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作者：Andrew, Alison; Attanasio, Orazio P.; Bernal, Raquel; Sosa, Lina Cardona; Krutikova, Sonya; Rubio-Codina, Marta
作者单位：University of Oxford; University of London; London School Economics & Political Science; Yale University; National Bureau of Economic Research; Universidad de los Andes - Chile; The World Bank; University of Manchester; Inter-American Development Bank
摘要：Globally, preschool enrollment has surged, but its quality is often poor. We evaluate strategies to improve quality of public preschools in Colombia. The first, designed by the government and rolled out nationwide, provided extra funding, mainly earmarked for hiring teaching assistants. The second also offered low-cost training for existing teachers. The first intervention had no effect on child development, while the second improved children's cognitive development, especially for more disadv...
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作者：Berger, Allen N.; Bouwman, Christa H. S.; Norden, Lars; Roman, Raluca A.; Udell, Gregory F.; Wang, Teng
作者单位：University of South Carolina System; University of South Carolina Columbia; Texas A&M University System; Texas A&M University College Station; University of Pennsylvania; Getulio Vargas Foundation; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We build a bridge between relationship lending and transactions lending-investigating relationship effects on contract terms for credit cards, a relatively pure transactions-lending technology. Using more than 1 million accounts, we find that during normal times, consumers with relationships obtain better terms but small businesses with relationships do not. Both groups obtain improved terms during COVID-19, consistent with intertemporal smoothing-relationship borrowers obtain more favorable t...
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作者：Ray, Walker; Droste, Michael; Gorodnichenko, Yuriy
作者单位：University of London; London School Economics & Political Science; Harvard University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We study the role of preferred habitat in understanding the economic effects of the Federal Reserve's quantitative easing (QE). Using high-frequency identification and exploiting the structure of the primary market for US Treasuries, we isolate demand shocks that are transmitted solely through preferred habitat channels but otherwise mimic QE shocks. We document large localized yield curve effects when financial markets are disrupted. Our calibrated model, which embeds preferred habitat in a N...
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作者：Conley, Timothy G.; Mehta, Nirav; Stinebrickner, Ralph; Stinebrickner, Todd
作者单位：Western University (University of Western Ontario)
摘要：We develop and estimate a model of student study time choices on a social network. The model is designed to exploit unique data in the Berea Panel Study. Study time data allow us to quantify an intuitive mechanism for academic social interactions: own study time may depend on friend study time in a heterogeneous manner. Social network data allow us to embed study time and resulting academic achievement in an estimable equilibrium framework. We develop a specification test that exploits the equ...
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作者：Carneiro, Pedro; Loken, Katrine; Salvanes, Kjell G.
作者单位：University of London; University College London; London School Economics & Political Science; Norwegian School of Economics (NHH)
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作者：Gabaix, Xavier; Koijen, Ralph S. J.
作者单位：Harvard University; University of Chicago
摘要：We develop a new method to construct instruments in a broad class of economic environments. In the economies we study, a few large firms, industries, or countries account for an important share of economic activity. Idiosyncratic shocks to these large players significantly affect aggregate outcomes and are valid instruments. We provide a methodology to extract these idiosyncratic shocks to create granular instrumental variables (GIVs), which are size-weighted sums of idiosyncratic shocks. We s...
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作者：Martellini, Paolo; Schoellman, Todd; Sockin, Jason
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; United States Department of the Treasury
摘要：We measure college graduate quality-the average human capital of a college's graduates-for graduates from 2,800 colleges in 48 countries. Graduates of colleges in the richest countries have 50% more human capital than graduates of colleges in the poorest countries. Migration reinforces these differences: emigrants from poorer countries are highly positively selected on human capital. Finally, we show that these stocks and flows matter for growth and development by showing that college graduate...
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作者：Lancia, Francesco; Russo, Alessia; Worrall, Tim
作者单位：Universita Ca Foscari Venezia; Centre for Economic Policy Research - UK; University of Padua; University of Edinburgh
摘要：How should successive generations insure each other when the young can default on previously promised transfers to the old? This paper studies intergenerational insurance that maximizes the expected discounted utility of all generations subject to participation constraints for each generation. If complete insurance is unattainable, the optimal intergenerational insurance is history dependent even when the environment is stationary. The risk from a generational shock is spread into the future w...
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作者：Pastorino, Elena
作者单位：Stanford University; National Bureau of Economic Research
摘要：Job and wage mobility can arise from firms and workers learning about workers' ability and from workers acquiring human capital with experience. To date, the relative importance of these two mechanisms is debated. Using administrative data from one firm, I estimate a structural model that integrates them. I find the direct effect of beliefs about ability on wages, which existing work has focused on, to be small. However, by improving the sorting of workers to the firm's jobs, learning about ab...
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作者：Baqaee, David R.; Farhi, Emmanuel; Sangani, Kunal
作者单位：University of California System; University of California Los Angeles; Harvard University
摘要：We propose a supply-side channel for the transmission of monetary policy. We show that when high-markup firms have lower pass-throughs than low-markup firms, then positive demand shocks, such as monetary expansions, alleviate cross-sectional misallocation by reallocating resources to high-markup firms. Consequently, positive demand shocks are accompanied by endogenous positive supply shocks that raise productivity and lower inflation. We derive a tractable, four-equation model where monetary s...
