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作者：Waldinger, Maria
作者单位：Leibniz Association; Ifo Institut
摘要：Recent studies consistently find important economic effects of year-to-year weather fluctuations. I study the economic effects of long-term and gradual climate change over 250 years in the Little Ice Age (1600-1850), during which people and economies had time to adapt. Results show significant negative economic effects of long-term climate change. Temperature impacted the economy through its effect on agricultural productivity and mortality. To adapt to the Little Ice Age, economies increased ...
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作者：Kaur, Supreet; Kremer, Michael; Mullainathan, Sendhil
作者单位：University of California System; University of California Berkeley; University of Chicago
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作者：Mayshar, Joram; Moav, Omer; Pascali, Luigi
作者单位：Hebrew University of Jerusalem; University of Warwick; Reichman University; Pompeu Fabra University; Barcelona School of Economics
摘要：The conventional theory about the origin of the state is that the adoption of farming increased land productivity, which led to the production of food surplus. This surplus was a prerequisite for the emergence of tax-levying elites and, eventually, states. We challenge this theory and propose that hierarchy arose as a result of the shift to dependence on appropriable cereal grains. Our empirical investigation, utilizing multiple data sets spanning several millennia, demonstrates a causal effec...
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作者：Loertscher, Simon; Muir, Ellen V.
作者单位：University of Melbourne; Stanford University
摘要：We provide a parsimonious and unified explanation for randomized selling mechanisms widely used in practice yet commonly perceived as puzzling. Optimality of randomization in the form of conflation and rationing implies that revenue under market-clearing pricing is nonconcave. Randomization is implementable via opaque pricing and underpricing. Relative to market-clearing pricing, randomization increases the equilibrium quantity and quality of goods sold and, consequently, may increase consumer...
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作者：Williamson, Stephen
作者单位：Western University (University of Western Ontario)
摘要：A model of banking and means of payment is constructed to analyze the effects of the introduction of central bank digital currency (CBDC). That CBDC is interest bearing is not an advantage, as replacement of physical currency with CBDC does not expand the attainable set of equilibrium allocations. CBDC can increase welfare by competing with private means of payment and shifting safe assets from the private banking sector to what is effectively a narrow banking facility. This uses the aggregate...
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作者：Borowiecki, Karol Jan
作者单位：University of Southern Denmark
摘要：Teachers and mentors in creative fields shape their students' skills and views of the craft and thus the work they produce. How significant and persistent is this influence? Are there consequences for the variety and quality of students' inventive output? We study these questions in the context of Western music composition over five centuries, during which musical lineages are well documented, the content of composers' work can be directly compared, and its lasting value can be measured. We fi...
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作者：Montero, Eduardo
作者单位：National Bureau of Economic Research; University of Chicago; University of Chicago
摘要：In cooperative property rights systems, workers jointly own and manage production, whereas in outside-ownership systems, an owner contracts workers. Despite a rich literature on how the allocation of property rights matters for specialization, efficiency, and equity, little causal evidence exists. During a land reform in El Salvador in 1980, the military government reorganized properties owned by individuals with cumulative landholdings over 500 hectares into cooperatives; properties below thi...
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作者：Beason, Tyler; Schreindorfer, David
作者单位：Virginia Polytechnic Institute & State University; Arizona State University; Arizona State University-Tempe
摘要：We use option prices and realized returns to decompose risk premia into different parts of the return state space. In the data, 8/10 of the average equity premium is attributable to monthly returns below -10%, but returns below -30% matter very little. In contrast, prominent asset pricing models based on habits, long-run risks, rare disasters, undiversifiable idiosyncratic risk, and constrained intermediaries attribute the premium predominantly to returns above -10% or to the extreme left tail...
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作者：Dessein, Wouter; Prat, Andrea
作者单位：Columbia University
摘要：We argue that economists have studied the role of management from three perspectives: contingency theory (CT), an organization-centric empirical approach (OC), and a leader-centric empirical approach (LC). To reconcile these three perspectives, we augment a standard dynamic firm model with organizational capital, an intangible, slow-moving, productive asset that can be produced only with the direct input of the firm's leadership and that is subject to an agency problem. We characterize the ste...
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作者：Simonov, Andrey; Rao, Justin
作者单位：Columbia University; Centre for Economic Policy Research - UK
摘要：We examine the nature of consumer demand for government-controlled online news outlets in Russia, testing whether such demand reflects a preference for progovernment ideological coverage or other factors unrelated to outlets' ideological positions. We detect government-sensitive topics and measure outlets' news-reporting decisions from news article texts, and we estimate a structural model of demand for news, using detailed browsing data that traces individual-level consumption. The average co...
