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作者：Allen, Jason; Clark, Robert; Houde, Jean-Francois
作者单位：Bank of Canada; Queens University - Canada; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We provide a framework for empirical analysis of negotiated-price markets. Using mortgage market data and a search and negotiation model, we characterize the welfare impact of search frictions and quantify the role of search costs and brand loyalty for market power. Search frictions reduce consumer surplus by $12/month/consumer, 28 percent of which can be associated with discrimination, 22 percent with inefficient matching, and 50 percent with search costs. Banks with large consumer bases have...
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作者：Adhvaryu, Achyuta; Fenske, James; Nyshadham, Anant
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Warwick
摘要：We show that psychological well-being in adulthood varies with circumstance in early life. Combining a time series of real producer prices of cocoa with a nationally representative household survey in Ghana, we find that a one standard deviation rise in the cocoa price in early life decreases the likelihood of severe mental distress in adulthood by 3 percentage points (half the mean prevalence) for cohorts born in cocoa-producing regions relative to those born in other regions. Impacts on rela...
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作者：Davis, Donald R.; Dingel, Jonathan I.; Monras, Joan; Morales, Eduardo
作者单位：Columbia University; National Bureau of Economic Research; University of Chicago; Pompeu Fabra University; Center for Economic & Policy Research (CEPR); Princeton University
摘要：We provide measures of ethnic and racial segregation in urban consumption. Using Yelp reviews, we estimate how spatial and social frictions influence restaurant visits within New York City. Transit time plays a first-order role in consumption choices, so consumption segregation partly reflects residential segregation. Social frictions also affect restaurant choices: individuals are less likely to visit venues in neighborhoods demographically different from their own. While spatial and social f...
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作者：Karadja, Mounir; Prawitz, Erik
作者单位：Uppsala University; Research Institute of Industrial Economics (IFN)
摘要：We study the political effects of mass emigration to the United States in the nineteenth century using data from Sweden. To instrument for total emigration over several decades, we exploit severe local frost shocks that sparked an initial wave of emigration, interacted with within-country travel costs. Our estimates show that emigration substantially increased the local demand for political change, as measured by labor movement membership, strike participation, and voting. Emigration also led ...
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作者：Kehoe, Patrick J.; Midrigan, Virgiliu; Pastorino, Elena
作者单位：Stanford University; University of London; University College London; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University; Stanford University
摘要：During the Great Recession, US regions that experienced large declines in household debt also experienced large drops in consumption, employment, and wages. We develop a search and matching model in which tighter debt constraints raise the cost of investing in new job vacancies and so reduce job-finding rates and employment. On-the-job human capital accumulation is critical to generating sizable drops in employment: it increases the duration of the benefit flows from posting vacancies, thereby...
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作者：Frankel, Alex; Kartik, Navin
作者单位：University of Chicago; Columbia University
摘要：We study a model of signaling in which agents are heterogeneous on two dimensions. An agent's natural action is the action taken in the absence of signaling concerns. Her gaming ability parameterizes the cost of increasing the action. Equilibrium behavior muddles information across dimensions. As incentives to take higher actions increase-due to higher stakes or more manipulable signaling technology-more information is revealed about gaming ability, and less about natural actions. We explore a...
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作者：Garcia-Marin, Alvaro; Voigtlander, Nico
作者单位：Universidad de Chile; Universidad de los Andes - Chile; University of California System; University of California Los Angeles; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：While there is strong evidence that more productive plants select into exporting, the literature has struggled to identify export-related efficiency gains within plants. We show that this is due to the common use of revenue-based productivity measures (TFPR): more efficient producers tend to charge lower prices, leading to a downward bias in TFPR. Using census panels of Chilean, Colombian, and Mexican manufacturing plants, we find sizable efficiency gains after export entry based on efficiency...
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作者：Gillen, Ben; Snowberg, Erik; Yariv, Leeat
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University; California Institute of Technology; University of British Columbia; National Bureau of Economic Research; Princeton University
摘要：Measurement error is ubiquitous in experimental work. It leads to imperfect statistical controls, attenuated estimated effects of elicited behaviors, and biased correlations between characteristics. We develop statistical techniques for handling experimental measurement error. These techniques are applied to data from the Caltech Cohort Study, which conducts repeated incentivized surveys of the Caltech student body. We replicate three classic experiments, demonstrating that results change subs...
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作者：Koijen, Ralph S. J.; Yogo, Motohiro
作者单位：National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Princeton University; National Bureau of Economic Research
摘要：We develop an asset pricing model with flexible heterogeneity in asset demand across investors, designed to match institutional and household holdings. A portfolio choice model implies characteristics-based demand when returns have a factor structure and expected returns and factor loadings depend on the assets' own characteristics. We propose an instrumental variables estimator for the characteristics-based demand system to address the endogeneity of demand and asset prices. Using US stock ma...
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作者：Bursztyn, Leonardo; Fiorin, Stefano; Gottlieb, Daniel; Kanz, Martin
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California San Diego; Washington University (WUSTL); The World Bank; Center for Economic & Policy Research (CEPR)
摘要：We study the role of morality in debt repayment, using an experiment with the credit card customers of a large Islamic bank in Indonesia. In our main treatment, clients receive a text message stating that non-repayment of debts by someone who is able to repay is an injustice. This moral appeal decreases delinquency by 4.4 percentage points from a baseline of 66 percent and reduces default among customers with the highest ex ante credit risk. Additional treatments help benchmark the effects aga...
