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作者：Alder, Simeon D.; Lagakos, David; Ohanian, Lee
作者单位：University of Wisconsin System; University of Wisconsin Madison; Boston University; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：No region of the United States fared worse over the postwar period than the Rust Belt. This paper analyzes how much of its decline can be accounted for by the persistent labor market conflict that characterized Rust Belt union-management relations. We develop a multisector, multiregion, dynamic general equilibrium model in which labor market conflict leads to strikes, wage premia, lower investment, and lower productivity growth. These lead to shrinking Rust Belt industries and to workers movin...
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作者：Pegoraro, Stefano
作者单位：University of Notre Dame
摘要：I characterize the dynamics of incentives in an optimal contract with investment delegation, moral hazard, and uncertainty about the agent's productivity. The principal increases the agent's incentives after good performance in order to delegate more capital to an agent with higher perceived productivity, thus implementing a convex pay-for-performance scheme. Moreover, the principal commits to reduce the agent's future incentives in order to mitigate ex ante investment distortions. Methodologi...
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作者：Anton, Miguel; Ederer, Florian; Gine, Mireia; Schmalz, Martin
作者单位：University of Navarra; IESE Business School; Yale University; National Bureau of Economic Research; European Corporate Governance Institute; University of Oxford; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
摘要：We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intraindustry and intrafirm cross-market variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher...
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作者：Bernini, Andrea; Facchini, Giovanni; Testa, Cecilia
作者单位：University of Oxford; Centre for Economic Policy Research - UK; University of Nottingham; IZA Institute Labor Economics; University of Nottingham
摘要：The Voting Rights Act of 1965 redefined race relations in the United States. Yet evidence on its effect on Black office holding remains scant. Using novel data on Black elected officials between 1962 and 1980, we assess the impact of the Voting Rights Act on the racial makeup of local governments in the Deep South. Exploiting predetermined differential exposure of Southern counties to the mandated federal intervention, we show that the latter fostered local Black office holding, particularly i...
