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作者：Chodorow-Reich, Gabriel
作者单位：Harvard University
摘要：This article investigates the effect of bank lending frictions on employment outcomes. I construct a new data set that combines information on banking relationships and employment at 2,000 nonfinancial firms during the 2008-9 crisis. The article first verifies empirically the importance of banking relationships, which imply a cost to borrowers who switch lenders. I then use the dispersion in lender health following the Lehman crisis as a source of exogenous variation in the availability of cre...
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作者：Karabarbounis, Loukas; Neiman, Brent
作者单位：University of Chicago
摘要：The stability of the labor share of income is a key foundation in macroeconomic models. We document, however, that the global labor share has significantly declined since the early 1980s, with the decline occurring within the large majority of countries and industries. We show that the decrease in the relative price of investment goods, often attributed to advances in information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of inve...
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作者：Billings, Stephen B.; Deming, David J.; Rockoff, Jonah
作者单位：University of North Carolina; University of North Carolina Charlotte; Harvard University
摘要：We study the end of race-based busing in Charlotte-Mecklenburg schools (CMS). In 2001, school boundaries in CMS were redrawn dramatically, and half of students received a new assignment. Using addresses measured prior to the policy change, we compare students in the same neighborhood that lived on opposite sides of a newly drawn boundary. We find that both white and minority students score lower on high school exams when they are assigned to schools with more minority students. We also find de...
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作者：Wallace, Neil
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In a pure-currency economy, money is the only durable object and people have private histories. In such economies, taxation is not feasible and in some of them trade is enhanced through the use of money. For economies of that kind in which a nondegenerate distribution of money, part of the state of the economy, affects trades and real outcomes, and in which trades affect the state at the next date, the conjecture is that there are transfer schemes financed by money creation that improve ex ant...
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作者：Cascio, Elizabeth U.; Washington, Ebonya
作者单位：Dartmouth College; National Bureau of Economic Research; Yale University
摘要：The Voting Rights Act of 1965, called one of the most effective pieces of civil rights legislation in U.S. history, generated dramatic increases in black voter registration across the South. We ask whether the increase in black voting rights was accompanied by an increase in blacks' share of public spending. We exploit a key provision of the act-removal of literacy tests at registration-for identification. Employing a triple-difference framework over a 20-year period, we find that counties wit...
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作者：Kuziemko, Ilyana; Buell, Ryan W.; Reich, Taly; Norton, Michael I.
作者单位：Columbia University; Harvard University; Stanford University
摘要：We present evidence from laboratory experiments showing that individuals are last-place averse. Participants choose gambles with the potential to move them out of last place that they reject when randomly placed in other parts of the distribution. In modified dictator games, participants randomly placed in second-to-last place are the most likely to give money to the person one rank above them instead of the person one rank below. Last-place aversion suggests that low-income individuals might ...
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作者：Michalopoulos, Stelios; Papaioannou, Elias
作者单位：Brown University; National Bureau of Economic Research; University of London; London Business School
摘要：We investigate the role of national institutions on subnational African development in a novel framework that accounts for both local geography and cultural-genetic traits. We exploit the fact that the political boundaries on the eve of African independence partitioned more than 200 ethnic groups across adjacent countries subjecting similar cultures, residing in homogeneous geographic areas, to different formal institutions. Using both a matching type and a spatial regression discontinuity app...
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作者：Kleven, Henrik Jacobsen; Landais, Camille; Saez, Emmanuel; Schultz, Esben
作者单位：University of London; London School Economics & Political Science; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This article analyzes the effects of income taxation on the international migration and earnings of top earners using a Danish preferential foreigner tax scheme and population-wide Danish administrative data. This scheme, introduced in 1991, allows new immigrants with high earnings to be taxed at a preferential flat rate for a duration of three years. We obtain two main results. First, the scheme has doubled the number of highly paid foreigners in Denmark relative to slightly less paid-and the...
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作者：Vavra, Joseph
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Is monetary policy less effective at increasing real output during periods of high volatility than during normal times? In this article, I argue that greater volatility leads to an increase in aggregate price flexibility so that nominal stimulus mostly generates inflation rather than output growth. To do this, I construct price-setting models with volatility shocks and show these models match new facts in CPI micro data that standard price-setting models miss. I then show that these models imp...
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作者：Kline, Patrick; Moretti, Enrico
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We study the long-run effects of one of the most ambitious regional development programs in U.S. history: the Tennessee Valley Authority (TVA). Using as controls authorities that were proposed but never approved by Congress, we find that the TVA led to large gains in agricultural employment that were eventually reversed when the program's subsidies ended. Gains in manufacturing employment, by contrast, continued to intensify well after federal transfers had lapsed-a pattern consistent with the...
