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作者：Bahaj, Saleem; Foulis, Angus; Pinter, Gabor
摘要：The homes of firm owners are an important source of finance for ongoing businesses. We use UK microdata to show that a 1 pound increase in the value of the homes of a firm's directors increases the firm's investment by 0.03 pound. This effect is concentrated among firms whose directors' homes are valuable relative to the firm's assets, that are financially constrained, and that have directors who are personally highly levered. An aggregation exercise shows that directors' homes are as importan...
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作者：Flaaen, Aaron; Hortacsu, Ali; Tintelnot, Felix
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago; National Bureau of Economic Research
摘要：We estimate the price effect of US import restrictions on washers. The 2012 and 2016 antidumping duties against South Korea and China were accompanied by downward or minor price movements along with production relocation to other export platform countries. With the 2018 tariffs, on nearly all source countries, the price of washers increased nearly 12 percent. Interestingly, the price of dryers-not subject to tariffs-increased by an equivalent amount. Factoring in dryer prices and price increas...
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作者：Kapor, Adam J.; Neilson, Christopher A.; Zimmerman, Seth D.
作者单位：Princeton University; National Bureau of Economic Research; University of Chicago
摘要：This paper studies how welfare outcomes in centralized school choice depend on the assignment mechanism when participants are not fully informed. Using a survey of school choice participants in a strategic setting, we show that beliefs about admissions chances differ from rational expectations values and predict choice behavior. To quantify the welfare costs of belief errors, we estimate a model of school choice that incorporates subjective beliefs. We evaluate the equilibrium effects of switc...
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作者：Basak, Deepal; Deb, Joyee
作者单位：Indian School of Business (ISB); Yale University
摘要：We consider bargaining environments in which public opinion provides leverage by making compromises costly. Two parties make initial demands, before knowing the public opinion. If deadlocked, they can bargain again after public opinion forms, but suffer reputation costs if they compromise, i.e., scale back their demands. We show that in equilibrium, parties may choose to make incompatible demands initially and gamble over public opinion even though one or both parties must bear a cost later We...
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作者：Autor, David; Dorn, David; Hanson, Gordon; Majlesi, Kaveh
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of Zurich; Harvard University; Lund University; Monash University
摘要：Has rising import competition contributed to the polarization of US politics? Analyzing multiple measures of political expression and results of congressional and presidential elections spanning the period 2000 through 2016, we find strong though not definitive evidence of an ideological realignment in trade-exposed local labor markets that commences prior to the divisive 2016 (15 presidential election. Exploiting the exogenous component of rising import competition by China, we find that trad...
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作者：James, Alexander G.; Smith, Brock
作者单位：University of Alaska System; University of Alaska Anchorage; Montana State University System; Montana State University Bozeman
摘要：Feyrer, Mansur, and Sacerdote (2017) estimates the spatial dispersion of the effects of the recent shale-energy boom by unconditionally regressing income and employment on energy production at various levels of geographic aggregation. However, producing counties tend to be located near each other and receive inward spillovers from neighboring production. This inflates the estimated effect of own-county production and spatial aggregation does not address this. We propose an alternative estimati...
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作者：Perez-Truglia, Ricardo
作者单位：University of California System; University of California Los Angeles
摘要：In 2001, Norwegian tax records became easily accessible online, allowing everyone in the country to observe the incomes of everyone else. According to the income comparisons model, this change in transparency can widen the gap in well-being between richer and poorer individuals. Using survey data from 1985-2013 and multiple identification strategies, we show that the higher transparency increased the gap in happiness between richer and poorer individuals by 29 percent, and it increased the lif...
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作者：Breza, Emily; Chandrasekhar, Arun G.; McCormick, Tyler H.; Pan, Mengjie
作者单位：Harvard University; Stanford University; University of Washington; University of Washington Seattle; University of Washington; University of Washington Seattle
摘要：Social network data are often prohibitively expensive to collect, limiting empirical network research. We propose an inexpensive and feasible strategy for network elicitation using Aggregated Relational Data (ARD): responses to questions of the form how many of your links have trait k? Our method uses ARD to recover parameters of a network formation model, which permits sampling from a distribution over node- or graph-level statistics. We replicate the results of two field experiments that use...
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作者：Herskovic, Bernard; Ramos, Joao
作者单位：University of California System; University of California Los Angeles; University of Southern California; University of London; Queen Mary University London
摘要：We develop an endogenous network formation model, in which agents form connections to acquire information. Our model features complementarity in actions as agents care not only about accuracy of their decision-making but also about the actions of other agents. In equilibrium, the information structure is a hierarchical network, and, under weakly convex cost of forming links, the equilibrium network is core-periphery. Although agents are ex ante identical, there is ex post heterogeneity in payo...
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作者：Straub, Ludwig; Werning, Ivan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：According to the Chamley-Judd result, capital should not be taxed in the long run. In this paper, we overturn this conclusion, showing that it does not follow from the very models used to derive it. For the main model in Judd (1985), we prove that the long-run tax on capital is positive and significant, whenever the intertemporal elasticity of substitution is below one. For higher elasticities, the tax converges to zero but may do so at a slow rate, after centuries of high tax rates. The main ...
