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作者：Glover, Andrew; Heathcote, Jonathan; Krueger, Dirk; Rios-Rull, Jose-Victor
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research; University of London; University College London
摘要：The Great Recession saw sharp drops in labor earnings and even larger declines in asset prices. How were the welfare losses from these declines distributed across different age groups? To address this question we construct an overlapping-generations general equilibrium model in which households face large aggregate shocks. A calibrated version of the model replicates observed dynamics for asset prices. Younger households experience larger earnings losses in a model Great Recession, but benefit...
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作者：Ameriks, John; Briggs, Joseph; Caplin, Andrew; Shapiro, Matthew D.; Tonetti, Christopher
作者单位：The Vanguard Group, Inc.; Federal Reserve System - USA; Federal Reserve System Board of Governors; New York University; National Bureau of Economic Research; University of Michigan System; University of Michigan; Stanford University
摘要：Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated usin...
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作者：Bagues, Manuel; Campa, Pamela
作者单位：University of Warwick
摘要：Casas-Arce and Saiz (2015) study how gender quotas in candidate lists affect voting behavior using evidence from the introduction of quotas in the 2007 Spanish local elections in municipalities with more than 5,000 inhabitants. Using a difference-in-differences strategy, they show that parties that listed fewer female candidates in the previous election obtained more votes in the subsequent election in larger municipalities, a pattern that they attribute to the quota. We show robustness and pl...
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作者：Deb, Joyee
作者单位：Yale University
摘要：I consider markets in which participants have very little information: for instance, agents are anonymous, cannot verify each other's identities, or have little information about each other's past transactions. I ask whether it is possible to prevent opportunistic behavior in such settings in the absence of contractual enforcement. I model such markets as repeated anonymous-random-matching games and show that cooperation is sustainable if players are sufficiently patient and can announce their...
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作者：de la Sierra, Raul Sanchez
作者单位：University of Chicago
摘要：A positive demand shock for coltan, a mineral whose bulky output cannot be concealed, leads armed actors to create illicit customs and provide protection at coltan mines, where they settle as stationary bandits. A similar shock for gold, easy to conceal, leads to stationary bandits in the villages where income from gold is spent, where they introduce illicit mining visas, taxes, and administrations. Having a stationary bandit from a militia or the Congolese army increases welfare. These findin...
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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：Giorcelli, Michela; Moser, Petra
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：This paper exploits variation in the adoption of copyrights within Italy-due to the timing of Napoleon's military victories-to investigate the causal effects of copyrights on creativity. Baseline regressions compare changes in opera production across Italian states with and without copyrights. This analysis yields three main results. First, the adoption of copyrights led to a significant increase in the number of newly created operas. Second, copyrights raised the quality of new operas, measur...
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作者：Sotelo, Sebastian
作者单位：University of Michigan System; University of Michigan
摘要：I develop a model of agriculture on heterogeneous land to study the relation between trade, productivity, and welfare in Peru, where farmers face high internal and external trade costs. I quantify the model with new data on crop prices, yields, and land allocations. I then measure the effects of changes to trade opportunities. A policy of paving roads raises aggregate productivity (4.9%) and the median farmer's welfare (2.7%), but increased competition from remote suppliers harms 20% of farmer...
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作者：Bhuller, Manudeep; Dahl, Gordon B.; Loken, Katrine, V; Mogstad, Magne
作者单位：Statistics Norway; University of Oslo; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; University of California System; University of California San Diego; University of Bergen; National Bureau of Economic Research; Norwegian School of Economics (NHH); Statistics Norway; Center for Economic & Policy Research (CEPR); University of Chicago; Statistics Norway
摘要：Using a random judge design and panel data from Norway, we estimate that imprisonment discourages further criminal behavior, with reoffense probabilities falling by 29 percentage points and criminal charges dropping by 11 over a 5-year period. Ordinary least squares mistakenly reaches the opposite conclusion. The decline is driven by individuals not working prior to incarceration; these individuals increase participation in employment programs and raise their future employment and earnings. Pr...
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作者：Anderson, D. Mark; Brown, Ryan; Charles, Kerwin Kofi; Rees, Daniel I.
作者单位：Montclair State University; National Bureau of Economic Research; University of Colorado System; University of Colorado Denver; Yale University
摘要：Exploiting variation across states and municipalities in the timing and details of midwifery laws introduced during the period 1900-1940 and using data assembled from various primary sources, we find that requiring midwives to be licensed reduced maternal mortality by 7%-8% and may have led to modest reductions in infant mortality. These estimates represent the strongest evidence to date that licensing restrictions can improve the health of consumers and are directly relevant to ongoing policy...
