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作者：Federico, Stefano; Hassan, Fadi; Rappoport, Veronica
作者单位：European Central Bank; Bank of Italy; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：This paper identifies a credit-supply contraction that arises endogenously after trade liberalization. Banks with loan portfolios concentrated in sectors exposed to competition from China face an increase in nonperforming loans after China's entry into the World Trade Organization. As a result, they reduce the supply of credit to firms, irrespective of the firm's sector of operation. This cut in credit translates into lower employment, investment, and output. Through this mechanism, the financ...
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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：Guarnieri, Eleonora
作者单位：University of Bristol
摘要：Ethnically diverse countries are more prone to conflict, but why do some groups engage in conflict, while others do not? I show that civil conflict in Africa is explained by ethnic groups' cultural distance to the central government: an increase in cultural distance, proxied by linguistic distance, increases an ethnicity's propensity to fight over government power. To identify this effect, I leverage within-ethnicity variation in linguistic distance resulting from power transitions between eth...
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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：Li, Ye
作者单位：University of Washington; University of Washington Seattle
摘要：The transition toward an intangible-intensive economy reshapes financial systems by creating a self-perpetuating savings glut in the production sector. As intangibles become increasingly important, firms hoard liquidity to finance investment in intangibles of limited pledgeability. Firms' savings feed cheap leverage to financial intermediaries and allow intermediaries to bid up asset prices, which in turn encourages firms to save more for asset creation. This paper develops a macrofinance mode...
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作者：Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine
摘要：How quickly does a fiat money become valueless? I study the speculative hyperinflation equilibria of continuous-time economies with decentralized markets where money is essential. I establish necessary and sufficient conditions under which money dies in finite time. A necessary condition is that the liquidity return of money grows unbounded as the value of money approaches zero. Under CRRA preferences, the longevity of money shrinks with the money growth rate and the frequency of liquidity nee...
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作者：Pellegrino, Bruno
作者单位：Columbia University; Leibniz Association; Ifo Institut
摘要：I present a new theory of oligopoly and markups in general equilibrium, based on an innovative, scalable hedonic demand system, which I take to the data for the universe of US public firms. In my model, firms compete in a network of product market rivalries that emerge endogenously out of the characteristics of the products they supply. I estimate that consumer surplus is almost three times as large as profits; decompose firm-level markups into metrics of quality-adjusted productivity and mark...
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作者：Dechezlepretre, Antoine; Fabre, Adrien; Kruse, Tobias; Planterose, Bluebery; Chico, Ana sanchez; Stantcheva, Stefanie
作者单位：University of London; London School Economics & Political Science; Organisation for Economic Co-operation & Development (OECD); Centre National de la Recherche Scientifique (CNRS); Analysis Group Inc.; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：This paper explores global perceptions and understanding of climate change and policies, examining factors that influence support for climate action and the impact of different types of information. We conduct large-scale surveys with 40,000 respondents from 20 countries, providing new international data on attitudes toward climate change and respondents' socioeconomic backgrounds and lifestyles. We identify three key perceptions affecting policy support: perceived effectiveness of policies in...
