-
作者：Wiswall, Matthew; Zafar, Basit
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Michigan System; University of Michigan
摘要：We conducted a survey of high-ability college students and elicited beliefs about how their choice of major, and of whether to complete their degree, would affect an array of future events: earnings, employment, marriage prospects, potential spousal characteristics, and fertility. We find that students perceive large returns to human capital not only in their own future earnings but also in other dimensions (e.g., potential spouse's earnings and fertility). We find evidence of students sorting...
-
作者：Debortoli, Davide; Nunes, Ricardo; Yared, Pierre
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; University of Surrey; Columbia University; National Bureau of Economic Research
摘要：According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time consistency as in Lucas-Stokey. Our argument rests on the existence of an overlooked commitment problem that cannot be remedied with debt maturity: a government in the future will not necessarily tax abo...
-
作者：D'Acunto, Francesco; Malmendier, Ulrike; Ospina, Juan; Weber, Michael
作者单位：Boston College; University of California System; University of California Berkeley; National Bureau of Economic Research; Banco de la Republica Colombia; University of Chicago
摘要：Consumers rely on the price changes of goods in their grocery bundles when forming expectations about aggregate inflation. We use micro data that uniquely match individual expectations, detailed information about consumption bundles, and item-level prices. The weights consumers assign to price changes depend on the frequency of purchase, rather than expenditure share, and positive price changes loom larger than negative price changes. Prices of goods offered in the same store but not purchased...
-
作者：De Neve, Jan-Emmanuel; Imbert, Clement; Spinnewijn, Johannes; Tsankova, Teodora; Luts, Maarten
作者单位：University of Oxford; University of Warwick; University of London; London School Economics & Political Science; Tilburg University
摘要：We study the impact of simplification, deterrence, and tax morale on tax compliance. We ran four natural field experiments varying the communication of the tax administration with the universe of income taxpayers in Belgium throughout the tax process. A consistent picture emerges across experiments: (i) simplifying communication substantially increases compliance, (ii) deterrence messages have an additional positive effect, (iii) invoking tax morale is not effective and often backfires. A disc...
-
作者：Zhang, Hanzhe
作者单位：Michigan State University
摘要：I build an investment-and-marriage model to provide a new explanation for the reversed college gender gap; that is, more women than men are going to college. The explanation is based on differential fecundity and an equilibrium marriage-market effect. The model also sheds light on gender-specific relationships between age at marriage and midlife personal income for American men and women and the evolving relationship between age at marriage and spousal income for American women.
-
作者：Heblich, Stephan; Trew, Alex; Zylberberg, Yanos
作者单位：University of Toronto; University of Glasgow; University of Bristol
摘要：Why are the east sides of formerly industrial cities more deprived? To answer this question, we use individual-level census data and create historical pollution patterns derived from the locations of 5,000 industrial chimneys and an atmospheric model. We show that this observation results from path-dependent neighborhood sorting that began during the Industrial Revolution, as prevailing winds blew pollution eastward. Past pollution explains up to 20% of observed neighborhood segregation in 201...
-
作者：Williams, Basil
作者单位：New York University
摘要：A large literature has shown that asset quality may be signaled by retention or, in a separate literature, screened by liquidity. I present a general framework to analyze both instruments, offering conditions that characterize which instrument will be used in equilibrium. I then expand the private information to include not only asset quality but also seller patience, showing that both retention and liquidity may be used to fully separate both dimensions of private information. The expanded mo...
-
作者：Larrimore, Jeff; Burkhauser, Richard V.; Auten, Gerald; Armour, Philip
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Cornell University; University of Texas System; University of Texas Austin; University of Melbourne; United States Department of the Treasury; RAND Corporation
摘要：Use of Internal Revenue Service (IRS) tax records improves researchers' ability to track income trends, although the focus on taxable market income in this research excludes important income sources. Using IRS data in combination with other data sources, we explore the effect of measuring inequality levels and trends with income, including real accrued capital gains based on Haig-Simons principles. While median market income fell 10% from 1989 to 2016, median economic income increased by 26% u...
-
作者：Hungerman, Daniel M.; Ottoni-Wilhelm, Mark
作者单位：University of Notre Dame; National Bureau of Economic Research; Purdue University System; Purdue University; Purdue University in Indianapolis
摘要：We present a new model of charitable giving where individuals regard out-of-pocket donations and the matches they induce as different. We show that match-price elasticities combine conventional price effects with the strength of warm glow, so that a match-price elasticity alone is insufficient to characterize preferences for giving. Match- and rebate-price elasticities will be different, but together they lead to new tests of underlying giving preferences. We estimate, for the first time, a ma...
