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作者：Dickstein, Michael J.; Ho, Kate; Mark, Nathaniel
作者单位：New York University; National Bureau of Economic Research; Princeton University; Center for Economic & Policy Research (CEPR)
摘要：In the United States, households obtain health insurance through distinct market segments. To explore the economics of this segmentation, we consider the effects of pooling coverage provided through small employers and through individual marketplaces. We model households' demand for insurance and health care along with insurers' price setting to predict equilibrium choices and premiums. Applying our model to data from Oregon, we find that pooling can mitigate adverse selection in the individua...
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作者：Bolt, Wilko; Frost, Jon; Shin, Hyun Song; Wierts, Peter
作者单位：European Central Bank; De Nederlandsche Bank NV; Vrije Universiteit Amsterdam; Bank for International Settlements (BIS)
摘要：Central banks can operate with negative equity, and many have done so in history without undermining trust in fiat money. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global game approach capital in sustaining trust in fiat money.
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作者：Verboven, Frank; Yontcheva, Biliana
作者单位：KU Leuven; Centre for Economic Policy Research - UK; University of Hamburg
摘要：We study entry restrictions in a private monopoly: the Latin notary system. Under this widespread system, the state grants notaries exclusive rights to certify important economic transactions, including real estate. To uncover the current policy goals behind the geographic entry restrictions, we develop an empirical entry model that incorporates a spatial demand model and a multioutput production model. We find that the entry restrictions serve primarily producer interests and give only a smal...
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作者：Burlig, Fiona; Preonas, Louis
作者单位：University of Chicago; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：Nearly 1 billion people still lack electricity access. Developing countries are investing billions of dollars in last-mile electrification, although evidence on its economic impacts is mixed. We estimate the development effects of rural electrification in the context of India's national electrification program, RGGVY (Rajiv Gandhi Grameen Vidyutikaran Yojana), which reached over 400,000 villages. Using regression-discontinuity and difference-in-differences designs, we estimate that RGGVY meani...
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作者：Baum-Snow, Nathaniel; Han, Lu
作者单位：University of Toronto; University of Wisconsin System; University of Wisconsin Madison
摘要：We perform a comprehensive neighborhood-level analysis of housing supply. Predictions of floor space and housing unit supply elasticities using our estimates average 0.5 and 0.3 across all urban neighborhoods in the United States, exhibiting greater variation within than between metro regions. New construction accounts for about 50% of unit supply responses, with important additional roles for teardowns and renovations. Supply responses grow with central business district distance mostly from ...
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作者：D'Arcy, Michelle; Nistotskaya, Marina; Olsson, Ola
作者单位：Trinity College Dublin; University of Gothenburg
摘要：Cadasters are public records of land ownership that facilitate clear assignment of property rights and land demarcation, thereby reducing transaction costs for economic agents and strengthening the state's capacity to tax. Macro-level research on the evolution of formal land registration has largely been lacking. Using a novel dataset on the emergence and development of state-administered cadasters in 159 countries over the past millennium, we analyze empirically the association between the de...
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作者：Alfaro, Ivan; Bloom, Nicholas; Lin, Xiaoji
作者单位：BI Norwegian Business School; Stanford University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We show how real and financial frictions amplify, prolong, and propagate the negative impact of uncertainty shocks. We use a novel instrumentation strategy to address endogeneity in estimating the impact of uncertainty by exploiting differential firm exposure to exchange rate, policy, and energy price volatility. We show that financially constrained firms cut investment more than unconstrained firms following an uncertainty shock. We then build a general equilibrium heterogeneous firms model w...
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作者：Fudenberg, Drew; Lanzani, Giacomo; Strack, Philipp
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Yale University
摘要：We study agents who are more likely to remember some experiences than others but update beliefs as if the experiences they remember are the only ones that occurred. To understand the long-run effects of selective memory, we propose selective-memory equilibrium. We show that if the agent's behavior converges, their limit strategy is a selective-memory equilibrium, and we provide a sufficient condition for behavior to converge. We use this equilibrium concept to explore the consequences of sever...
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作者：Brunnermeier, Markus K.; Merkel, Sebastian; Sannikov, Yuliy
作者单位：Princeton University; University of Bristol; Stanford University
摘要：The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers' interest burden. As idiosyncratic risk rises during recessions, so does the value of the service flows bestowing the safe asset with a negative beta. The resulting exorbitant privilege resolves government debt valuation puzzles and allows the government to ru...
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作者：Dewatripont, Mathias; Tirole, Jean
作者单位：Universite Libre de Bruxelles; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Scholars and civil society have argued that competition erodes supplier morality. This paper establishes a robust irrelevance result, whereby intense market competition does not crowd out consequentialist ethics; it thereby issues a strong warning against the wholesale moral condemnation of markets and procompetitive institutions. Intense competition, while not altering the behavior of profitable suppliers, may, however, reduce the standards of highly ethical suppliers or not-for-profits, rais...
