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作者：Liu, Shuo; Netzer, Nick
作者单位：Peking University; University of Zurich
摘要：Surveys measuring happiness or preferences generate discrete ordi-nal data. Ordered response models, which are used to analyze such data, suffer from an identification problem. Their conclusions depend on distributional assumptions about a latent variable. We propose using response times to solve that problem. Response times contain information about the distribution of the latent variable through a chronometric effect. Using an online survey experiment, we verify the chronometric effect. We t...
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作者：Chodorow-Reich, Gabriel; Karabarbounis, Loukas; Kekre, Rohan
作者单位：Harvard University; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Chicago
摘要：Greece experienced a boom until 2007, followed by a collapse of unprecedented magnitude and persistence. We assess the sources of the boom and the bust, using a rich estimated dynamic general equilibrium model. External demand and government consumption fueled the boom in production, whereas transfers fueled the boom in consumption. Different from the standard narrative, wages and prices declined substantially during the bust. Tax policy accounts for the largest fraction of the bust in product...
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作者：Antras, Pol; Redding, Stephen J.; Rossi-Hansberg, Esteban
作者单位：Harvard University; National Bureau of Economic Research; Princeton University; University of Chicago
摘要：We provide theory and evidence on the relationship between global-ization and pandemics. Business travel facilitates trade and travel leads to human interactions that transmit disease. Trade-motivated travel generates an epidemiological externality across countries. If infections lead to deaths, or reduce individual labor supply, we establish a general equilibrium social distancing effect, whereby increases in relative prices in unhealthy countries reduce travel to those countries. If agents i...
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作者：Dillender, Marcus
作者单位：Vanderbilt University; National Bureau of Economic Research
摘要：HIV/AIDS has been one of the largest public health crises in recent history, and the US federal government has spent hundreds of billions of dollars fighting the disease. This study examines the impact of the large amounts of federal funding allocated to US cities to combat HIV/AIDS through the Ryan White CARE Act's first title. The find-ings indicate that the cost to avoid an HIV/AIDS death through the program is roughly $334,000, that the program has saved approxi-mately 57,000 lives through...
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作者：Ali, S. Nageeb; Bernheim, B. Douglas; Bloedel, Alexander W.; Battilana, Silvia Console
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Stanford University; University of California System; University of California Los Angeles
摘要：We model legislative decision- making with an agenda setter who can propose policies sequentially, tailoring each proposal to the status quo that prevails after prior votes. Voters are sophisticated, and the agenda setter cannot commit to future proposals. Nevertheless, the agenda setter obtains her favorite outcome in every equilibrium regardless of the initial default policy. Central to our results is a new condition on preferences, manipulability, that holds in rich policy spaces, including...
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作者：Acharya, Sushant; Challe, Edouard; Dogra, Keshav
作者单位：Bank of Canada; European University Institute; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study optimal monetary policy in an analytically tractable het-erogeneous agent New Keynesian model with rich cross-sectional heterogeneity. Optimal policy differs from a representative agent benchmark because monetary policy can affect consumption inequality, by stabilizing consumption risk arising from both idio-syncratic shocks and unequal exposures to aggregate shocks. The trade-off between consumption inequality, productive efficiency, and price stability is summarized in a simple line...
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作者：Blattner, Laura; Farinha, Luisa; Rebelo, Francisca
作者单位：Stanford University; Banco de Portugal; Boston College
摘要：We provide evidence that banks distort the composition of credit sup-ply in order to comply with ratio-based capital requirements in times of economic distress. An unexpected intervention by the European Banking Authority provides a natural experiment to study how banks respond to falling below minimum required capital ratios during an economic downturn. We show that affected banks respond by cut-ting lending but also by reallocating credit to distressed firms with underreported loan losses. W...
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作者：Ngangoue, M. Kathleen; Schotter, Andrew
作者单位：New York University
摘要：This paper presents a puzzle in the behavior of experimental subjects in what we call common-probability auctions. In common-value auc-tions, uncertainty is defined over values, while in common-probability auctions, uncertainty is defined over probabilities. We find that in contrast to the substantial overbidding found in common-value auc-tions, bidding in strategically equivalent common-probability auc-tions is consistent with Nash equilibrium. To explain our results, we run treatments to ide...
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作者：Patterson, Christina
作者单位：University of Chicago
摘要：This paper shows that the unequal incidence of recessions in the labor market amplifies aggregate shocks. Using administrative data from the United States, I document a positive covariance between workers' marginal propensities to consume (MPCs) and their elas-ticities of earnings to GDP, which is a key moment for a new class of heterogeneous-agent models. I define the matching multiplier as the increase in the multiplier stemming from this matching of high MPC workers to more cyclical jobs. I...
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作者：Rafey, Will
作者单位：University of California System; University of California Los Angeles
摘要：This paper develops and applies a method to value water trading on a river network. The framework relies on regulatory variation in diversion caps to identify production functions for irrigated farms, then uses the estimated shadow values to assess the market's reallocation. I apply this framework to the largest water market in human history, located in southeastern Australia. Observed water trading increased output by 4-6 percent from 2007 to 2015, equivalent to avoiding an 8-12 percent unifo...
