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作者：Agarwal, Sumit; Chomsisengphet, Souphala; Mahoney, Neale; Stroebel, Johannes
作者单位：Georgetown University; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Chicago; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR)
摘要：We propose a new approach to studying the pass-through of credit expansion policies that focuses on frictions, such as asymmetric information, that arise in the interaction between banks and borrowers. We decompose the effect of changes in banks' cost of funds on aggregate borrowing into the product of banks' marginal propensity to lend (MPL) to borrowers and those borrowers' marginal propensity to borrow (MPB), aggregated over all borrowers in the economy. We apply our framework by estimating...
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作者：Embrey, Matthew; Frechette, Guillaume R.; Yuksel, Sevgi
作者单位：University of Sussex; New York University; University of California System; University of California Santa Barbara
摘要：More than half a century after the first experiment on the finitely repeated prisoner's dilemma, evidence on whether cooperation decreases with experience-as suggested by backward induction-remains inconclusive. This article provides ameta-analysis of prior experimental research and reports the results of a new experiment to elucidate how cooperation varies with the environment in this canonical game. We describe forces that affect initial play (formation of cooperation) and unraveling (breakd...
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作者：Wiswall, Matthew; Zafar, Basit
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：We use a hypothetical choice methodology to estimate preferences for work-place attributes from a sample of high-ability undergraduates attending a highly selective university. We estimate that women on average have a higher willingness to pay (WTP) for jobs with greater work flexibility and job stability, and men have a higher WTP for jobs with higher earnings growth. These job preferences relate to college major choices and to actual job choices reported in a follow-up survey four years afte...
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作者：Giglio, Stefano; Kelly, Bryan
作者单位：Yale University; National Bureau of Economic Research; University of Chicago; National Bureau of Economic Research
摘要：We document a form of excess volatility that is difficult to reconcile with standard models of prices, even after accounting for variation in discount rates. We compare prices of claims on the same cash flow stream but with different maturities. Standardmodels impose precise internal consistency conditions on the joint behavior of long- and short-maturity claims and these are strongly rejected in the data. In particular, long-maturity prices are significantly more variable than justified by th...
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作者：Alsan, Marcella; Wanamaker, Marianne
作者单位：National Bureau of Economic Research; University of Tennessee System; University of Tennessee Knoxville; IZA Institute Labor Economics
摘要：For 40 years, the Tuskegee Study of Untreated Syphilis in the Negro Male passively monitored hundreds of adult black men with syphilis despite the availability of effective treatment. The study's methods have become synonymous with exploitation and mistreatment by the medical profession. To identify the study's effects on the behavior and health of older black men, we use an interacted difference-in-difference-in-differences model, comparing older black men to other demographic groups, before ...
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作者：Farhi, Emmanuel; Maggiori, Matteo
作者单位：National Bureau of Economic Research; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a...
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作者：Henderson, J. Vernon; Squires, Tim; Storeygard, Adam; Weil, David
摘要：We explore the role of natural characteristics in determining the worldwide spatial distribution of economic activity, as proxied by lights at night, observed across 240,000 grid cells. A parsimonious set of 24 physical geography attributes explains 47% of worldwide variation and 35% of within-country variation in lights. We divide geographic characteristics into two groups, those primarily important for agriculture and those primarily important for trade, and confront a puzzle. In examining w...
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作者：Agan, Amanda; Starr, Sonja
作者单位：Rutgers University System; Rutgers University New Brunswick; University of Michigan System; University of Michigan
摘要：Ban the Box (BTB) policies restrict employers from asking about applicants' criminal histories on job applications and are often presented as a means of reducing unemployment among black men, who disproportionately have criminal records. However, withholding information about criminal records could risk encouraging racial discrimination: employers may make assumptions about criminality based on the applicant's race. To investigate BTB's effects, we sent approximately 15,000 online job applicat...
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作者：de la Croix, David; Doepke, Matthias; Mokyr, Joel
作者单位：Universite Catholique Louvain; Northwestern University
摘要：In the centuries leading up to the Industrial Revolution, Western Europe gradually pulled ahead of other world regions in terms of technological creativity, population growth, and income per capita. We argue that superior institutions for the creation and dissemination of productive knowledge help explain the European advantage. We build a model of technological progress in a preindustrial economy that emphasizes the person-to-person transmission of tacit knowledge. The young learn as apprenti...
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作者：Kleinberg, Jon; Lakkaraju, Himabindu; Leskovec, Jure; Ludwig, Jens; Mullainathan, Sendhil
作者单位：Cornell University; Stanford University; University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Harvard University
摘要：Can machine learning improve human decision making? Bail decisions provide a good test case. Millions of times each year, judges make jail-or-release decisions that hinge on a prediction of what a defendant would do if released. The concreteness of the prediction task combined with the volume of data available makes this a promising machine-learning application. Yet comparing the algorithm to judges proves complicated. First, the available data are generated by prior judge decisions. We only o...
