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作者：Abadi, Joseph; Brunnermeier, Markus; Koby, Yann
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Princeton University; Brown University
摘要：The reversal interest rate is the rate at which accommodative mon-etary policy reverses and becomes contractionary for lending. We theoretically demonstrate its existence in a macroeconomic model featuring imperfectly competitive banks that face financial frictions. When interest rates are cut too low, further monetary stimulus cuts into banks' profit margins, depressing their net worth and curtail-ing their credit supply. Similarly, when interest rates are low for too long, the persistent dra...
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作者：Oh, Suanna
作者单位：Paris School of Economics
摘要：How does identity influence economic behavior in the labor market? I investigate this question in rural India, focusing on the effect of caste identity on job-specific labor supply. In a field experiment, laborers choose whether to take up various job offers, which differ in associa-tions with specific castes. Workers are less willing to accept offers that are linked to castes other than their own, especially when those castes rank lower in the social hierarchy. Workers forgo large payments to...
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作者：Wolf, Christian K.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：I give conditions under which changes in private spending are accommodated in general equilibrium exactly like changes in aggre-gate fiscal expenditure. Under such demand equivalence, research-ers can use time series evidence on fiscal multipliers to recover the general equilibrium missing intercept of shocks to private spend-ing identified in the cross section. Through the lens of this theory, time series estimates of a fiscal multiplier around one suggest a miss-ing intercept close to zero-a...
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作者：Best, Michael Carlos; Hjort, Jonas; Szakonyi, David
作者单位：Columbia University; University of London; University College London; George Washington University
摘要：Bureaucrats implement policy. How important are they for a state's productivity? And do the trade-offs between policies depend on their effectiveness? Using data on 16 million public purchases in Russia, we show that 39 percent of the variation in prices paid for narrowly defined items is due to the individual bureaucrats and organizations who manage procurement. Low-price buyers also display higher spending quality. Theory suggests that such differences in effective-ness can be pivotal for po...
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作者：Guntin, Rafael; Ottonello, Pablo; Perez, Diego J.
作者单位：University of Rochester; University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Michigan System; University of Michigan; New York University; New York University; National Bureau of Economic Research
摘要：We study crises characterized by large adjustments of aggregate consumption through their microlevel patterns. We document the cross-sectional patterns of consumption adjustment across the income distribution and find large adjustments for top-income households, who exhibit consumption-income elasticities similar to or larger than the average. We construct a heterogeneous-agent open economy model of consumption under income fluctuations and show that the data pat-terns are largely consistent w...
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作者：Maggi, Giovanni; Ossa, Ralph
作者单位：Yale University; University of Zurich
摘要：We examine international regulatory agreements that are negotiated under lobbying pressures from producer groups. The way in which lobbying influences the cooperative setting of regulatory policies, as well as the welfare impacts of international agreements, depend cru-cially on whether the interests of producers in different countries are aligned or in conflict. The former situation tends to occur for prod-uct standards, while the latter tends to occur for process standards. We find that, if ...
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作者：Malgouyres, Clement; Mayer, Thierry; Mazet-sonilhac, Clement
作者单位：Institut Polytechnique de Paris; ENSAE Paris; Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK; Bocconi University
摘要：Suarez Serrato and Zidar (2016) identify state corporate tax inci-dence in a spatial equilibrium model with imperfectly mobile firms. Their identification argument rests on comparative statics omitting a channel implied by their model: the link between common deter-minants of a location's attractiveness and the average idiosyncratic productivity of firms choosing that location. This compositional mar-gin causes the labor demand elasticity to be independent from the product demand elasticity, i...
