonotonic: while college-educated women married richer spouses than high school-educated women, graduate-educated women married poorer spouses than college-educated women. This can be rationalized by a bidimensional matching framework where women's human capital is negatively correlated with another valuable trait: fertility, or reproductive capital. Such a model predicts nonmonotonicity in...
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作者：Pei, Harry
作者单位：Northwestern University
摘要：I analyze a reputation game between a patient player and a sequence of short-run players. Each short-run player observes the number of times that the patient player took each of his actions in the past K periods. When players have monotone supermodular payoffs, the patient player can approximately secure his commitment payoff in all equilibria regardless of K. I also show that the short-run players can approximately attain their highest feasible payoff in all equilibria if and only if K is low...
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作者：Bassetto, Marco; Cui, Wei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London
摘要：The return on government debt is lower than that of assets with similar payoffs. We study optimal debt management and taxation when the government cannot directly redistribute toward the agents in need of liquidity but otherwise has access to a complete set of linear tax instruments. Optimal government debt provision calls for gradually closing the wedge between the returns as much as possible, but tax policy may work as a countervailing force: as long as financial frictions bind, it can be op...
