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作者：Agarwal, Sumit; Chomsisengphet, Souphala; Mahoney, Neale; Stroebel, Johannes
作者单位：National University of Singapore; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Chicago; New York University
摘要：We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act. We use a panel data set covering 160 million credit card accounts and a difference-in-differences research design that compares changes in outcomes over time for consumer credit cards, which were subject to the regulations, to changes for small business credit cards, which the law did not cover. We estimate that regulatory limits on credit c...
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作者：Budish, Eric; Cramton, Peter; Shim, John
作者单位：University of Chicago; University System of Maryland; University of Maryland College Park
摘要：The high-frequency trading arms race is a symptom of flawed market design. Instead of the continuous limit order book market design that is currently predominant, we argue that financial exchanges should use frequent batch auctions: uniform price double auctions conducted, for example, every tenth of a second. That is, time should be treated as discrete instead of continuous, and orders should be processed in a batch auction instead of serially. Our argument has three parts. First, we use mill...
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作者：Jha, Saumitra
作者单位：Stanford University
摘要：The English Parliament's struggle for supremacy against monarchical dictatorship during the Civil War (1642-1648) was crucial for the establishment of representative government, yet its lessons continue to be debated. I exploit novel data on individual MPs drawn from 1,842 biographies to show that the conflict was over overseas interests and other factors over which the executive enjoyed broad constitutional discretion, rather than over domestic property rights. I further exploit the coinciden...
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作者：Burks, Stephen V.; Cowgill, Bo; Hoffman, Mitchell; Housman, Michael
作者单位：University of Minnesota System; University of Minnesota Morris; University of California System; University of California Berkeley; University of Toronto
摘要：Using personnel data from nine large firms in three industries (call centers, trucking, and high-tech), we empirically assess the benefit to firms of hiring through employee referrals. Compared to nonreferred applicants, referred applicants are more likely to be hired and more likely to accept offers, even though referrals and nonreferrals have similar skill characteristics. Referred workers tend to have similar productivity compared to nonreferred workers on most measures, but referred worker...
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作者：Augenblick, Ned; Niederle, Muriel; Sprenger, Charles
作者单位：Stanford University; Stanford University; National Bureau of Economic Research
摘要：Experimental tests of dynamically inconsistent time preferences have largely relied on choices over time-dated monetary rewards. Several recent studies have failed to find the standard patterns of present bias. However, such monetary studies contain often-discussed confounds. In this article, we sidestep these confounds and investigate choices over consumption (real effort) in a longitudinal experiment. We pair this effort study with a companion monetary discounting study. We confirm very limi...
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作者：Edelman, Benjamin; Wright, Julian
作者单位：National University of Singapore
摘要：Suppose an intermediary provides a benefit to buyers when they purchase from sellers using the intermediary's technology. We develop a model to show that the intermediary would want to restrict sellers from charging buyers more for transactions it intermediates. With this restriction an intermediary can profitably raise demand for its services by eliminating any extra price buyers face for purchasing through the intermediary. We show that this leads to inflated retail prices, excessive adoptio...
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作者：Aizer, Anna; Doyle, Joseph J., Jr.
作者单位：Brown University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Over 130,000 juveniles are detained in the United States each year with 70,000 in detention on any given day, yet little is known about whether such a penalty deters future crime or interrupts social and human capital formation in a way that increases the likelihood of later criminal behavior. This article uses the incarceration tendency of randomly assigned judges as an instrumental variable to estimate causal effects of juvenile incarceration on high school completion and adult recidivism. E...
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作者：Adena, Maja; Enikolopov, Ruben; Petrova, Maria; Santarosa, Veronica; Zhuravskaya, Ekaterina
作者单位：Pompeu Fabra University; Barcelona School of Economics; ICREA; New Economic School; University of Michigan System; University of Michigan
摘要：How do the media affect public support for democratic institutions in a fragile democracy? What role do they play in a dictatorial regime? We study these questions in the context of Germany of the 1920s and 1930s. During the democratic period, when the Weimar government introduced progovernment political news, the growth of Nazi popularity slowed down in areas with access to radio. This effect was reversed during the campaign for the last competitive election as a result of the pro-Nazi radio ...
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作者：Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; Gopinath, Gita
作者单位：Princeton University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Harvard University
摘要：We study fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a fiscal externality that arises in the presence of limited commitment and leads countries to overborrow; this externality rationalizes the impos...
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作者：Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes
作者单位：University of Chicago; Harvard University; New York University
摘要：We estimate how households trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the United Kingdom and Singapore, where residential property ownership takes the form of either leaseholds or freeholds. Leaseholds are temporary, prepaid, and tradable ownership contracts with maturities between 99 and 999 years, while freeholds are perpetual ownership contracts. The price difference betwe...
