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作者：Benetton, Matteo; Gavazza, Alessandro; Surico, Paolo
作者单位：University of California System; University of California Berkeley; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper examines how central bank policies influence mortgage pricing in the United Kingdom. It shows that lenders price discriminate by offering two-part tariffs of interest rates and origination fees, and during unconventional monetary policies like the Funding for Lending Scheme, lenders reduced interest rates while increasing fees. Using a model of mortgage demand and lender competition, we find that central bank policies increased mortgage lending. Additionally, banning origination fee...
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作者：Alan, Sule; Kubilay, Elif
作者单位：Cornell University; Cornell University; Ihsan Dogramaci Bilkent University; University of Essex
摘要：We test the effectiveness of a behavioral program grounded in the idea that status granting and self-persuasion might yield a robust behavioral change in disadvantaged adolescents. We enlist socially connected senior middle school students with high emotional intelligence as student-teachers and entrust them with delivering a curriculum to their junior peers. The program empowers student-teachers, leading them to improve their social environment. It reduces disciplinary incidents and antisoci...
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作者：Clayton, Christopher; Schaab, Andreas
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Should central banks' inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks. Firms learn the state from the central bank's reports and form inflation expectations. A dynamic inflation target implements the full-information commitment allocation. The central bank is delegated the authority to adjust the target's level and flexibility one period in adv...
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作者：Jha, Akshaya; Leslie, Gordon
作者单位：Carnegie Mellon University; Monash University
摘要：Firms expect to recover the fixed costs required to start production by earning positive operating profits in subsequent periods. We develop a dynamic competitive benchmark that accounts for start-up costs, showing that static markups overstate the rents attributable to market power in an electricity market where generators frequently stop and start production in response to rooftop solar output. We demonstrate that the large-scale expansion of solar capacity can lead to increases in the colle...
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作者：Benigno, Gianluca; Fornaro, Luca; Wolf, Martin
作者单位：Centre for Economic Policy Research - UK; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); University of St Gallen
摘要：We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable goods, inducing a reallocation of US economic activity from the tradable sector to the nontradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determi...
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作者：Athey, Susan
作者单位：Stanford University
摘要：This paper provides an economic perspective on data-driven innovation in digital products, focusing on the role of complex experiments in measuring and improving social impact. The discussion highlights how tools and insights from economics contribute to each stage of the innovation process. Key contributions include identifying problems, developing theoretical frameworks, translating goals into measurable outcomes, analyzing historical data, and estimating counterfactual outcomes. The paper a...
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作者：Rexer, Jonah M.
作者单位：The World Bank
摘要：Multinationals in the extractive sectors of weak states face resource theft by armed groups. Criminality is often abetted by state corruption, even though firms are willing to pay for protection. I study indigenization in Nigeria's oil sector, which increased local firms' participation substantially. Despite lower quality, local firms increase output by reducing oil theft. A bargaining model illustrates that political connections align law enforcement incentives, solving commitment problems. D...
