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作者：Carvalho, Leandro; Olafsson, Arna; Silverman, Dan
作者单位：University of Southern California; Copenhagen Business School; Danish Finance Institute; Center for Economic & Policy Research (CEPR); Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research
摘要：The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (misfortunes) or imperfect decisions (mistakes). Bank records from Iceland show that borrowers have especially low liquidity just before getting a loan. Borrowers exhibit lower decision-making ability (DMA) in linked-choice experiments: 45% of loan dollars go to the bottom 20% of the DMA distribution. Standard determinants of demand do not explain this relationship, which is also ...
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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：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：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：Battaglini, Marco; Palfrey, Thomas R.
作者单位：Cornell University; California Institute of Technology
摘要：We characterize optimal honest and obedient (HO) mechanisms for the classic collective action problem with private information, where group success requires costly participation by some fraction of its members. For large n, a simple HO mechanism, the volunteer-based organization, is approximately optimal. Success is achieved in the limit with probability one or zero depending on the rate at which the required fraction declines with n. For finite n, optimal HO mechanisms provide substantial gai...
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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：Carrell, Scott; Figlio, David; Lusher, Lester
作者单位：National Bureau of Economic Research; University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; IZA Institute Labor Economics
摘要：We study how author connections influence paper outcomes at the Journal of Human Resources. Authors who attended the same PhD program, worked with, affiliate with the same National Bureau of Economic Research program(s), or are closely linked via coauthorship networks as the handling editor are more likely to avoid a desk rejection. Reviewer recommendations are similarly influenced by PhD and employment matches. Matching on signals of ability-such as top five publishing, attending a high-ranke...
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作者：Braxton, J. Carter; Herkenhoff, Kyle; Phillips, Gordon M.
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Dartmouth College
摘要：We empirically establish that unemployed individuals maintain significant access to credit and that upon a layoff, the unconstrained borrow while the constrained default and delever. Motivated by these findings, we develop a theory of credit lines and labor income risk to analyze optimal transfers to the unemployed. Since credit lines offer fixed interest rates and limits, credit lines are unresponsive to layoffs and provide greater consumption insurance relative to when debt is repriced perio...
