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作者：Kochov, Asen; Song, Yangwei
作者单位：University of Rochester; University of Colorado System; University of Colorado Boulder
摘要：Two key features distinguish the general class of recursive preferences from the standard model of dynamic choice: (i) agents may care about the intertemporal distribution of risk, and (ii) their rates of time preference, rather than being fixed, may vary with the level of consumption. We investigate what these features imply in the context of a repeated strategic interaction. First, we show that opportunities for intertemporal trade may expand the set of feasible payoffs relative to that in a...
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作者：Akbarpour, Mohammad; Kominers, Scott Duke; Li, Kevin Michael; Li, Shengwu; Milgrom, Paul
作者单位：Stanford University; Harvard University; Stanford University; Harvard University
摘要：We study the investment incentives created by truthful mechanisms that allocate resources using approximation algorithms. Some approximation algorithms guarantee nearly 100% of the optimal welfare in the allocation problem but guarantee nothing when accounting for investment incentives. An algorithm's allocative and investment guarantees coincide if and only if its confirming negative externalities are sufficiently small. We introduce fast approximation algorithms for the knapsack problem that...
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作者：Chikis, Craig A.; Goldberg, Jonathan; Lopez-Salido, David
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using an endogenous growth model, Liu, Mian, and Sufi (2022) (LMS) show that a decline in the interest rate can lead to a fall in productivity growth and a rise in leader-laggard productivity gaps and firm profits. We identify two issues in their quantitative analysis of transition dynamics: a time-scale error and the omission of composition terms in calculating productivity growth along the transition to a new balanced growth path. Correcting the time-scale error and including the composition...
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作者：Bresnahan, Tim
作者单位：Stanford University; National Bureau of Economic Research
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作者：Goldberg, Pinelopi Koujianou; Reed, Tristan
作者单位：Yale University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; The World Bank
摘要：What is the pathway to development in a world marked by rising economic nationalism and less international integration? This paper answers this question within a framework that emphasizes the role of demand-side constraints on national development, which is identified with sustained poverty reduction. In this framework, development is linked to the adoption of an increasing returns to scale technology by imperfectly competitive firms that need to pay the fixed setup cost of switching to that t...
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作者：Shen, Dennis; Ding, Peng; Sekhon, Jasjeet; Yu, Bin
作者单位：University of Southern California; University of California System; University of California Berkeley; Yale University; University of California System; University of California Berkeley
摘要：One dominant approach to evaluate the causal effect of a treatment is through panel data analysis, whereby the behaviors of multiple units are observed over time. The information across time and units motivates two general approaches: (i) horizontal regression (i.e., unconfoundedness), which exploits time series patterns, and (ii) vertical regression (e.g., synthetic controls), which exploits cross-sectional patterns. Conventional wisdom often considers the two approaches to be different. We e...
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作者：Lin, Zhexiao; Ding, Peng; Han, Fang
作者单位：University of California System; University of California Berkeley; University of Washington; University of Washington Seattle
摘要：Nearest neighbor (NN) matching is widely used in observational studies for causal effects. Abadie and Imbens (2006) provided the first large-sample analysis of NN matching. Their theory focuses on the case with the number of NNs, M fixed. We reveal something new out of their study and show that once allowing M to diverge with the sample size an intrinsic statistic in their analysis constitutes a consistent estimator of the density ratio with regard to covariates across the treated and control ...
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作者：[Anonymous]
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作者：Kaymak, Baris; Schott, Immo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Universite de Montreal
摘要：We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 to 60% of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital-intensive firms. The tax elasticity of the labor ...
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作者：Bustos, Paula
作者单位：ICREA; Pompeu Fabra University
