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作者：Basu, Suman S.; Boz, Emine; Gopinath, Gita; Roch, Francisco; Unsal, D. Filiz
作者单位：International Monetary Fund; Universidad Torcuato Di Tella; Organisation for Economic Co-operation & Development (OECD)
摘要：We develop a tractable small-open-economy framework to characterize the constrained efficient use of the monetary policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant currency pricing, positive premia on local currency debt arising from financiers' portfolio constraints, and occasionally-binding external and domestic borrowing constraints. We characterize the conditions under which the traditional prescription-rel...
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作者：Imbens, Guido W.; Bandiera, Oriana; Halac, Marina; Ho, Kate; Jones, Charles I.; Pathak, Parag; Trebbi, Francesco; Yariv, Leeat
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作者：Bhattacharya, Vivek; Illanes, Gaston; Padi, Manisha
作者单位：Northwestern University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Fiduciary duty aims to solve principal-agent problems, and the United States is in the middle of a protracted debate surrounding the merits of extending it to all financial advisers. Leveraging a transaction-level data set of deferred annuities and state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp and leads to a 16% decline in the entry of affected firms. Through the lens of a model of entry and advice provision, we show that this effect ...
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作者：Kolotilin, Anton; Zapechelnyuk, Andriy
作者单位：University of Edinburgh
摘要：A principal can restrict an agent's information (the persuasion problem) or discretion (the delegation problem). We study these two problems under standard single-crossing assumptions on the agent's marginal utility. We show that these problems are equivalent on the set of monotone stochastic mechanisms, implying, in particular, the equivalence of deterministic delegation and monotone partitional persuasion. We also show that the monotonicity restriction is superfluous for linear persuasion an...
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作者：Ely, Jeffrey C.; Georgiadis, George; Rayo, Luis
作者单位：Northwestern University; Northwestern University
摘要：We study the joint design of dynamic incentives and performance feedback for an environment with a coarse (all-or-nothing) measure of performance, and show that hiding information from the agent can be an optimal way to motivate effort. Using a novel approach to incentive compatibility, we derive a two-phase solution that begins with a silent phase where the agent is given no feedback and is asked to work non-stop, and ends with a full-transparency phase where the agent stops working as soon a...
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作者：Weber, Michael; Candia, Bernardo; Afrouzi, Hassan; Ropele, Tiziano; Lluberas, Rodrigo; Frache, Serafin; Meyer, Brent; Kumar, Saten; Gorodnichenko, Yuriy; Georgarakos, Dimitris; Coibion, Olivier; Kenny, Geoff; Ponce, Jorge
作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley; Columbia University; European Central Bank; Bank of Italy; University ORT Uruguay; Universidad de Montevideo; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Auckland University of Technology; European Central Bank; Centre for Economic Policy Research - UK; University of Texas System; University of Texas Austin
摘要：Using randomized control trials (RCTs) applied over time in different countries, we study whether the economic environment affects how agents learn from new information. We show that as inflation rose in advanced economies, both households and firms became more attentive and informed about publicly available news about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation h...
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作者：Brancaccio, Giulia; Kang, Karam
作者单位：New York University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper shows that product design shapes search frictions and that intermediaries leverage this channel to increase their rents in the context of the U.S. municipal bond market. The majority of bonds are designed via negotiation between a local government and its underwriter. They are then traded in a decentralized market, where the underwriter often also acts as an intermediary. Exploiting variations in state regulations that limit government officials' conflicts of interest, we provide ev...
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作者：Bonneton, Nicolas; Sandmann, Christopher
作者单位：Vanderbilt University; University of London; London School Economics & Political Science
摘要：This paper studies assortative matching in a non-stationary search-and-matching model with non-transferable payoffs. Non-stationarity entails that the number and characteristics of agents searching evolve endogenously over time. Assortative matching can fail in non-stationary environments under conditions for which Morgan (1995) and Smith (2006) show that it occurs in the steady state. This is due to the risk of worsening match prospects inherent to non-stationary environments. The main contri...
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作者：Chiovelli, Giorgio; Michalopoulos, Stelios; Papaioannou, Elias
作者单位：Universidad de Montevideo; Brown University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of London; London Business School
摘要：Landmines affect the lives of millions in many conflict-ridden communities long after the end of hostilities. However, there is little research on the role of demining. We examine the economic consequences of landmine removal in Mozambique, the only country to transition from heavily contaminated in 1992 to mine-free in 2015. First, we present the self-assembled georeferenced catalog of areas suspected of contamination, along with a detailed record of demining operations. Second, the event-stu...
