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作者：Farhi, Emmanuel; Werning, Ivan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Economies with private information provide a rationale for capital taxation. In this paper we ask what the welfare gains from following this prescription are. We develop a method to answer this question in standard general equilibrium models with idiosyncratic uncertainty and incomplete markets. We find that general equilibrium forces are important and greatly reduce the welfare gains. Once these effects are taken into account, the gains are relatively small in our benchmark calibration. These...
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作者：Diamond, Douglas W.; Rajan, Raghuram G.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Banks finance illiquid assets with demandable deposits, which discipline bankers but expose them to damaging runs. Authorities may not want to stand by and watch banks collapse. However, unconstrained direct bailouts undermine the disciplinary role of deposits. Moreover, competition forces banks to promise depositors more, increasing intervention and making the system worse off. By contrast, constrained central bank intervention to lower rates maintains private discipline, while offsetting con...
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作者：Bursztyn, Leonardo; Coffman, Lucas C.
作者单位：University of California System; University of California Los Angeles; University System of Ohio; Ohio State University
摘要：This paper experimentally analyzes the schooling decisions of poor households in urban Brazil. We elicit parents' choices between monthly government transfers conditional on their adolescent child attending school and guaranteed, unconditional transfers of varying sizes. In the baseline treatment, an overwhelming majority of parents prefer conditional transfers to larger unconditional transfers. However, few parents prefer conditional payments if they are offered text message notifications whe...
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作者：Baker, Scott; Mezzetti, Claudio
作者单位：Washington University (WUSTL); University of Melbourne
摘要：We examine a dynamic model of up-or-down problem solving. A decision maker can either spend resources investigating a new problem before deciding what to do or decide on the basis of similarity with precedent problems. Over time, a decision-making framework, or jurisprudence, develops. We focus on the model's application to judge-made law. We show that judges summarily apply precedent in some cases. The law may converge to efficient or inefficient rules. With positive probability, identical ca...
