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作者：Cullen, Zoe; Perez-Truglia, Ricardo
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Offices are social places. Employees and managers take breaks together and talk about family and hobbies. In this study, we show that employees' social interactions with their managers can be advantageous for their careers, and that this phenomenon contrib-utes to the gender pay gap. We use administrative and survey data from a large financial institution and exploit quasi-random varia-tion induced by the rotation of managers. We provide evidence that when employees have more face-to-face inte...
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作者：Davila, Eduardo; Walther, Ansgar
作者单位：Yale University; National Bureau of Economic Research; Imperial College London; Center for Economic & Policy Research (CEPR)
摘要：This paper studies leverage regulation when equity investors and/or creditors have distorted beliefs relative to a planner. We characterize how the optimal regulation responds to arbitrary changes in investors'/creditors' beliefs, relating our results to prac-tical scenarios. We show that the optimal regulation depends on the type and magnitude of such changes. Optimism by investors calls for looser leverage regulation, while optimism by creditors, or jointly by both investors/creditors, calls...
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作者：Maestas, Nicole; Mullen, Kathleen J.; Powell, David; von Wachter, Till; Wenger, Jeffrey B.
作者单位：Harvard University; University of Oregon; RAND Corporation; University of California System; University of California Los Angeles
摘要：We document variation in working conditions in the United States, present estimates of how workers value these conditions, and assess the impact of working conditions on estimates of wage inequality. We conduct a series of stated-preference experiments to estimate workers' willingness to pay for a broad set of working conditions, which we validate with actual job choices. We find that working con-ditions vary substantially, play a significant role in job choice, and are central components of t...
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作者：Cage, Julia; Dagorret, Anna; Grosjean, Pauline; Jha, Saumitra
作者单位：Center for Economic & Policy Research (CEPR); Stanford University
摘要：We measure how a network of heroes can legitimize and diffuse extreme political behaviors. We exploit newly declassified intelli-gence files, novel voting data, and regimental histories to show that home municipalities of French line regiments arbitrarily rotated under Philippe Petain's generalship through the heroic World War I battlefield of Verdun diverge politically thereafter, particularly fol-lowing Petain's own overt espousal of authoritarian views. Further, under Petain's collaboration...
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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：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：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：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：Matray, Adrien; Boissel, Charles
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作者：Enke, Benjamin; Graeber, Thomas; Oprea, Ryan
作者单位：Harvard University; National Bureau of Economic Research; Harvard University; University of California System; University of California Santa Barbara
摘要：The influence of behavioral biases on aggregate outcomes depends in part on self-selection: whether rational people opt more strongly into aggregate interactions than biased individuals. In betting mar-ket, auction and committee experiments, we document that some errors are strongly reduced through self-selection, while others are not affected at all or even amplified. A large part of this variation is explained by differences in the relationship between confidence and performance. In some tas...
