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作者：Costinot, Arnaud; Lorenzoni, Guido; Werning, Ivan
作者单位：Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Northwestern University
摘要：We develop a theory of capital controls as dynamic terms-of-trade manipulation. We study an infinite-horizon endowment economy with two countries. One country chooses taxes on international capital flows in order to maximize the welfare of its representative agent, while the other country is passive. We show that a country growing faster than the rest of the world has incentives to promote domestic savings by taxing capital inflows or subsidizing capital outflows. Although our theory of capita...
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作者：Bloom, David E.; Canning, David; Fink, Guenther
作者单位：Harvard University
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作者：Acemoglu, Daron; Reed, Tristan; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); Canadian Institute for Advanced Research (CIFAR); Harvard University
摘要：We study the effect of constraints on chiefs' power on economic outcomes, citizens' attitudes, and social capital. A paramount chief in Sierra Leone must come from a ruling family originally recognized by British colonial authorities. In chiefdoms with fewer ruling families, chiefs face less political competition, and development outcomes are significantly worse today. Variation in the security of property rights over land is a potential mechanism. Paradoxically, with fewer ruling families, th...
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作者：Attanasio, Orazio P.; Lechene, Valerie
作者单位：University of London; University College London; National Bureau of Economic Research
摘要：We estimate and test the restrictions of a collective model of household consumption, using z-conditional demands, in the context of a large conditional cash transfer program in rural Mexico. The model can explain the impacts of the program on the structure of food consumption. We use two plausible and novel distribution factors: the random allocation of a cash transfer to women and the relative size and wealth of the husband''s and wife''s family networks. Our structure does better at predict...
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作者：Dupuy, Arnaud; Galichon, Alfred
作者单位：Maastricht University; IZA Institute Labor Economics; IZA Institute Labor Economics; Center for Economic & Policy Research (CEPR)
摘要：Which and how many attributes are relevant for the sorting of agents in a matching market? This paper addresses these questions by constructing indices of mutual attractiveness that aggregate information about agents' attributes. The first k indices for agents on each side of the market provide the best approximation of the matching surplus by a k-dimensional model. The methodology is applied on a unique Dutch household survey containing information about education, height, body mass index, he...
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作者：Belo, Frederico; Lin, Xiaoji; Bazdresch, Santiago
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：We study the impact of labor market frictions on asset prices. In the cross section of US firms, a 10 percentage point increase in the firm''s hiring rate is associated with a 1.5 percentage point decrease in the firm''s annual risk premium. We propose an investment-based model with stochastic labor adjustment costs to explain this finding. Firms with high hiring rates are expanding firms that incur high adjustment costs. If the economy experiences a shock that lowers adjustment costs, these f...
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作者：Asker, John; Collard-Wexler, Allan; De Loecker, Jan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Duke University; Princeton University
摘要：We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that industries exhibiting greater time-series volatility of productivity have greater cross-sectional dispersion of the marginal revenue product of capital. We use a standard investment model with adjustment costs to show that variation in the vola...
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作者：Kremer, Ilan; Mansour, Yishay; Perry, Motty
作者单位：University of Warwick; Hebrew University of Jerusalem; Tel Aviv University
摘要：We study a novel mechanism design model in which agents each arrive sequentially and choose one action from a set of actions with unknown rewards. The information revealed by the principal affects the incentives of the agents to explore and generate new information. We characterize the optimal disclosure policy of a planner whose goal is to maximize social welfare. One interpretation of our result is the implementation of what is known as the wisdom of the crowd. This topic has become increasi...
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作者：de Clippel, Geoffroy; Eliaz, Kfir; Rozen, Kareen
作者单位：Brown University; Tel Aviv University; University of Michigan System; University of Michigan; Yale University
摘要：Consumers purchase multiple types of goods but may be able to examine only a limited number of markets for the best price. We propose a simple model that captures these features, conveying new insights. A firm's price can deflect or draw attention to its market, and consequently, limited attention introduces a new dimension of cross-market competition. We characterize the equilibrium and show that having partially attentive consumers improves consumer welfare. With less attention, consumers ar...
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作者：Adda, Jerome; McConnell, Brendon; Rasul, Imran
作者单位：European University Institute; University of London; University College London
摘要：We evaluate the impact on crime of a localized policing experiment that depenalized the possession of small quantities of cannabis in the London borough of Lambeth. We find that depenalization policy caused the police to reallocate effort toward nondrug crime. Despite the overall fall in crime attributable to the policy, we find that the total welfare of local residents likely fell, as measured by house prices. We shed light on what would be the impacts on crime of a citywide depenalization po...
