-
作者：Gennaioli, Nicola; Shleifer, Andrei
作者单位：Stockholm University; Harvard University
摘要：We present a model of lawmaking by appellate courts in which judges influenced by policy preferences can distinguish precedents at some cost. We find a cost and a benefit of diversity of judicial views. Policy-motivated judges distort the law away from efficiency, but diversity of judicial views also fosters legal evolution and increases the law's precision. We call our central finding the Cardozo theorem: even when judges are motivated by personal agendas, legal evolution is, on average, bene...
-
作者：Ball, Laurence; Mankiw, N. Gregory
作者单位：Johns Hopkins University; Harvard University
摘要：This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian veil of ignorance could share risk with one another through complete Arrow-Debreu contingent- claims markets. The paper then examines how the government might implement optimal intergenerational risk sharing with a social security system. One conclusion is that the syst...
-
作者：Bayer, Patrick; Ferreira, Fernando; McMillan, Robert
作者单位：Duke University; National Bureau of Economic Research; University of Pennsylvania; University of Toronto
摘要：This paper develops a framework for estimating household preferences for school and neighborhood attributes in the presence of sorting. It embeds a boundary discontinuity design in a heterogeneous residential choice model, addressing the endogeneity of school and neighborhood characteristics. The model is estimated using restricted-access Census data from a large metropolitan area, yielding a number of new results. First, households are willing to pay less than 1 percent more in house prices -...
-
作者：Chandra, Amitabh; Staiger, Douglas O.
作者单位：Harvard University; National Bureau of Economic Research; Dartmouth College
摘要：A large literature in medicine documents variation across areas in the use of surgical treatments that is unrelated to outcomes. Observers of this phenomenon have invoked flat of the curve medicine to explain it and have advocated for reductions in spending in high- use areas. In contrast, we develop a simple Roy model of patient treatment choice with productivity spillovers that can generate the empirical facts. Our model predicts that high- use areas will have higher returns to surgery, bett...
-
作者：Gourinchas, Pierre-Olivier; Rey, Helene
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Princeton University
摘要：We explore the implications of a country's external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U. S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach has asset- pricing implications: external imba...
-
作者：Aguiar, Mark; Gopinath, Gita
作者单位：University of Rochester; Harvard University; National Bureau of Economic Research
摘要：Emerging market business cycles exhibit strongly countercyclical current accounts, consumption volatility that exceeds income volatility, and sudden stops in capital inflows. These features contrast with developed small open economies. Nevertheless, we show that a standard model characterizes both types of markets. Motivated by the frequent policy regime switches observed in emerging markets, our premise is that these economies are subject to substantial volatility in trend growth. Our method...
-
作者：Jacquet, Nicolas L.; Tan, Serene
作者单位：Singapore Management University; National University of Singapore
摘要：This paper endogenizes the market structure of an economy with heterogeneous agents who want to form bilateral matches in the presence of search frictions and when utility is nontransferable. There exist infinitely many marketplaces, and each agent chooses which marketplace to be in: agents get to choose not only whom to match with but also whom they meet with. Perfect segmentation is obtained in equilibrium, where agents match with the first person they meet. All equilibria have the same matc...
-
作者：Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Nevada System of Higher Education (NSHE); University of Nevada Reno; University of Pennsylvania; National Bureau of Economic Research
摘要：We use a new panel data set of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on average, consumers initially saved some of the rebate, by increasing their credit card payments and thereby paying down debt. But soon afterward their spending increased, counter to the permanent income mode...
-
作者：Avery, Rosemary; Kenkel, Donald; Lillard, Dean R.; Mathios, Alan
作者单位：Cornell University; National Bureau of Economic Research
摘要：We study the impact of smoking cessation product advertising. To measure potential exposure, we link survey data on magazine-reading habits and smoking behavior with an archive of print advertisements. We find that smokers who are exposed to more advertising are more likely to attempt to quit and to successfully quit. While some increased
-
作者：List, John A.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The dictator game represents a workhorse within experimental economics, frequently used to test theory and to provide insights into the prevalence of social preferences. This study explores more closely the dictator game and the literature's preferred interpretation of its meaning by collecting data from nearly 200 dictators across treatments that varied the action set and the origin of endowment. The action set variation includes choices in which the dictator can take money from the other pla...
