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作者：Hansman, Christopher; Hjort, Jonas; Leon-Ciliotta, Gianmarco; Teachout, Matthieu
作者单位：Imperial College London; Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Pompeu Fabra University
摘要：We study the relationship between firms' output quality and organizational structure. Using data on the production and transaction chain that makes up Peruvian fish meal manufacturing, we establish three results. First, firms integrate suppliers when the quality premium rises for exogenous reasons. Second, suppliers change their behavior to better maintain input quality when vertically integrated. Third, firms produce a higher share of high-quality output when weather and supplier availability...
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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：Kaplan, Greg; Mitman, Kurt; Violante, Giovanni L.
作者单位：University of Chicago; National Bureau of Economic Research; Stockholm University; IZA Institute Labor Economics; Princeton University
摘要：We build a model of the US economy with multiple aggregate shocks that generate fluctuations in equilibrium house prices. Through counterfactual experiments, we study the housing boom-bust around the Great Recession, with three main results. First, the main driver of movements in house prices and rents was a shift in beliefs, not a change in credit conditions. Second, the boom-bust in house prices explains half of the corresponding swings in nondurable expenditures through a wealth effect. Thi...
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作者：Cooper, Zack; Scott Morton, Fiona; Shekita, Nathan
作者单位：Yale University; National Bureau of Economic Research
摘要：In the United States, hospitals and physicians independently negotiate contracts with insurers. Therefore, a privately insured individual can be treated at an in-network hospital's emergency department but receive a large unexpected bill from an out-of-network emergency physician working at that facility. Because patients do not choose their emergency physician, emergency physicians can remain out of network and charge high prices without losing patient volume. We illustrate that this strong o...
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作者：Kuhn, Moritz; Schularick, Moritz; Steins, Ulrike I.
作者单位：University of Bonn; Centre for Economic Policy Research - UK; IZA Institute Labor Economics
摘要：This paper introduces a new long-run data set based on archival data from historical waves of the Survey of Consumer Finances. Studying the joint distribution of household income and wealth, we expose the central importance of portfolio composition and asset prices for wealth dynamics in postwar America. Asset prices shift the wealth distribution because of systematic differences in household portfolios along the wealth distribution. Middle-class portfolios are dominated by housing, while rich...
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作者：Costello, Anna M.
作者单位：University of Michigan System; University of Michigan
摘要：How do shocks to the banking sector travel through the corporate economy? Using a novel data set of interfirm sales, I show that suppliers exposed to a large and exogenous decline in bank financing pass this liquidity shock to their downstream customers. The spillover effect occurs through two channels: a reduction in trade credit offered and a reduction in the total supply of goods and services. After exposure to the spillover, downstream customers show a spike in credit risk and a reduction ...
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作者：Foley-Fisher, Nathan; Narajabad, Borghan; Verani, Stephane
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：The interaction of worsening fundamentals and strategic complementarities among investors renders identification of self-fulfilling runs challenging. We propose a dynamic model to show how exogenous variation in firms' liability structures can be exploited to obtain variation in the strength of strategic complementarities. Applying this identification strategy to puttable securities offered by US life insurers, we find that at least 40% of the $18 billion run on life insurers by institutional ...
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作者：Fisman, Raymond; Sarkar, Arkodipta; Skrastins, Janis; Vig, Vikrant
作者单位：Boston University; Hong Kong University of Science & Technology; Washington University (WUSTL); University of London; London Business School
摘要：We provide microeconomic evidence on ethnic frictions and market efficiency, using dyadic data on managers and borrowers from a large Indian bank. We conjecture that, if exposure to religion-based communal violence intensifies intergroup animosity, riot exposure will lead to lending decisions that are more sensitive to a borrower's religion. We find that riot-exposed Hindu branch managers lend relatively less to Muslim borrowers and that these loans are less likely to default, consistent with ...
