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作者：Canen, Nathan; Kendall, Chad; Trebbi, Francesco
作者单位：University of Houston System; University of Houston; University of Southern California; University of British Columbia; Canadian Institute for Advanced Research (CIFAR); National Bureau of Economic Research
摘要：This paper investigates the determinants of political polarization, a phenomenon of increasing relevance in Western democracies. How much of polarization is driven by divergence in the ideologies of politicians? How much is instead the result of changes in the capacity of parties to control their members? We use detailed internal information on party discipline in the context of the U.S. Congress-whip count data for 1977-1986-to identify and structurally estimate an economic model of legislati...
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作者：Bowles, Samuel
作者单位：The Santa Fe Institute
摘要：Treating civic preferences as endogenous and government policies and tax capacities as both an influence on and a consequence of their evolution is an important new strand of thinking to which Besley has contributed. I ask: Does his model provide a convincing explanation of the way that civic cultures and the expansion of the state evolved as a matter of historical fact? And I suggest a number of alternative modeling approaches that both would recognize that policy makers take account of the e...
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作者：Alfonsi, Livia; Bandiera, Oriana; Bassi, Vittorio; Burgess, Robin; Rasul, Imran; Sulaiman, Munshi; Vitali, Anna
作者单位：University of California System; University of California Berkeley; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; University of Southern California; University of London; University College London; Bangladesh Rural Advancement Committee BRAC
摘要：We design a labor market experiment to compare demand- and supply-side policies to tackle youth unemployment, a key issue in low-income countries. The experiment tracks 1700 workers and 1500 firms over four years to compare the effect of offering workers either vocational training (VT) or firm-provided training (FT) for six months in a common setting where youth unemployment is above 60%. Relative to control workers, we find that, averaged over three post-intervention years, FT and VT workers:...
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作者：Corno, Lucia; Hildebrandt, Nicole; Voena, Alessandra
作者单位：Catholic University of the Sacred Heart; Boston Consulting Group (BCG); National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR)
摘要：We study how aggregate economic conditions affect the timing of marriage, and particularly child marriage, in Sub-Saharan Africa and in India. In both regions, substantial monetary or in-kind transfers occur with marriage: bride price across Sub-Saharan Africa and dowry in India. In a simple equilibrium model of the marriage market in which parents choose when their children marry, income shocks affect the age of marriage because marriage payments are a source of consumption smoothing, particu...
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作者：Brancaccio, Giulia; Kalouptsidi, Myrto; Papageorgiou, Theodore
作者单位：Cornell University; Harvard University; Boston College
摘要：In this paper, we study the role of the transportation sector in world trade. We build a spatial model that centers on the interaction of the market for (oceanic) transportation services and the market for world trade in goods. The model delivers equilibrium trade flows, as well as equilibrium trade costs (shipping prices). Using detailed data on vessel movements and shipping prices, we document novel facts about shipping patterns; we then flexibly estimate our model. We use this setup to demo...
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作者：Cavaliere, Giuseppe; Georgiev, Iliyan
作者单位：University of Bologna; University of Exeter; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：Asymptotic bootstrap validity is usually understood as consistency of the distribution of a bootstrap statistic, conditional on the data, for the unconditional limit distribution of a statistic of interest. From this perspective, randomness of the limit bootstrap measure is regarded as a failure of the bootstrap. We show that such limiting randomness does not necessarily invalidate bootstrap inference if validity is understood as control over the frequency of correct inferences in large sample...
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作者：Acemoglu, Daron; Azar, Pablo D.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We develop a tractable model of endogenous production networks. Each one of a number of products can be produced by combining labor and an endogenous subset of the other products as inputs. Different combinations of inputs generate (prespecified) levels of productivity and various distortions may affect costs and prices. We establish the existence and uniqueness of an equilibrium and provide comparative static results on how prices and endogenous technology/input choices (and thus the producti...
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作者：Bollerslev, Tim; Li, Jia; Patton, Andrew J.; Quaedvlieg, Rogier
作者单位：Duke University; National Bureau of Economic Research; CREATES; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We propose a decomposition of the realized covariance matrix into components based on the signs of the underlying high-frequency returns, and we derive the asymptotic properties of the resultingrealized semicovariancemeasures as the sampling interval goes to zero. The first-order asymptotic results highlight how the same-sign and mixed-sign components load differently on economic information related to stochastic correlation and jumps. The second-order asymptotic results reveal the structure u...
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作者：Bonhomme, Stephane
作者单位：University of Chicago
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作者：Peters, Michael
作者单位：Yale University
摘要：Markups vary systematically across firms and are a source of misallocation. This paper develops a tractable model of firm dynamics where firms' market power is endogenous and the distribution of markups emerges as an equilibrium outcome. Monopoly power is the result of a process of forward-looking, risky accumulation: firms invest in productivity growth to increase markups in their existing products but are stochastically replaced by more efficient competitors. Creative destruction therefore h...
