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作者：Kelly, Morgan; Grada, Cormac O.
作者单位：University College Dublin
摘要：Although largely absent from modern accounts of the Industrial Revolution, watches were the first mass-produced consumer durable and were Adam Smith's preeminent example of technological progress. In fact, Smith makes the notable claim that watch prices may have fallen by up to 95% over the preceding century, a claim that this article attempts to evaluate. We look at changes in the reported value of over 3,200 stolen watches from criminal trials in the Old Bailey in London from 1685 to 1810. B...
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作者：Card, David; Cardoso, Ana Rute; Kline, Patrick
作者单位：University of California System; University of California Berkeley; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：There is growing evidence that firm-specific pay premiums are an important source of wage inequality. These premiums will contribute to the gender wage gap if women are less likely to work at high-paying firms or if women negotiate (or are offered) worse wage bargains with their employers than men. Using longitudinal data on the hourly wages of Portuguese workers matched with income statement information for firms, we show that the wages of both men and women contain firm-specific premiums tha...
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作者：Araujo, M. Caridad; Carneiro, Pedro; Cruz-Aguayo, Yyannu; Schady, Norbert
作者单位：Inter-American Development Bank; University of London; University College London; London School Economics & Political Science
摘要：We assigned two cohorts of kindergarten students, totaling more than 24,000 children, to teachers within schools with a rule that is as good as random. We collected data on children at the beginning of the school year and applied 12 tests of math, language, and executive function (EF) at the end of the year. All teachers were filmed teaching for a full day, and the videos were coded using the Classroom Assessment Scoring System (or CLASS). We find substantial classroom effects: A 1 standard de...
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作者：Boffa, Federico; Piolatto, Amedeo; Ponzetto, Giacomo A. M.
作者单位：Free University of Bozen-Bolzano; University of Barcelona; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：This article explains why decentralization can undermine accountability and answers three questions: what determines if power should be centralized or decentralized when regions are heterogeneous? How many levels of government should there be? How should state borders be drawn? We develop a model of political agency in which voters differ in their ability to monitor rent-seeking politicians. We find that rent extraction is a decreasing and convex function of the share of informed voters, becau...
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作者：Malmendier, Ulrike; Nagel, Stefan
作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley; University of California System; University of California Berkeley; National Bureau of Economic Research; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：How do individuals form expectations about future inflation? We propose that individuals overweight inflation experienced during their lifetimes. This approach modifies existing adaptive learning models to allow for age-dependent updating of expectations in response to inflation surprises. Young individuals update their expectations more strongly than older individuals since recent experiences account for a greater share of their accumulated lifetime history. We find support for these predicti...
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作者：Nagel, Stefan
作者单位：National Bureau of Economic Research; University of Michigan System; University of Michigan; Center for Economic & Policy Research (CEPR)
摘要：This article examines the link between the opportunity cost of money and time-varying liquidity premia of near-money assets. Higher interest rates imply higher opportunity costs of holding money and hence a higher premium for the liquidity service benefits of assets that are close substitutes for money. Consistent with this theory, short-term interest rates in the United States, United Kingdom, and Canada have a strong positive relationship with the liquidity premium of Treasury bills and othe...
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作者：Rubinstein, Ariel
作者单位：Tel Aviv University; New York University
摘要：A new typology of players is proposed based on the classification of actions as either instinctive or contemplative. A person's type is the probability of him choosing a contemplative action. To test the typology, results of 10 games are analyzed. Actions in each game were classified depending on whether their response time was more or less, respectively, than the median response time of all subjects who played the game. It is argued that fast actions are more instinctive and slow actions are ...
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作者：Jackson, C. Kirabo; Johnson, Rucker C.; Persico, Claudia
作者单位：Northwestern University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Since the Coleman Report, many have questioned whether public school spending affects student outcomes. The school finance reforms that began in the early 1970s and accelerated in the 1980s caused dramatic changes to the structure of K-12 education spending in the United States. To study the effect of these school finance reform-induced changes in public school spending on long-run adult outcomes, we link school spending and school finance reform data to detailed, nationally representative dat...
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作者：Veiga, Andre; Weyl, E. Glen
作者单位：University of Oxford; Microsoft; Yale University
摘要：In selection markets, where the cost of serving consumers is heterogeneous and noncontractible, nonprice product features allow a firm to sort profitable from unprofitable consumers. An example of this sorting by quality'' is the use of down payments to dissuade borrowers who are unlikely to repay. We study a model in which consumers have multidimensional types and a firm offers a single product of endogenous quality, as in Spence (1975). These two ingredients generate a novel sorting incentiv...
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作者：Belloc, Marianna; Drago, Francesco; Galbiati, Roberto
作者单位：Sapienza University Rome; Leibniz Association; Ifo Institut; University of Messina; Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This article presents a unique historical experiment to explore the dynamics of institutional change in the Middle Ages. We have assembled a novel data set, where information on political institutions for northern central Italian cities between 1000 and 1300 is matched with detailed information on the earthquakes that occurred in the area and period of interest. Exploiting the panel structure of the data, we document that the occurrence of an earthquake retarded institutional transition from a...
