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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...
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作者：Doyle, Orla
作者单位：University College Dublin
摘要：Using a randomized experiment, this study investigates the impact of sustained investment in parenting, from pregnancy until age 5, in the context of extensive welfare provision. Providing the Preparing for Life program, incorporating home visiting, group parenting, and baby massage, to disadvantaged Irish families raised children's cognitive and socioemotional/behavioral scores by two-thirds and one-quarter of a standard deviation, respectively. There were few differential effects by gender a...
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作者：Maggiori, Matteo; Neiman, Brent; Schreger, Jesse
作者单位：Harvard University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of Chicago; Columbia University
摘要：We establish currency as an important factor shaping global portfolios. Using a new security-level data set, we demonstrate that investor holdings are biased toward their own currencies to such an extent that countries typically hold most of the foreign-debt securities denominated in their currency. While large firms issue in foreign currency and borrow from foreigners, most firms issue only in local currency and do not directly access foreign capital. These patterns hold broadly across countr...
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作者：Karle, Heiko; Peitz, Martin; Reisinger, Markus
作者单位：Frankfurt School Finance & Management; University of Mannheim; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：For many products, platforms enable sellers to transact with buyers. We show that the competitive conditions among sellers shape the market structure in platform industries. If product market competition is tough, sellers avoid competitors by joining different platforms. This allows platforms to sustain high fees and explains why, for example, in some online markets, several homogeneous platforms segment the market. Instead, if product market competition is soft, agglomeration on a single plat...
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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：Chodorow-Reich, Gabriel; Wieland, Johannes
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California San Diego; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We revisit an old question: does industry labor reallocation affect the business cycle? Our empirical methodology exploits variation in a local labor market's exposure to industry reallocation on the basis of the area's initial industry composition and national industry employment trends for identification. Applied to confidential employment data over 1980-2014, we find sharp evidence of reallocation contributing to higher local area unemployment if it occurs during a national recession but li...
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作者：Acemoglu, Daron; Restrepo, Pascual
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：We study the effects of industrial robots on US labor markets. We show theoretically that robots may reduce employment and wages and that their local impacts can be estimated using variation in exposure to robots-defined from industry-level advances in robotics and local industry employment. We estimate robust negative effects of robots on employment and wages across commuting zones. We also show that areas most exposed to robots after 1990 do not exhibit any differential trends before then, a...
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作者：Frederiksen, Anders; Kahn, Lisa B.; Lange, Fabian
作者单位：Aarhus University; University of Rochester; McGill University
摘要：We study how heterogeneity in performance evaluations across supervisors affects employee and supervisor careers and firm outcomes using data on the performance system of a Scandinavian service sector firm. Supervisors vary widely in how they rate subordinates of similar quality. In our model, this ratings heterogeneity can arise because supervisors can differ in their ability to manage subordinates or in their leniency when rating subordinates. Furthermore, firms might or might not be informe...
