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作者：Bonfim, Diana; Ferreira, Miguel A.; Queiro, Francisco; Zhao, Sujiao (Emma)
作者单位：Banco de Portugal; European Central Bank; Universidade Catolica Portuguesa; Universidade Nova de Lisboa; Universidade do Porto
摘要：We measure how cuts to public procurement propagate through the banking system in a financial crisis. During the European sovereign debt crisis, the Portuguese government cut procurement spending by 4.3 percent of GDP. We find that this cut saddled banks with nonperforming loans from government contractors, which led to a persistent reduction in credit supply to other firms. We estimate a bank-level elasticity of credit supply with respect to procurement demand of 2.5. In a general equilibrium...
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作者：Johnson, Simon
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
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作者：Stanton, Christopher T.; Thomas, Catherine
作者单位：Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：Online labor platforms for short-term remote work have many more job seekers than available jobs. Despite their relative abundance, workers capture a substantial share of the surplus from transactions. We draw this conclusion from demand estimates that imply workers' wages include significant markups over costs and a survey that validates our surplus estimates. Workers retain a significant share of the surplus because demand-side search frictions and worker differentiation reduce direct compet...
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作者：Aguirregabiria, Victor; Clark, Robert; Wang, Hui
作者单位：University of Toronto; Queens University - Canada; Peking University
摘要：Geographic dispersion of depositors, borrowers, and banks may prevent funding from flowing to high-loan-demand areas, limiting credit access. Using bank-county-year-level data, we provide evidence of geographic imbalance of deposits and loans and develop a methodology for investigating the contribution to this imbalance of branch networks, market power, and scope economies. Results are based on a novel measure of imbalance and estimation of a structural model of bank competition that admits in...
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作者：Gershkov, Alex; Moldovanu, Benny; Strack, Philipp; Zhang, Mengxi
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; University of Surrey; University of Bonn; Yale University
摘要：We use the tools of mechanism design combined with the theory of risk measures to analyze how a cash-constrained owner of an asset with known, stochastic returns raises capital from a population of investors who differ in their risk aversion and budget constraints. The issuer partitions the asset's cash flow into several asset-backed securities, one for each type of investor. The optimal partition conforms to the commonly observed practice of tranching into senior debt, junior debt, and equity...
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作者：Gormsen, Niels Joachim; Huber, Kilian
作者单位：University of Chicago
摘要：We construct a dataset of firms' discount rates (i.e., required returns to capital) and perceived cost of capital using corporate conference calls. The relation between discount rates and the cost of capital is far below the one-to-one mapping assumed in standard theory, as it takes many years for changes in the cost of capital to be incorporated into discount rates. This pattern leads to large and time-varying discount rate wedges that affect firm investment. Moreover, increasing discount rat...
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作者：Haushofer, Johannes; Niehaus, Paul; Paramo, Carlos; Miguel, Edward; Walker, Michael
作者单位：Cornell University; University of California System; University of California San Diego; University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：A large literature has examined how best to target antipoverty programs to those most deprived in some sense (e.g., consumption). We examine the potential trade-off between this objective and targeting those most impacted by such programs. We work in the context of an NGO cash transfer program in Kenya, employing recent advances in machine learning methods and dynamic outcome data to learn proxy means tests that jointly target both objectives. Targeting solely on the basis of deprivation is no...
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作者：Robinson, James A.
作者单位：University of Chicago; University of Nigeria; University of Nigeria
摘要：My research suggests that world inequality is explained by the incidence of extractive and inclusive institutions. But why do some countries have extractive institutions? I distinguish between two main reasons; first, power relations; second, the normative order. Normative orders provide justifications and legitimacy for institutions which may not generate prosperity, but may achieve other goals. These distinctions are critical because they create very different challenges in trying to make in...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper reviews the main motivations and arguments of my work on comparative development, colonialism, and institutional change, which was often carried out jointly with James Robinson and Simon Johnson. I then provide a simple framework to organize these ideas and connect them with my research on innovation and technology. The framework is centered around a utility-technology possibilities frontier, which delineates the possible distributions of resources in a society both for given techno...
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作者：Boudreau, Laura; Macchiavello, Rocco; Minni, Virginia; Tanaka, Mari
作者单位：National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); University of Chicago; IZA Institute Labor Economics; Hitotsubashi University; University of Tokyo
摘要：Social movements are catalysts for crucial institutional changes. To succeed, they must coordinate members' views (consensus building) and actions (mobilization). We study union leaders within Myanmar's burgeoning labor movement. Union leaders are positively selected on both ability and personality traits that enable them to influence others, yet they earn lower wages. In group discussions about workers'views on an upcoming national minimum wage negotiation, randomly embedded leaders build con...
