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作者：Barwick, Panle Jia; Li, Shanjun; Lin, Liguo; Zou, Eric Yongchen
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; National Bureau of Economic Research; Cornell University; Shanghai University of Finance & Economics; University of Michigan System; University of Michigan
摘要：In 2013 , China launched a landmark program to monitor air quality and disclose real-time data , significantly increasing the public's access to and awareness of pollution information. The program triggered cascading behavioral changes such as stronger avoidance of outdoor pollution exposure and increased spending on protective products. These behavioral responses mitigated the mortality impact of air pollution. Conservative estimates indicate that the program's health benefits outweigh the co...
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作者：Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; Tsyvinski, Aleh
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Chicago; Institut d'Etudes Politiques Paris (Sciences Po); Yale University
摘要：We quantify the effects of the political development cycle-the flucopment policies-on growth and structural transformation of China in 1953-1978. The left policies prioritized structural transformation toward nonagricultural production and consumption at the expense of agricultural development. The right policies prioritized agricultural consumption through slower structural transformation. The imperfect implementation of these policies led to large welfare costs of the political development c...
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作者：Martinez-Marquina, Alejandro; Shi, Mike
作者单位：University of Southern California; Stanford University
摘要：We provide evidence of the existence of debt aversion and its negative implications for financial decisions. In a new experimental design where subjects are assigned debt randomly, we quantify the opportunity cost of subjects' debt-biased decisions. One-third of our participants neglect high returns and focus instead on debt repayments. In addition, borrowing to invest is 50 percent less likely when it leads to indebtedness. On average, participants perceive $1 less in debt as equivalent to $1...
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作者：Exley, Christine L.; Nielsen, Kirby
作者单位：University of Michigan System; University of Michigan; California Institute of Technology
摘要：We investigate how the gender gap in confidence affects the views that evaluators (e.g., employers) hold about men and women. We find the confidence gap is contagious, causing evaluators to form overly pessimistic beliefs about women. This result arises even though the confidence gap is expected and even though the confidence gap shouldn't be contagious if evaluators are Bayesian. Only an intervention that facilitates Bayesian updating proves (somewhat) effective. Additional results highlight ...
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作者：Angelucci, Manuela; Bennett, Daniel
作者单位：University of Texas System; University of Texas Austin; University of Southern California; University of Southern California
摘要：This study evaluates the impact of depression treatment on economic behavior in Karnataka, India. We cross -randomize pharmacotherapy and livelihoods assistance among 1,000 depressed adults and evaluate impacts on depression severity, socioeconomic outcomes, and several potential pathways. When combined, the interventions reduce depression severity, with benefits that persist after treatment concludes. Pharmacotherapy alone has a weaker effect that is only marginally significant and dissipates...
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作者：Braghieri, Luca
作者单位：Bocconi University
摘要：A prominent argument in the political correctness debate is that people feel pressure to publicly espouse sociopolitical views they do not privately hold, and that such misrepresentations might render public discourse less vibrant and informative. This paper formalizes the argument in terms of social image and evaluates it experimentally in the context of college campuses. The results show that (i) social image concerns drive a wedge between the sensitive sociopolitical attitudes that college ...
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作者：Piguillem, Facundo; Riboni, Alessandro
作者单位：Centre for Economic Policy Research - UK
摘要：Once established, government spending programs tend to continue. A commonly held view is that spending inertia leads to unsustainable debt, ultimately requiring fiscal adjustments such as sequestration. We show that by insuring against political turnover, inertia may reduce politicians' incentives to accumulate debt. However, large preexisting commitments and the prospect of future stabilization can lead to overspending to dilute past administrations' commitments. Finally, we show that politic...
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作者：Bryan, Gharad; Karlan, Dean; Osman, Adam
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Northwestern University; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We experimentally study the impact of relatively large enterprise loans in Egypt. Larger loans generate small average impacts, , but machine learning using psychometric data reveals top performers ( those with the highest predicted treatment effects) ) substantially increase profits, , while profits drop for poor performers. The large differences imply that lender credit allocation decisions matter for aggregate income, , yet we find existing practice leads to substantial misallocation. We ar...
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作者：Herbst, Daniel; Hendren, Nathaniel
作者单位：University of Arizona; Massachusetts Institute of Technology (MIT)
摘要：We examine whether adverse selection has unraveled private markets for equity and state-contingent debt contracts for financing higher education. Using survey data on beliefs , we show a typical college-goer would have to repay $1.64 in present value for every $1 of financing to overcome adverse selection in an equity market. We find that riskaverse college-goers are not willing to accept these terms , so markets unravel. We discuss why moral hazard , biased beliefs , and outside credit option...
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作者：Kekre, Rohan; Lenel, Moritz
作者单位：National Bureau of Economic Research; Princeton University
摘要：We study a business cycle model of the international monetary system featuring a time -varying demand for safe dollar bonds , greater risk -bearing capacity in the United States than the rest of the world , and nominal rigidities. A flight to safety generates a dollar appreciation and decline in global output. Dollar bonds thus command a negative risk premium, and the United States holds a levered portfolio of capital financed in dollars. We quantify the effects of safety shocks and heterogene...
