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作者：Heidhues, Paul; Strack, Philipp
作者单位：Heinrich Heine University Dusseldorf; Yale University
摘要：A (partially naive) quasi-hyperbolic discounter repeatedly chooses whether to complete a task. Her net benefits of task completion are drawn independently between periods from a time-invariant distribution. We show that the probability of completing the task conditional on not having done so earlier increases towards the deadline. Conversely, we establish nonidentifiability by proving that for any time-preference parameters and any dataset with such (weakly increasing) task-completion probabil...
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作者：Ali, S. Nageeb; Mihm, Maximilian; Siga, Lucas; Tergiman, Chloe
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University; New York University Abu Dhabi; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study two-player games where one-sided asymmetric information can lead to either adverse or advantageous selection. We contrast behavior in these games with settings where both players are uninformed. We find stark differences, suggesting that subjects do account for endogenous selection effects. Removing strategic uncertainty increases the fraction of subjects who account for selection. Subjects respond more to adverse than advantageous selection. Using additional treatments where we vary ...
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作者：Baugh, Brian; Ben-David, Itzhak; Park, Hoonsuk; Parker, Jonathan A.
作者单位：University of Nebraska System; University of Nebraska Lincoln; University System of Ohio; Ohio State University; National Bureau of Economic Research; University of Melbourne; Massachusetts Institute of Technology (MIT)
摘要：Analyzing account-level data from an account aggregator, we find that households increase consumption when they receive expected tax refunds, as if they face liquidity constraints. However, these same households smooth consumption when making payments in other years, primarily by transferring funds among liquid accounts. Even households carrying credit card debt smooth consumption when making payments, and even highly liquid households spend out of refunds. This behavior is inconsistent with p...
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作者：Ulate, Mauricio
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：After the Great Recession several central banks started setting negative nominal interest rates in an expansionary attempt, but the effectiveness of this measure remains unclear. Negative rates can stimulate the economy by lowering the rates that commercial banks charge on loans, but they can also erode bank profitability by squeezing deposit spreads. This paper studies the effects of negative rates in a new DSGE model where banks intermediate the transmission of monetary policy. I use hank-le...
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作者：Zou, Eric Yongchen
作者单位：University of Oregon; National Bureau of Economic Research
摘要：Intermittent monitoring of environmental standards may induce strategic changes in polluting activities. This paper documents local strategic responses to a cyclical, once-every-six-day air quality monitoring schedule under the federal Clean Air Act. Using satellite data of monitored areas, I show that air quality is significantly worse on unmonitored days. This effect is explained by short-term suppression of pollution on monitored days, especially during high-pollution periods when the city'...
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作者：Lowes, Sara; Montero, Eduardo
作者单位：National Bureau of Economic Research; University of California System; University of California San Diego; Canadian Institute for Advanced Research (CIFAR); University of Michigan System; University of Michigan
摘要：Between 1921 and 1956, French colonial governments organized medical campaigns to treat and prevent sleeping sickness. Villagers were forcibly examined and injected with medications with severe, sometimes fatal, side effects. We digitized 30 years of archival records to document the locations of campaign visits at a granular geographic level for five central African countries. We find that greater campaign exposure reduces vaccination rates and trust in medicine, as measured by willingness to ...
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作者：Winberry, Thomas
作者单位：University of Chicago
摘要：I study the aggregate implications of micro-level lumpy investment in a model consistent with the empirical dynamics of the real interest rate. The elasticity of aggregate investment with respect to shocks is procyclical because more firms are likely to make an extensive margin investment in expansions than in recessions. Matching the dynamics of the real interest rate is key to generating this result because it disciplines the interest-elasticity of investment and avoids counterfactual behavi...
