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作者：Antras, Pol; Desai, Mihir A.; Foley, C. Fritz
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper examines how costly financial contracting and weak investor protection influence the cross-border operational, financing, and investment decisions of firms. We develop a model in which product developers can play a useful role in monitoring the deployment of their technology abroad. The analysis demonstrates that when firms want to exploit technologies abroad, multinational firm (MNC) activity and foreign direct investment (FDI) flows arise endogenously when monitoring is nonverifia...
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作者：Gagnon, Etienne
作者单位：Federal Reserve System - USA
摘要：This paper provides new insight into the relationship between inflation and the setting of individual prices by examining a large data set of Mexican consumer prices covering episodes of both low and high inflation. When the annual rate of inflation is low (below 10%-15%), the frequency of price changes comoves weakly with inflation because movements in the frequency of price decreases and increases partly offset each other. In contrast, the average magnitude of price changes correlates strong...
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作者：Philippon, Thomas
作者单位：New York University; National Bureau of Economic Research
摘要：I propose an implementation of the q-theory of investment using bond prices instead of equity prices. Credit risk makes corporate bond prices sensitive to future asset values, and q can be inferred from bond prices. With aggregate U. S. data, the bond market's q fits the investment equation six times better than the usual measure of q, it drives out cash flows, and it reduces the implied adjustment costs by more than an order of magnitude. Theoretical interpretations for these results are disc...
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作者：Lalive, Rafael; Zweimueller, Josef
作者单位：University of Lausanne; University of Zurich
摘要：This paper analyzes the effects of changes in the duration of paid, job-protected parental leave on mothers' higher-order fertility and postbirth labor market careers. Identification is based on a major Austrian reform increasing the duration of parental leave from one year to two years for any child born on or after July 1, 1990. We find that mothers who give birth to their first child immediately after the reform have more second children than prereform mothers, and that extended parental le...
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作者：Alvarez, Fernando; Atkeson, Andrew; Edmond, Chris
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University; University of Melbourne
摘要：We examine the responses of prices and inflation to monetary shocks in an inventory-theoretic model of money demand. We show that the price level responds sluggishly to an exogenous increase in the money stock because the dynamics of households' money inventories leads to a partially offsetting endogenous reduction in velocity. We also show that inflation responds sluggishly to an exogenous increase in the nominal interest rate because changes in monetary policy affect the real interest rate. ...
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作者：Jensen, Robert; Oster, Emily
作者单位：University of California System; University of California Los Angeles; Brown University; National Bureau of Economic Research; University of Chicago
摘要：Cable and satellite television have spread rapidly throughout the developing world. These media sources expose viewers to new information about the outside world and other ways of life, which may affect attitudes and behaviors. This paper explores the effect of the introduction of cable television on women's status in rural India. Using a three-year, individual-level panel data set, we find that the introduction of cable television is associated with significant decreases in the reported accep...
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作者：Karlan, Dean; Mobius, Markus; Rosenblat, Tanya; Szeidl, Adam
作者单位：Yale University; Harvard University; National Bureau of Economic Research; Iowa State University; University of California System; University of California Berkeley
摘要：This paper builds a theory of trust based on informal contract enforcement in social networks. In our model, network connections between individuals can be used as social collateral to secure informal borrowing. We define network-based trust as the largest amount one agent can borrow from another agent and derive a reduced-form expression for this quantity, which we then use in three applications. (1) We predict that dense networks generate bonding social capital that allows transacting valuab...
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作者：Guiso, Luigi; Sapienza, Paola; Zingales, Luigi
作者单位：European University Institute; Northwestern University; National Bureau of Economic Research; University of Chicago
摘要：How much do cultural biases affect economic exchange? We answer this question by using data on bilateral trust between European countries. We document that this trust is affected not only by the characteristics of the country being trusted, but also by cultural aspects of the match between trusting country and trusted country, such as their history of conflicts and their religious, genetic, and somatic similarities. We then find that lower bilateral trust leads to less trade between two countr...
