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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：Berlinski, Samuel; Ferreyra, Maria Marta; Flabbi, Luca; Martin, Juan David
作者单位：Inter-American Development Bank; IZA Institute Labor Economics; The World Bank; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We develop and estimate a model of supply and demand for childcare. On the demand side, households make consumption, labor supply, and childcare decisions. On the supply side, centers make entry, price, and quality decisions. In addition, both paid and informal caregivers are available. Child development is a function of the time spent with parents and nonparental care providers. We estimate the model using data from the Early Childhood Longitudinal Study, Birth Cohort, and perform policy expe...
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作者：Mazzonna, Fabrizio; Peracchi, Franco
作者单位：Universita della Svizzera Italiana; University of Rome Tor Vergata
摘要：We investigate whether older people correctly perceive their cognitive decline and the potential financial consequences of misperception. First, we show that older people tend to underestimate their cognitive decline. We then show that those experiencing a severe decline but unaware of it are more likely to suffer wealth losses. These losses largely reflect decreases in financial wealth and are mainly experienced by wealthier people who were previously active on the stock market. Our findings ...
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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：Davila, Eduardo; Graves, Daniel; Parlatore, Cecilia
作者单位：Yale University; New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper studies the social value of closing price differentials in financial markets. We show that arbitrage gaps exactly correspond to the marginal social value of executing an arbitrage trade. Moreover, arbitrage gaps and price impact measures are sufficient to compute the total social value from closing an arbitrage gap, which may emerge for different reasons, including nonpecuniary benefits of holding particular assets. Theoretically, we show that, for a given arbitrage gap, the total s...
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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：Papadia, Andrea; Schioppa, Claudio A.
作者单位：University of York - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Universite Libre de Bruxelles
摘要：We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history's largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, thus avoiding detrimental macroeconomic effects, while allowing discretionary repatriations in...
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作者：Akbarpour, Mohammad; Dworczak, Piotr; Kominers, Scott Duke
作者单位：Stanford University; Northwestern University; Harvard University
摘要：Many scarce public resources are allocated at below-market-clearing prices and sometimes for free. Such nonmarket mechanisms sacrifice some surplus, yet they can potentially improve equity. We develop a model of mechanism design with redistributive concerns. Agents are characterized by a privately observed willingness to pay for quality, a publicly observed label, and a social welfare weight. A market designer controls allocation and pricing of a set of objects of heterogeneous quality and max...
