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作者：Berndt, Antje; Duffie, Darrell; Zhu, Yichao
作者单位：Australian National University; Stanford University
摘要：For globally systemically important banks (GSIBs) with US headquarters, we find significant reductions in market-implied probabilities of government bailout after the Global Financial Crisis (GFC), along with roughly 170 percent higher wholesale debt financing costs for these banks after controlling for insolvency risk. Since the GFC, bank creditors appear to expect much larger losses in the event that a GSIB approaches insolvency. In this sense, we estimate a decline of too big to fail. (G01,...
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作者：Bursztyn, Leonardo; Handel, Benjamin; Jimenez-Duran, Rafael; Roth, Christopher
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley; Bocconi University; Bocconi University; Leibniz Association; Ifo Institut; University of Cologne; Max Planck Society; Norwegian School of Economics (NHH); Centre for Economic Policy Research - UK
摘要：Individuals might experience negative utility from not consuming a popular product. With such externalities to nonusers, standard consumer surplus measures, which take aggregate consumption as given, fail to appropriately capture consumer welfare. We propose an approach to account for these externalities and apply it to estimate consumer welfare from two social media platforms: TikTok and Instagram. Incentivized experiments with college students indicate positive welfare based on the standard ...
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作者：Bai, Jie; Barwick, Panle Jia; Cao, Shengmao; Li, Shanjun
作者单位：Harvard University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; Centre for Economic Policy Research - UK; Northwestern University; Stanford University
摘要：This paper studies the impact of quid pro quo (technology for market access) in facilitating knowledge spillovers and quality upgrading in the Chinese automobile industry. The identification strategy exploits within-product quality variation across a rich set of quality dimensions. We find affiliated domestic automakers adopt more similar quality strengths of their joint venture partners, consistent with knowledge spillovers. Additional analysis suggests worker flows and supplier networks medi...
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作者：Gagliardone, Luca; Gertler, Mark; Lenzu, Simone; Tielens, Joris
作者单位：New York University; New York University; Federal Reserve System - USA; Federal Reserve Bank - New York; European Central Bank; National Bank of Belgium; KU Leuven
摘要：We develop a bottom-up approach to estimate the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the real activity variable. Using quarterly micro data on prices, costs, and output, we estimate dynamic pass-through regressions that identify the slope as a function of primitive parameters. We find a high slope for the cost-based Phillips curve, which contrasts with the low estimates of the conventional output gap-based formulation found in the lit...
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作者：Kaniel, Ron; Orlov, Dmitry
作者单位：University of Rochester; University of Wisconsin System; University of Wisconsin Madison
摘要：Adverse selection benefits firms able to identify talent. An informed intermediary expropriates agents' ability by threatening to fire and expose them to undervaluation of their skill. An agent's track record gradually reduces intermediary's information advantage. In response, the intermediary starts churning well-performing agents she knows are less skilled. The accelerated reduction in information advantage boosts profits, as retained agents accept below-reservation wages to build reputation...
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作者：Hausman, Catherine
作者单位：University of Michigan System; University of Michigan
摘要：Accelerated investment in electricity transmission could reduce total costs and enhance renewable integration. I document static allocative inefficiencies induced by incomplete market integration in 2 major US markets; these have risen over time and totaled $2 billion in 2022. I also argue that estimating firm-level impacts is important, as incumbents may have the power to block new lines and other reforms. I show that 4 firms would have experienced a collective $1.3 billion drop in net revenu...
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作者：Chambers, Christopher P.; Masatlioglu, Yusufcan; Natenzon, Paulo; Raymond, Collin
作者单位：Georgetown University; University System of Maryland; University of Maryland College Park; Washington University (WUSTL); Cornell University
摘要：We introduce a new model of stochastic choice that assigns each choice option a utility, along with a salience parameter reflecting economic frictions. We characterize our model behaviorally and investigate its comparative statics properties. We show that the model generates intuitive closed-form solutions in equilibrium settings where firms can choose price, quality, and advertising. In addition, we show that the model allows for flexible substitution patterns and changes in market shares acr...
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作者：Choukhmane, Taha; Goodman, Lucas; O'Dea, Cormac
作者单位：Massachusetts Institute of Technology (MIT); United States Department of the Treasury; Yale University
摘要：We study how couples allocate retirement-saving contributions across each spouse's account. In a new dataset covering over a million US individuals, we find retirement contributions are not allocated to the account with the highest employer match rate. This lack of coordination-which goes against the assumptions of most models of household decision-making-is common, costly, persistent over time, and cannot be explained by inertia, auto-enrollment, or simple heuristics. Complementing the admini...
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作者：Urvoy, Camille
作者单位：University of Mannheim; Centre for Economic Policy Research - UK
摘要：What makes politicians respond to civil society organizations' demands? I use new data on government transfers to French associations and exploit close elections to show that politicians grant more funds to ideologically close organizations when the local incumbent is a political ally and was elected by a small margin. The results are consistent with politicians and organizations exchanging financial support for electoral support. Organizations secure funding because of the votes they can deli...
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作者：Munoz, Pablo; Otero, Cristobal
作者单位：Universidad de Chile; Getulio Vargas Foundation; Columbia University
摘要：We study whether the quality of managers can affect public service provision in the context of public health. Using novel data from public hospitals in Chile, we show how the introduction of a competitive recruitment system and better pay for public hospital CEOs reduced hospital mortality by 8 percent. The effect is not explained by a change in patient composition. We find that the policy changed the pool of CEOs by displacing doctors with no management training in favor of CEOs who had studi...
