-
作者：Antic, Nemanja; Persico, Nicola
作者单位：Northwestern University; National Bureau of Economic Research
摘要：In a cheap-talk setting where the conflict of interest between sender and receiver is determined endogenously by the choice of parameters theta(i) for each agent i, conditions are provided that determine the sign of each agent's inverse demand for theta without assuming that the most informative equilibrium will necessarily be played in the cheap talk game. For two popular functional forms of payoffs, we derive analytically tractable approximations for agent i's demand for theta. In an applica...
-
作者：Santos, Andres
作者单位：University of California System; University of California Los Angeles
-
作者：Morris, Stephen
-
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:...
-
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...
-
作者：Bonhomme, Stephane
作者单位：University of Chicago
-
作者：Ottonello, Pablo; Winberry, Thomas
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Chicago
摘要：We study the role of financial frictions and firm heterogeneity in determining the investment channel of monetary policy. Empirically, we find that firms with low default risk-those with low debt burdens and high distance to default- are the most responsive to monetary shocks. We interpret these findings using a heterogeneous firm New Keynesian model with default risk. In our model, low-risk firms are more responsive to monetary shocks because they face a flatter marginal cost curve for financ...
-
作者：Bazzi, Samuel; Fiszbein, Martin; Gebresilasse, Mesay
作者单位：Boston University; Amherst College
摘要：The presence of a westward-moving frontier of settlement shaped early U.S. history. In 1893, the historian Frederick Jackson Turner famously argued that the American frontier fostered individualism. We investigate the frontier thesis and identify its long-run implications for culture and politics. We track the frontier throughout the 1790-1890 period and construct a novel, county-level measure of total frontier experience (TFE). Historically, frontier locations had distinctive demographics and...
-
作者：Dworczak, Piotr
作者单位：Northwestern University
摘要：I study a mechanism design problem in which a designer allocates a single good to one of several agents, and the mechanism is followed by an aftermarket-a post-mechanism game played between the agent who acquired the good and third-party market participants. The designer has preferences over final outcomes, but she cannot design the aftermarket. However, she can influence its information structure by publicly disclosing information elicited from the agents by the mechanism. I introduce a class...
-
作者：Dubois, Pierre; Saethre, Morten
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Norwegian School of Economics (NHH)
摘要：Differences in regulated pharmaceutical prices within the European Economic Area create arbitrage opportunities that pharmacy retailers can access through parallel imports. For prescription drugs under patent, parallel trade affects the sharing of profits among an innovating pharmaceutical company, retailers, and parallel traders. We develop a structural model of demand and supply in which retailers can choose the set of goods to sell, thus foreclosing consumers' access to less profitable drug...
