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作者：Mendez, Esteban; Van Patten, Diana
作者单位：Yale University; National Bureau of Economic Research
摘要：This paper studies the role of private sector companies in the development of local amenities. We use evidence from one of the largest multinationals of the 20th century: the United Fruit Company (UFCo). The firm was given a large land concession in Costa Rica-one of the so-called Banana Republics-from 1899 to 1984. Using administrative census data with census-block geo-references from 1973 to 2011, we implement a geographic regression discontinuity design that exploits a land assignment that ...
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作者：Barelli, Paulo; Bhattacharya, Sourav; Siga, Lucas
作者单位：University of Rochester; Indian Institute of Management (IIM System); Indian Institute of Management Calcutta; University of Essex
摘要：We study the problem of aggregating private information in elections with two or more alternatives for a large family of scoring rules. We introduce a feasibility condition, the linear refinement condition, that characterizes when information can be aggregated asymptotically as the electorate grows large: there must exist a utility function, linear in distributions over signals, sharing the same top alternative as the primitive utility function. Our results complement the existing work where s...
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作者：Casini, Alessandro
作者单位：University of Rome Tor Vergata
摘要：This comment includes a solution to a problem in Section 8 in Andrews (1991) and points out a method to generalize the mean-squared error (MSE) bounds appearing in Andrews (1988) and Andrews (1991).
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作者：Konig, Michael; Storesletten, Kjetil; Song, Zheng; Zilibotti, Fabrizio
作者单位：Vrije Universiteit Amsterdam; Centre for Economic Policy Research - UK; University of Minnesota System; University of Minnesota Twin Cities; Chinese University of Hong Kong; Yale University; National Bureau of Economic Research
摘要：We construct an endogenous growth model with random interactions where firms are subject to distortions. The TFP distribution evolves endogenously as firms seek to upgrade their technology over time either by innovating or by imitating other firms. We use the model to quantify the effects of misallocation on TFP growth in emerging economies. We structurally estimate the stationary state of the dynamic model targeting moments of the empirical distribution of R&D and TFP growth in China during t...
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作者：Lagos, Ricardo; Zhang, Shengxing
作者单位：New York University; University of London; London School Economics & Political Science
摘要：We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is imperfect competition in the intermediation of credit, settlement, or payment services used to conduct transactions. We find that the option to settle transactions with money strengthens the stance of sellers of goods and services in relation to intermediaries, and show this mechanism is operative even for sellers who never exercise the option to sell for money. These latent money d...
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作者：Attanasio, Orazio; Larkin, Kieran; Ravn, Morten O.; Padula, Mario
作者单位：Yale University; University of London; London School Economics & Political Science; National Bureau of Economic Research; Stockholm University; University of London; University College London; Centre for Economic Policy Research - UK; Universita Ca Foscari Venezia
摘要：United States households' consumption expenditures and car purchases collapsed during the Great Recession and more so than income changes would have predicted. Using CEX data, we show that both the extensive and the intensive car spending margins contracted sharply in the Great Recession. We also document significant cross-cohort differences in the impact of the Great Recession including a stronger reduction in car spending by younger cohorts. We draw inference on the sources of the Great Rece...
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作者：van den Berg, Gerard J.; Vikstrom, Johan
作者单位：University of Groningen; Uppsala University; Uppsala University; Uppsala University
摘要：We propose and implement a new method to estimate treatment effects in settings where individuals need to be in a certain state (e.g., unemployment) to be eligible for a treatment, treatments may commence at different points in time, and the outcome of interest is realized after the individual left the initial state. An example concerns the effect of training on earnings in subsequent employment. Any evaluation needs to take into account that some of those who are not trained at a certain time...
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作者：Akcigit, Ufuk; Hanley, Douglas; Stantcheva, Stefanie
作者单位：University of Chicago; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Harvard University
摘要：We study the optimal design of corporate taxation and R&D policies as a dynamic mechanism design problem with spillovers. Firms have heterogeneous research productivity, and that research productivity is private information. There are non-internalized technological spillovers across firms, but the asymmetric information prevents the government from correcting them in the first best way. We highlight that key parameters for the optimal policies are (i) the relative complementarities between obs...
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作者：Li, Z. Merrick; Linton, Oliver
作者单位：Chinese University of Hong Kong; University of Cambridge
摘要：We introduce the Realized moMents of Disjoint Increments (ReMeDI) paradigm to measure microstructure noise (the deviation of the observed asset prices from the fundamental values caused by market imperfections). We propose consistent estimators of arbitrary moments of the microstructure noise process based on high-frequency data, where the noise process could be serially dependent, endogenous, and nonstationary. We characterize the limit distributions of the proposed estimators and construct c...
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作者：Imbens, Guido W. W.
摘要：This essay describes the evolution and recent convergence of two methodological approaches to causal inference. The first one, in statistics, started with the analysis and design of randomized experiments. The second, in econometrics, focused on settings with economic agents making optimal choices. I argue that the local average treatment effects framework facilitated the recent convergence by making key assumptions transparent and intelligible to scholars in many fields. Looking ahead, I disc...
