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作者：Caliendo, Lorenzo; Mion, Giordano; Opromolla, Luca David; Rossi-Hansberg, Esteban
作者单位：Yale University; University of Sussex; Banco de Portugal; Princeton University
摘要：Using employer-employee matched and firm production quantity and input data for Portuguese firms, we study the endogenous response of productivity to firm reorganizations as measured by changes in the number of management layers. We show that, as a result of an exogenous demand or productivity shock that makes the firm reorganize and add a management layer, quantity-based productivity increases by about 6%, while revenue-based productivity drops by around 3%. Such a reorganization makes the fi...
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作者：Boppart, Timo; Krusell, Per
作者单位：Center for Economic & Policy Research (CEPR); University of Gothenburg; National Bureau of Economic Research
摘要：The absence of a trend in hours worked in the postwar United States is an exception: across countries and historically, hours fall steadily by a little below 0.5% per year. Are steadily falling hours consistent with a stable utility function over consumption and leisure under balanced growth of the macroeconomic aggregates? Yes. We fully characterize the class of such functions and thus generalize the well-known balanced-growth preferences that demand constant (as opposed to falling) long-run ...
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作者：Eden, Maya
作者单位：Brandeis University; Center for Economic & Policy Research (CEPR)
摘要：How much should society be willing to pay for reducing inequality? The standard approach to this normative question relates inequality aversion to risk aversion by treating inequality as an outcome of a lottery. However, in the presence of heterogeneous risk preferences, it is unclear whose preferences should be used for evaluating this lottery. This paper derives a social welfare function as a limit of an iterative procedure, in which each iteration constructs a lottery based on the certainty...
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作者：Chen, Yan; Kesten, Onur
作者单位：University of Michigan System; University of Michigan; Tsinghua University; University of Sydney
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作者：Cattaneo, Matias D.; Ma, Xinwei; Masatlioglu, Yusufcan; Suleymanov, Elchin
作者单位：Princeton University; University of California System; University of California San Diego; University System of Maryland; University of Maryland College Park
摘要：This paper illustrates how one can deduce preference from observed choices when attention is both limited and random. We introduce a random attention model where we abstain from any particular attention formation and instead consider a large class of nonparametric random attention rules. Our intuitive condition, monotonic attention, captures the idea that each consideration set competes for the decision maker's attention. We then develop a revealed preference theory and obtain testable implica...
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作者：Andries, Marianne; Haddad, Valentin
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Information aversion-a preference-based fear of news flows-has rich implications for decisions involving information and risk-taking. It can explain key empirical patterns on how households pay attention to savings, namely, that investors observe their portfolios infrequently, particularly when stock prices are low or volatile. Receiving state-dependent alerts following sharp market downturns, such as during the financial crisis of 2008, improves welfare. Information-averse investors display a...
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作者：Sweeting, Andrew; Roberts, James W.; Gedge, Chris
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; Duke University
摘要：We develop a dynamic limit pricing model where an incumbent repeatedly signals information relevant to a potential entrant's expected profitability. The model is tractable, with a unique equilibrium under refinement, and dynamics contribute to large equilibrium price changes. We show that the model can explain why incumbent airlines cut prices dramatically on routes threatened with entry by Southwest, presenting new reduced-form evidence and a calibration that predicts a pattern of price chang...
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作者：Pastor, Lubos; Veronesi, Pietro
作者单位：Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago; National Bank of Slovakia; University of Chicago; National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR)
摘要：We develop a model of political cycles driven by time-varying risk aversion. Agents choose to work in the public or private sector and to vote Democratic or Republican. In equilibrium, when risk aversion is high, agents elect Democrats-the party promising more redistribution. The model predicts higher average stock market returns under Democratic presidencies, explaining the well-known presidential puzzle. The model can also explain why economic growth has been faster under Democratic presiden...
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作者：Gronqvist, Hans; Nilsson, J. Peter; Robling, Per-Olof
作者单位：Uppsala University; Stockholm University
摘要：We study the impact of lead exposure from birth to adulthood and provide evidence on the mechanisms producing these effects. Following 800,000 children differentially exposed to the phaseout of leaded gasoline in Sweden, we find that even a low exposure affects long-run outcomes, that boys are more affected, and that changes in noncognitive skills explain a sizeable share of the impact on crime and human capital. The effects are greater above exposure thresholds still relevant for the general ...
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作者：Caballero, Ricardo J.; Simsek, Alp
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：We develop a model of gross capital flows and analyze their role in global financial stability. In our model, consistent with the data, when a country experiences asset fire sales, foreign investments exit (fickleness), while domestic investments abroad return home (retrenchment). When countries have symmetric expected returns and financial development, the benefits of retrenchment dominate the costs of fickleness and gross flows increase fire-sale prices. Fickleness, however, creates a coordi...
