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作者：Mountjoy, Jack
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Two-year community colleges enroll nearly half of all first-time undergraduates in the United States, but to ambiguous effect: low persistence rates and the potential for diverting students from four-year institutions cast ambiguity over two-year colleges' contributions to upward mobility. This paper develops a new instrumental variables approach to identifying causal effects along multiple treatment margins, and applies it to linked education and earnings registries to disentangle the net imp...
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作者：Algan, Yann; Beasley, Elizabeth; Cote, Sylvana; Park, Jungwee; Tremblay, Richard E.; Vitaro, Frank
作者单位：Universite de Montreal; HEC Montreal; Universite de Montreal; Statistics Canada; University College Dublin
摘要：A childhood intervention to improve the social skills and self-control of at-risk kindergarten boys in the 1980s had positive impacts over the life course: higher trust and self-control as adolescents; increased social group membership, education, and reduced criminality as young adults; and increased marriage and employment as adults. Using administrative data, we find this intervention increased average yearly employment income by about 20 percent and decreased average yearly social transfer...
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作者：Bold, Tessa; Ghisolfi, Selene; Nsonzi, Frances; Svensson, Jakob
作者单位：Stockholm University; Catholic University of the Sacred Heart; Makerere University
摘要：Smallholder farming in many developing countries is characterized by low productivity and low-quality output. Low quality limits the price farmers can command and their potential income. We conduct a series of experiments among maize farmers in Uganda to shed light on the barriers to quality upgrading and to study its potential. We find that the causal return to quality is zero. Providing access to a market where quality is paid a market premium led to an increase in farm productivity and inco...
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作者：Elliott, Matthew; Golub, Benjamin; Leduc, Matthew, V
作者单位：University of Cambridge; Northwestern University; Paris School of Economics
摘要：We model the production of complex goods in a large supply network. Each firm sources several essential inputs through relationships with other firms. Individual supply relationships are at risk of idiosyncratic failure, which threatens to disrupt production. To protect against this, firms multisource inputs and strategically invest to make relationships stronger, trading off the cost of investment against the benefits of increased robustness. A supply network is called fragile if aggregate ou...
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作者：Wang, Olivier; Werning, Ivan
作者单位：New York University; Massachusetts Institute of Technology (MIT)
摘要：How does market concentration affect the potency of monetary policy? To address this question we embed a dynamic oligopolistic game into a general-equilibrium macroeconomic model. We provide a sufficient-statistic formula for the response to monetary shocks involving demand elasticities, concentration and markups. We discipline our model with evidence on pass-through and find that higher concentration amplifies nonneutrality and stickiness. We isolate strategic effects from oligopoly by compar...
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作者：Martin, Ian W. R.; Papadimitriou, Dimitris
作者单位：University of London; London School Economics & Political Science; University of London; King's College London
摘要：We present a model featuring risk-averse investors with heterogeneous beliefs. Individuals who are correct in hindsight-whether through luck or judgment-get rich, so sentiment is bullish following good news and bearish following bad news. Sentiment makes extreme outcomes far more important for pricing and has asymmetric effects on left- and right-skewed assets. Investors take speculative positions that can conflict with their fundamental views. Moderate investors are contrarian: they trade aga...
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作者：Moon, Terry S.
作者单位：University of British Columbia
摘要：This paper assesses the effects of capital gains taxes on investment in the Republic of Korea (hereafter, Korea), where capital gains tax rates vary at the firm level by firm size. Following a reform in 2014, firms with a tax cut increased investment by 34 log points and issued more equity by 9 cents per dollar of lagged revenue, relative to unaffected firms. Additionally, the effects were larger for firms that appeared more cash constrained or went public after the reform. Taken together, the...
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作者：Garbiras-Diaz, Natalia; Montenegro, Mateo
作者单位：European University Institute
摘要：Can information and communication technologies help citizens monitor their elections? We analyze a large-scale field experiment designed to answer this question in Colombia. We leveraged Facebook advertisements sent to over 4 million potential voters to encourage citizen reporting of electoral irregularities. We also cross-randomized whether candidates were informed about the campaign in a subset of municipalities. Total reports, and evidence-backed ones, experienced a large increase. Across a...
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作者：Mirenda, Litterio; Mocetti, Sauro; Rizzica, Lucia
作者单位：European Central Bank; Bank of Italy
摘要：We analyze the effects of Mafia infiltration in the legal economy. Combining information from investigative records with panel data on firms' governance and balance sheets, we build an indicator of infiltration in firms located in an area with no tradition of Mafia. We show that Mafia targets young and less efficient firms and that infiltration generates a significant rise in firms' revenues, with no proportionate growth in production inputs and a deterioration of the firm's financial situatio...
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作者：Porzio, Tommaso; Rossi, Federico; Santangelo, Gabriella
作者单位：Columbia University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; University of Warwick; University of Cambridge
摘要：We document that nearly half of the global decline in agricultural employment was driven by new cohorts entering the labor market. A new dataset of policy reforms supports an interpretation of these cohort effects as human capital. Using a model of frictional labor reallocation, we conclude that human capital growth led to a sharp decline in the agricultural labor supply, accounting, at fixed prices, for 40 percent of the decrease in agricultural employment. This aggregate effect is halved in ...
