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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：Orr, Scott
作者单位：University of British Columbia
摘要：This paper develops a flexible recipe for identifying unobserved input allocations, as well as quantity- and revenue-based total factor productivity (TFP) across product lines, for multiproduct producers, using demand- and supply-side information. Applying variants of this recipe to a panel of plants manufacturing machinery in India from 2000-2007 yields sizable within-plant TFP differences. Removing an average plant's lowest-performing product increases the unweighted average of plant-level r...
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作者：Sieg, Holger; Yoon, Chamna
作者单位：National Bureau of Economic Research; University of Pennsylvania; Seoul National University (SNU)
摘要：We consider a dynamic game of electoral competition with adverse selection, moral hazard, and imperfect monitoring. We show that this dynamic game can be estimated using a flexible maximum likelihood estimator. We implement the estimator using data from recent mayoral elections in large US cities with binding two-term limits. Our empirical findings suggest that there are large differences in performance among different types of mayors. We find an economically important degree of policy respons...
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作者：[Anonymous]
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作者：Baley, Isaac; Figueiredo, Ana; Ulbricht, Robert
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; Pompeu Fabra University; Tinbergen Institute; Boston College
摘要：This paper studies the cyclical dynamics of skill mismatch and quantifies its impact on labor productivity. We build a tractable directed search model, in which workers differ in skills along multiple dimensions and sort into jobs with heterogeneous skill requirements. Skill mismatch arises because of information frictions and is prolonged by search frictions. Estimated to the United States, the model replicates salient business cycle properties of mismatch. Job transitions in and out of botto...
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作者：Fioretti, Michele
作者单位：Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Many firms claim that social impact influences their strategies. This paper develops a structural model that quantifies social impact as the sum of surpluses to a firm and its stakeholders. With data from a for-profit firm whose prosocial expenditures are measurable and salient to consumers, the analysis shows that the firm spends prosocially beyond profit maximization, thereby increasing welfare substantially. Incentivizing a standard profit-maximizing firm to behave similarly would require s...
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作者：[Anonymous]
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作者：Fehr, Dietmar; Fink, Gunther; Jack, B. Kelsey
作者单位：Ruprecht Karls University Heidelberg; Leibniz Association; Ifo Institut; University of Basel; Swiss Tropical & Public Health Institute; University of California System; University of California Santa Barbara
摘要：We investigate the link between poverty and decision-making in a sample of farmers in Zambia, who were given the opportunity to exchange randomly assigned household items for alternative items of similar value. Analyzing a total of 5,842 trading decisions and leveraging multiple sources of variation in financial constraints, we show that exchange asymmetries decrease in magnitude when participants are more constrained. This result is robust to experimental procedures and is not mediated by cha...
