-
作者：Sterk, Vincent; Sedlacek, Petr; Pugsley, Benjamin
作者单位：University of London; University College London; Center for Economic & Policy Research (CEPR); University of Oxford; University of Notre Dame
摘要：About one-half of all startups fail within five years, and those that survive grow at vastly different speeds. Using Census microdata, we estimate that most of these differences are determined by ex ante heterogeneity rather than persistent ex post shocks. Embedding such heterogeneity in a firm dynamics model shows that the presence of ex ante heterogeneity (i) is a key determinant of the firm size distribution and firm dynamics, (ii) can strongly affect the macroeconomic effects of firm-level...
-
作者：Snowberg, Erik; Yariv, Leeat
作者单位：University of British Columbia; National Bureau of Economic Research; Princeton University
摘要：We leverage a large-scale incentivized survey eliciting behaviors from (almost) an entire undergraduate university student population, a representative sample of the US population, and Amazon Mechanical Turk (MTurk) to address concerns about the external validity of experiments with student participants. Behavior in the student population offers bounds on behaviors in other populations, and correlations between behaviors are similar across samples. Furthermore, non-student samples exhibit high...
-
作者：Auer, Raphael; Burstein, Ariel; Lein, Sarah M.
作者单位：Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles; University of Basel
摘要：We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported nondurable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes by currency of invoicing carries over to consumer prices and allocations, impacting retail prices of imports and competing domestic goods, as well as import expenditures. We provide measures of the sens...
-
作者：Grigsby, John; Hurst, Erik; Yildirmaz, Ahu
作者单位：Northwestern University; University of Chicago
摘要：Using administrative payroll data from the largest US payroll processing company, we measure the extent of nominal wage rigidity in the United States. The data allow us to define a worker's per-period base contract wage separately from other forms of compensation such as overtime premiums and bonuses. We provide evidence that firms use base wages to cyclically adjust the marginal cost of their workers. Nominal base wage declines are much rarer than previously thought with only 2 percent of job...
-
作者：Dippel, Christian; Heblich, Stephan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Toronto; University of Toronto; IZA Institute Labor Economics
摘要：This paper studies the role of leaders in the social movement against slavery that culminated in the US Civil War Our analysis is organized around a natural experiment: leaders of the failed German revolution of 1848-1849 were expelled to the United States and became antislavery campaigners who helped mobilize Union Army volunteers. Towns where Forty-Eighters settled show two-thirds higher Union Army enlistments. Their influence worked through local newspapers and social clubs. Going beyond en...
-
作者：Oprea, Ryan
作者单位：University of California System; University of California Santa Barbara
-
作者：Abramitzky, Ran; Boustan, Leah; Jacome, Elisa; Perez, Santiago
作者单位：Stanford University; National Bureau of Economic Research; Princeton University; University of California System; University of California Davis
摘要：Using millions of father-son pairs spanning more than 100 years of US history, we find that children of immigrants from nearly every sending country have higher rates of upward mobility than children of the US-born. Immigrants' advantage is similar historically and today despite dramatic shifts in sending countries and US immigration policy. Immigrants achieve this advantage in part by choosing to settle in locations that offer better prospects for their children.
-
作者：Bernheim, B. Douglas; Braghieri, Luca; Martinez-Marquina, Alejandro; Zuckerman, David
作者单位：Stanford University
摘要：We propose and develop a dynamic theory of endogenous preference formation in which people adopt worldviews that shape their judgments about their experiences. The framework highlights the role of mindset flexibility, a trait that determines the relative weights the decision-maker places on her current and anticipated worldviews when evaluating future outcomes. The theory generates rich behavioral dynamics, thereby illuminating a wide range of applications and providing potential explanations ...
-
作者：Bayer, Patrick; Mangum, Kyle; Roberts, James W.
作者单位：Duke University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Historical anecdotes abound of new investors being drawn into a booming asset market, only to suffer when the market turns. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature, causal empirical evidence on the topic is much rarer. This paper studies the recent boom and bust in the US housing market and establishes that many novice investors entered the market as a direct result of observing investing activity of multiple forms in th...
-
作者：Jha, Akshaya; Leslie, Gordon
作者单位：Carnegie Mellon University; Monash University
摘要：Firms expect to recover the fixed costs required to start production by earning positive operating profits in subsequent periods. We develop a dynamic competitive benchmark that accounts for start-up costs, showing that static markups overstate the rents attributable to market power in an electricity market where generators frequently stop and start production in response to rooftop solar output. We demonstrate that the large-scale expansion of solar capacity can lead to increases in the colle...
