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作者：Delacretaz, David; Kominers, Scott Duke; Teytelboym, Alexander
作者单位：University of Manchester; Harvard University; Harvard University; University of Oxford
摘要：Current refugee resettlement processes account for neither the prefer-ences of refugees nor the priorities of hosting communities. We intro-duce a new framework for matching with multidimensional knapsack constraints that captures the (possibly multidimensional) sizes of refugee families and the capacities of communities. We propose four refugee resettlement mechanisms and two solution concepts that can be used in refugee resettlement matching under various institutional and informational cons...
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作者：Egorov, Konstantin; Mukhin, Dmitry
作者单位：University of London; London School Economics & Political Science
摘要：Empirical evidence shows that most international prices are sticky in dollars. This paper studies the policy implications of this fact in the context of an open economy model with general preferences, tech-nologies, asset markets, nominal rigidities, and a rich set of shocks. We show that although monetary policy is less efficient and cannot implement the flexible-price allocation, inflation targeting and a floating exchange rate remain robustly optimal in non-US econo-mies. The capital contro...
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作者：Sraer, D. A. V. I. D.; Thesmar, D. A. V. I. D.
作者单位：National Bureau of Economic Research; University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi -)experimen-tal evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large...
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作者：Bernanke, Ben S.
作者单位：Brookings Institution
摘要：Credit markets, including the market for bank loans, are character-ized by imperfect and asymmetric information. These informational frictions can interact with other economic forces to produce periods of credit-market stress, in which intermediation is unusually costly and households and businesses have difficulty obtaining credit. A high level of credit-market stress, as in a severe financial crisis, may in turn produce a deep and prolonged recession. I present evidence that financial distre...
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作者：Banerjee, Abhijit; Hanna, Rema; Olken, Benjamin A.; Satriawan, Elan; Sumarto, Sudarno
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; Gadjah Mada University
摘要：We compare how in-kind food assistance and an electronic voucher -based program affect the delivery of aid in practice. The Government of Indonesia randomized across 105 districts the transition from in-kind rice to approximately equivalent electronic vouchers redeemable for rice and eggs at a network of private agents. Targeted households received 46 percent more assistance in voucher areas. For the bottom 15 percent of households at baseline, poverty fell 20 percent. Voucher recipients recei...
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作者：Brot-Goldberg, Zarek; Layton, Timothy; Vabson, Boris; Wang, Adelina Yanyue
作者单位：University of Chicago; National Bureau of Economic Research; Harvard University; McKinsey & Company
摘要：We show in two natural experiments that default rules in Medicare Part D have large, persistent effects on enrollment and drug utili-zation of low-income beneficiaries. The implications of this phe-nomenon for welfare and optimal policy depend on the sensitivity of passivity to the value of the default option. Using random assignment to default options, we show that beneficiary passivity is extremely insensitive, even when enrolling in the default option would result in substantial drug consum...
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作者：Bach, Laurent; Bozio, Antoine; Guillouzouic, Arthur; Malgouyres, Clement
作者单位：ESSEC Business School; Paris School of Economics; Institut Polytechnique de Paris; Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS)
摘要：Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as size growth, used in all the difference-in-difference specifications, effectively are controls for lagged in...
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作者：Caunedo, Julieta; Jaume, David; Keller, Elisa
作者单位：University of Toronto; Bank of Mexico; University of Exeter
摘要：We study differences in exposure to factor-biased technical change among occupations by providing the first measures of capital -em-bodied technical change (CETC) and of the elasticity of substitution between capital and labor at the occupational level. We document siz-able occupational heterogeneity in both measures, but quantitatively, it is the heterogeneity in factor substitutability that fuels workers' exposure to CETC. In a general equilibrium model of worker sorting across occupations, ...
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作者：Schmieder, Johannes F.; von Wachter, Till; Heining, Joerg
作者单位：Center for Economic & Policy Research (CEPR); Boston University; National Bureau of Economic Research; National Bureau of Economic Research; University of California System; University of California Los Angeles; Center for Economic & Policy Research (CEPR)
摘要：We document the sources behind the costs of job loss over the busi-ness cycle using administrative data from Germany. Losses in annual earnings after displacement are large, persistent, and highly cycli-cal, nearly doubling in size during downturns. A large part of the long-term earnings losses and their cyclicality is driven by declines in wages. Key to these long-lasting wage declines and their cyclical-ity are changes in employer characteristics, as displaced workers switch to lower-paying ...
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作者：Kashyap, Anil K.; Kovrijnykh, Natalia; Li, Jian; Pavlova, Anna
作者单位：National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Arizona State University; Arizona State University-Tempe; Columbia University; University of London; London Business School
摘要：We propose a tractable model of asset management in which bench -marking arises endogenously, and analyze its welfare consequences. Fund managers' portfolios are not contractible and they incur pri-vate costs in running them. Incentive contracts for fund managers create a pecuniary externality through their effect on asset prices. Benchmarking inflates asset prices and creates crowded trades. The crowding reduces the effectiveness of benchmarking in incen-tive contracts for others, which fund ...
