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作者：Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; Utkus, Stephen
作者单位：Yale University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Stanford University; New York University
摘要：We study a newly designed survey administered to a large panel of wealthy retail investors. The survey elicits beliefs that are important for macroeconomics and finance, and matches respondents with administrative data on their portfolio composition, their trading activity, and their-login behavior. We establish five facts in these data. (i) Beliefs are reflected in portfolio allocations. The sensitivity of portfolios to beliefs is small on average, but varies significantly with investor wealt...
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作者：Hahn, Robert W.; Metcalfe, Robert D.
作者单位：University of Oxford; Boston University; National Bureau of Economic Research
摘要：Economic theory suggests that energy subsidies can lead to excessive consumption and environmental degradation. However, the precise impact of energy subsidies is not well understood. We analyze a large energy subsidy: the California Alternate Rates for Energy (CARE). CARE provides a price reduction for low-income consumers of natural gas and electricity. Using a natural field experiment, we estimate the price elasticity of demand for natural gas to be about - 0.35 for CARE customers. An econo...
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作者：Domurat, Richard; Menashe, Isaac; Yin, Wesley
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Los Angeles; University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We experimentally varied information mailed to 87,000 households in California's health insurance marketplace to study the role of frictions in insurance take-up. Reminders about the enrollment deadline raised enrollment by 1.3 pp (16 percent) in this typically low take-up population. Heterogeneous effects of personalized subsidy information indicate misperceptions about program benefits. Consistent with an adverse selection model with frictional enrollment costs, the intervention lowered aver...
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作者：Goncalves, Felipe; Mello, Steven
作者单位：University of California System; University of California Los Angeles; Dartmouth College; National Bureau of Economic Research
摘要：We estimate the degree to which individual police officers practice racial discrimination. Using a bunching estimation design and data from the Florida Highway Patrol, we show that minorities are less likely to receive a discount on their speeding tickets than White drivers. Disaggregating this difference to the individual police officer, we estimate that 42 percent of officers practice discrimination. We then apply our officer-level discrimination measures to various-policy-relevant questions...
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作者：Hjort, Jonas; Moreira, Diana; Rao, Gautam; Santini, Juan Francisco
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of California System; University of California Davis; Harvard University; Innovations for Poverty Action (IPA)
摘要：Can research findings change political leaders' beliefs and policies? We use experiments with 2,150 Brazilian municipalities to measure mayors' demand for and response to research information. In one experiment, we find that mayors are willing to pay to learn the results of evaluation studies, and update their beliefs when informed of the findings. They value-larger-sample studies more, while not distinguishing between studies in rich and poor countries. In a second experiment, we find that in...
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作者：Pennings, Steven
作者单位：The World Bank
摘要：US federal transfers to individuals are large, countercyclical, vary geographically, and are often credited with helping to stabilize regional economies. This paper estimates the -short-run effects of these transfers using plausibly exogenous regional variation in temporary stimulus payments and permanent Social Security benefit increases. States that received larger transfers tended to grow faster contemporaneously, with a multiplier of around 1.5 for permanent transfers and 1/ 3 for temporar...
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作者：Milgrom, Paul
作者单位：Stanford University; Stanford University
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作者：Casey, Katherine; Kamara, Abou Bakarr; Meriggi, Niccolo F.
作者单位：Stanford University; National Bureau of Economic Research; Wageningen University & Research
摘要：Are ordinary citizens or political party leaders better positioned to select candidates? While the American primary system lets citizens choose, most democracies rely instead on party officials to appoint or nominate candidates. The consequences of these distinct design choices are unclear: while officials are often better informed about candidate qualifications, they may value traits, like party loyalty or willingness to pay for the nomination, at odds with identifying the best performer. We ...
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作者：Adermon, Adrian; Lindahl, Mikael; Palme, Marten
作者单位：University of Gothenburg; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; Stockholm University
摘要：We estimate long-run intergenerational persistence in human capital using information on outcomes for the extended family: the dynasty. A dataset including the entire Swedish population, linking four generations, allows us to identify parents' siblings and cousins, their spouses, and spouses' siblings. Using various human capital measures, we show that traditional parent-child estimates underestimate long-run intergenerational persistence by at least one-third. By adding outcomes for more dist...
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作者：Chodorow-Reich, Gabriel; Nenov, Plamen T.; Simsek, Alp
作者单位：Harvard University; National Bureau of Economic Research; BI Norwegian Business School; Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR)
摘要：We provide evidence of the stock market consumption wealth effect by using a local labor market analysis. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, with no effect on employment in tradable industries. In a model of geographic heterogeneity in stock wealth, these responses imply an MPC of 3.2 cents per year and that a 20 percent increase in stock valuations, unless countered by monetary polic...
