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作者：Stroebel, Johannes; Vavra, Joseph
作者单位：New York University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Chicago
摘要：We document a causal response of local retail prices to changes in local house prices, with elasticities of 15-20 percent across housing cycles. These price responses are largest in zip codes with many homeowners and are driven by changes in markups rather than local costs. We argue that markups rise with house prices because greater housing wealth reduces homeowners' demand elasticity, and firms raise markups in response. Shopping data confirm that house price changes affect the price sensiti...
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作者：Proto, Eugenio; Rustichini, Aldo; Sofianos, Andis
作者单位：University of Bristol; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; University of Minnesota System; University of Minnesota Twin Cities; Ruprecht Karls University Heidelberg
摘要：We study how intelligence and personality affect the outcomes of groups, focusing on repeated interactions that provide the opportunity for profitable cooperation. Our experimental method creates two groups of subjects who have different levels of certain traits, such as higher or lower levels of Intelligence, Conscientiousness, and Agreeableness, but who are very similar otherwise. Intelligence has a large and positive long-run effect on cooperative behavior. The effect is strong when at the ...
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作者：Giroud, Xavier; Rauh, Joshua
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Stanford University; Stanford University
摘要：Using census microdata on multistate firms and their organizational forms, we estimate the impact of state taxes on business activity. For C corporations, employment and the number of establishments have short-run corporate tax elasticities of -0.4 to -0.5 and do not vary with changes in personal tax rates. Pass-through entity activities show tax elasticities of -0.2 to -0.4 with respect to personal tax rates and are invariant with respect to corporate tax rates. Capital shows similar patterns...
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作者：Fruehwirth, Jane Cooley; Iyer, Sriya; Zhang, Anwen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Cambridge; University of London; London School Economics & Political Science
摘要：Depression is the leading cause of illness and disability in adolescence. Many studies show a correlation between religiosity and mental health, yet the question remains whether the relationship is causal. We exploit within-school variation in adolescents' peers to deal with selection into religiosity. We find robust effects of religiosity on depression that are stronger for the most depressed. These effects are not driven by the school social context; depression spreads among close friends ra...
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作者：Blouin, Arthur; Mukand, Sharun W.
作者单位：University of Toronto; University of Warwick
摘要：This paper examines whether propaganda broadcast over radio helped to change interethnic attitudes in postgenocide Rwanda. We exploit variation in exposure to the government's radio propaganda due to the mountainous topography of Rwanda. Results of lab-in-the-field experiments show that individuals exposed to government propaganda have lower salience of ethnicity, have increased interethnic trust, and show more willingness to interact face-to-face with members of another ethnic group. Our resu...
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作者：Wieland, Johannes F.
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：The standard new Keynesian model predicts that economies behave differently at the zero lower bound: completely wasteful government spending or forward guidance is very stimulative, and capital destruction or oil supply shocks are expansionary. I provide empirical evidence on this prediction and find it wanting: The Great East Japan Earthquake and oil supply shocks are contractionary at the zero lower bound. Modifications of the model that are consistent with this evidence also overturn other ...
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作者：Diamond, Rebecca; McQuade, Tim
作者单位：Stanford University
摘要：We nonparametrically estimate spillovers of properties financed by the Low Income Housing Tax Credit (LIHTC) onto neighborhood residents by developing a new difference-in-differences style estimator. LIHTC development revitalizes low-income neighborhoods, increasing house prices 6.5 percent, lowering crime rates, and attracting racially and income diverse populations. LIHTC development in higher-income areas causes house price declines of 2.5 percent and attracts lower-income households. Linki...
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作者：Dur, Umut Mert; Unver, M. Utku
作者单位：North Carolina State University; Boston College; Deakin University
摘要：We introduce a new matching model to mimic two-sided exchange programs such as tuition and worker exchanges, in which export-import balances are required for longevity of programs. These exchanges use decentralized markets, making it difficult to achieve this goal. We introduce the two-sided top trading cycles, the unique mechanism that is balanced-efficient, worker-strategy-proof, acceptable, individually rational, and respecting priority bylaws regarding worker eligibility. Moreover, it enco...
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作者：Dicks, David L.; Fulghieri, Paolo
作者单位：Baylor University; University of North Carolina; University of North Carolina Chapel Hill; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We propose a new theory of systemic risk based on Knightian uncertainty (ambiguity). Because of uncertainty aversion, bad news on one asset class worsens investors' expectations on other asset classes, so that idiosyncratic risk creates contagion, snowballing into systemic risk. In a Diamond and Dybvig setting, uncertainty-averse investors are less prone to run individual banks, but runs can be systemic and are associated with stock market crashes and flight to quality. Finally, increasing unc...
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作者：Fryer, Roland G.
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper explores racial differences in police use of force. On nonlethal uses of force, blacks and Hispanics are more than 50 percent more likely to experience some form of force in interactions with police. Adding controls that account for important context and civilian behavior reduces, but cannot fully explain, these disparities. On the most extreme use of force-officer-involved shootings-we find no racial differences either in the raw data or when contextual factors are taken into accou...
