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作者：Attanasio, Orazio; Cattan, Sarah; Fitzsimons, Emla; Meghir, Costas; Rubio-Codina, Marta
作者单位：Yale University; National Bureau of Economic Research; University of London; London School Economics & Political Science; IZA Institute Labor Economics; University of London; University College London; UCL Institute of Education; Yale University; National Bureau of Economic Research; Inter-American Development Bank
摘要：We examine the channels through which a randomized early childhood intervention in Colombia led to significant gains in cognitive and socio-emotional skills among a sample of disadvantaged children aged 12 to 24 months at baseline. We estimate the determinants of parents' material and time investments in these children and evaluate the impact of the treatment on such investments. We then estimate the production functions for cognitive and socio-emotional skills. The effects of the program can ...
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作者：Beaudry, Paul; Galizia, Dana; Portier, Franck
作者单位：Bank of Canada; Carleton University; University of London; University College London; Center for Economic & Policy Research (CEPR)
摘要：Are business cycles mainly a response to persistent exogenous shocks, or do they instead reflect a strong endogenous mechanism which produces recurrent boom-bust phenomena? In this paper we present evidence in favor of the second interpretation and we highlight the set of key elements that influence our answer. The elements that tend to favor this type of interpretation of business cycles are (i) slightly extending the frequency window one associates with business cycle phenomena, (ii) allowin...
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作者：Farhi, Emmanuel; Gabaix, Xavier
作者单位：National Bureau of Economic Research; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：This paper develops a theory of optimal taxation with behavioral agents. We use a general framework that encompasses a wide range of biases such as misperceptions and internalities. We revisit the three pillars of optimal taxation: Ramsey (linear commodity taxation to raise revenues and redistribute), Pigou (linear commodity taxation to correct externalities), and Mirrlees (nonlinear income taxation). We show how the canonical optimal tax formulas are modified and lead to novel economic insigh...
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作者：Sadler, Evan
作者单位：Columbia University
摘要：Behaviors and information often spread via person-to-person diffusion. This paper highlights how diffusion processes can facilitate coordination. I study contagion in a discrete network with Bayesian players. In addition to characterizing the extent and rate of adoption, we uncover a new effect: when large cascades are possible in equilibrium, exposure conveys information about a player's network position. This effect underscores a novel trade-off in the design of marketing campaigns, suggesti...
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作者：Basak, Deepal; Zhou, Zhen
作者单位：Indian School of Business (ISB); Tsinghua University
摘要：In a regime change game, privately informed agents sequentially decide whether to attack without observing others' previous actions. To dissuade them from attacking, a principal adopts a dynamic information disclosure policy, frequent viability tests. A viability test publicly discloses whether the regime has survived the previous attacks. When such tests are sufficiently frequent, in the unique cutoff equilibrium, agents never attack if the regime passes the latest test, regardless of their p...
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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 ...
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作者：Grennan, Matthew; Town, Robert J.
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Texas System; University of Texas Austin
摘要：We study the impact of regulating product entry and quality information requirements on an oligopoly equilibrium and consumer welfare. Product testing can reduce consumer uncertainty, but also increase entry costs and delay entry. Using variation between EU and US medical device regulations, we document patterns consistent with valuable learning from more stringent US requirements. To derive welfare implications, we pair the data with a model of supply, demand, and testing regulation. US polic...
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作者：Blakeslee, David; Fishman, Ram; Srinivasan, Veena
作者单位：Tel Aviv University
摘要：Worsening environmental conditions threaten to undermine progress in reducing rural poverty. Little is known, however, about the prospects for farmer adaptations to mitigate this threat, in particular through opportunities for income diversification presented by recent non-agricultural growth. We study the effects of increasing water scarcity in India using quasi-random, geologically determined differences in access to groundwater. The drying up of wells results in a precipitous and persistent...
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作者：Ho, Christine; Pavoni, Nicola
作者单位：Singapore Management University; Bocconi University; Bocconi University
摘要：We study the design of child care subsidies in an optimal welfare problem with heterogeneous private market productivities. The optimal subsidy schedule is qualitatively similar to the existing US scheme. Efficiency mandates a subsidy on formal child care costs, with higher subsidies paid to lower income earners and a kink as a function of child care expenditure. Marginal labor income tax rates are set lower than the labor wedges, with the potential to generate negative marginal tax rates. We ...
