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作者：Kehoe, Timothy J.; Ruhl, Kim J.; Steinberg, Joseph B.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Toronto
摘要：Since the early 1990s, as the United States borrowed heavily from the rest of the world, employment in the US goods-producing sector has fallen. We construct a dynamic general equilibrium model with several mechanisms that could generate declining goods-sector employment: foreign borrowing, nonhomothetic preferences, and differential productivity growth across sectors. We find that only 15.1 percent of the decline in goods-sector employment from 1992 to 2012 stems from US trade deficits; most ...
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作者：Bouton, Laurent; Llorente-Saguer, Aniol; Malherbe, Frederic
作者单位：Georgetown University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of London; Queen Mary University London; University of London; London Business School
摘要：We study unanimous decision making under incomplete information. We argue that unanimous decision rules are not all equivalent. We show that majority rules with veto power are (i) Pareto superior to commonly used unanimous rules and (ii) ex ante efficient in a broad class of situations.
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作者：Philippe, Arnaud; Ouss, Aurelie
作者单位：University of Bristol; University of Pennsylvania
摘要：We explore how television broadcasting of unrelated criminal justice events affects sentencing. Exploiting as-good-as-random variation in news content before a verdict, we find that sentences are 3 months longer when the verdict is reached after coverage of crime. Sentences increase with media exposure to crime, not crime itself, and the effect tapers off quickly. Our results suggest that professional experience and expertise mitigate the effect of irrelevant external information. This paper h...
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作者：de Melo, Rafael Lopes
作者单位：University of Edinburgh
摘要：Why do firms pay different wages? Empirical evidence suggests the presence of substantial differences in firm pay controlling for worker skill. Moreover, these differences are uncorrelated with skills, indicating the absence of sorting. I show that the face value interpretation is inconsistent with evidence on coworker segregation. I interpret the evidence by applying a sorting model and show that the correlation is biased. I identify nonmonotonicities in wages as the reason for this bias and ...
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作者：Apesteguia, Jose; Ballester, Miguel A.
作者单位：ICREA; Pompeu Fabra University; University of Oxford
摘要：Suppose that, when evaluating two alternatives x and y by means of a parametric utility function, low values of the parameter indicate a preference for x and high values indicate a preference for y. We say that a stochastic choice model is monotone whenever the probability of choosing x is decreasing in the preference parameter. We show that the standard use of random utility models in the context of risk and time preferences may sharply violate this monotonicity property and argue that their ...
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作者：Atkin, David; Faber, Benjamin; Gonzalez-Navarro, Marco
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：The arrival of global retail chains in developing countries is causing a radical transformation in the way households source their consumption. This paper draws on a rich collection of Mexican microdata to estimate the effect of foreign supermarket entry on household welfare and decomposes this effect into six channels. We find that foreign entry causes large welfare gains for the average household predominantly driven by a reduction in the cost of livingboth through price reductions at domest...
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作者：Hall, Robert E.; Mueller, Andreas I.
作者单位：Stanford University; National Bureau of Economic Research; National Bureau of Economic Research; Columbia University; IZA Institute Labor Economics
摘要：We use a rich new body of data on the experiences of unemployed job seekers to determine the sources of wage dispersion and to create a search model consistent with the acceptance decisions the job seekers made. We identify the distributions of four key variables: offered wages, offered nonwage job values, job seekers' nonwork alternatives, and job seekers' personal productivities. We find that, conditional on personal productivity, the standard deviation of offered log wages is moderate, at 0...
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作者：Guren, Adam M.
作者单位：Boston University
摘要：House prices exhibit substantially more momentum, positive autocorrelation in price changes, than existing theories can explain. I introduce an amplification mechanism to reconcile this discrepancy. Sellers do not set a unilaterally high or low list price because they face a concave demand curve: increasing the price of an above-average-priced house rapidly reduces its sale probability, but cutting the price of a below-average-priced house only slightly improves its sale probability. The resul...
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作者：Bruhn, Miriam; Karlan, Dean; Schoar, Antoinette
作者单位：The World Bank; IZA Institute Labor Economics; Northwestern University; Innovations for Poverty Action (IPA); National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：A randomized control trial with 432 small and medium enterprises in Mexico shows positive impact of access to 1 year of management consulting services on total factor productivity and return on assets. Owners also had an increase in entrepreneurial spirit (an index that measures entrepreneurial confidence and goal setting). Using Mexican social security data, we find a persistent large increase (about 50 percent) in the number of employees and total wage bill even 5 years after the program. We...
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作者：Lim, Claire S. H.; Yurukoglu, Ali
作者单位：Cornell University; Stanford University
摘要：This paper quantitatively assesses time inconsistency, moral hazard, and political ideology in monopoly regulation of electricity distribution. We specify and estimate a dynamic model of utility regulation featuring investment and moral hazard. We find underinvestment in electricity distribution capital aiming to reduce power outages and use the estimated model to quantify the value of regulatory commitment in inducing greater investment. Furthermore, more conservative political environments g...
