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作者：Rudiger, Jesper; Vigier, Adrien
作者单位：Universidad Carlos III de Madrid; BI Norwegian Business School
摘要：We study information acquisition in dealer markets. We first identify a one-sided strategic complementarity in information acquisition: the more informed traders are, the larger market makers' gain from becoming informed. When quotes are observable, this effect in turn induces a strategic complementarity in information acquisition amongst market makers. We then derive the equilibrium pattern of information acquisition and examine the implications of our analysis for market liquidity and price ...
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作者：Bernanke, Ben S.
作者单位：Brookings Institution
摘要：To overcome the limits on traditional monetary policy imposed by the effective lower bound on-short-term interest rates, in recent years the Federal Reserve and other-advanced-economy central banks have deployed new policy tools. This lecture reviews what we know about the new monetary tools, focusing on quantitative easing (QE) and forward guidance, the principal new tools used by the Fed. I argue that the new tools have proven effective at easing financial conditions when policy rates are co...
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作者：Lemoine, Derek; Rudik, Ivan
作者单位：University of Arizona; National Bureau of Economic Research; Cornell University
摘要：Mattauch et al. (2020) claims that the quantitative conclusions in Lemoine and Rudik (2017)-henceforth, LR17-are not robust to using a climate model consistent with recent scientific results. We observe that LR17 in fact analyzes an extension to a more realistic carbon model that generates an efficient emission tax trajectory very similar to that in Mattauch et al. (2020), and we here show that simplifications in the temperature model of LR17 do not qualitatively affect their policy conclusion...
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作者：Glitz, Albrecht; Meyersson, Erik
作者单位：Pompeu Fabra University; Pompeu Fabra University; Barcelona School of Economics
摘要：In this paper, we investigate the economic returns to industrial espionage. We show that the flow of information provided by East German informants in the West over the period 1970-1989 led to a significant narrowing of sectoral TFP gaps between West and East Germany. These economic returns were primarily driven by relatively few high-quality pieces of information and particularly large in sectors closer to the West German technological frontier. Our findings suggest that the East-to-West Germ...
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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：Bloom, Nicholas; Jones, Charles, I; Van Reenen, John; Webb, Michael
作者单位：Stanford University; National Bureau of Economic Research; Stanford University; Massachusetts Institute of Technology (MIT)
摘要：Long-run growth in many models is the product of two terms: the effective number of researchers and their research productivity. We present evidence from various industries, products, and firms showing that research effort is rising substantially while research productivity is declining sharply. A good example is Moore's Law. The number of researchers required today to achieve the famous doubling of computer chip density is more than 18 times larger than the number required in the early 1970s....
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作者：Epper, Thomas; Fehr, Ernst; Fehr-Duda, Helga; Kreiner, Claus Thustrup; Lassen, David Dreyer; Leth-Petersen, Soren; Rasmussen, Gregers Nytoft
作者单位：University of St Gallen; University of Zurich; University of Zurich; University of Zurich; University of Copenhagen
摘要：This paper documents a large association between individuals' time discounting in incentivized experiments and their positions in the real-life wealth distribution derived from Danish high-quality administrative data for a large sample of middle-aged individuals. The association is stable over time, exists through the wealth distribution and remains large after controlling for education, income profile, school grades, initial wealth, parental wealth, credit constraints, demographics, risk pref...
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作者：Banerjee, Abhijit, V; Chassang, Sylvain; Montero, Sergio; Snowberg, Erik
作者单位：Massachusetts Institute of Technology (MIT); New York University; University of Rochester; University of British Columbia
摘要：This paper studies the problem of experiment design by an ambiguity-averse decision-maker who trades off subjective expected performance against robust performance guarantees. This framework accounts for real-world experimenters' preference for randomization. It also clarifies the circumstances in which randomization is optimal: when the available sample size is large and robustness is an important concern. We apply our model to shed light on the practice of rerandomization, used to improve ba...
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作者：Mattauch, Linus; Matthews, H. Damon; Millar, Richard; Rezai, Armon; Solomon, Susan; Venmans, Frank
作者单位：University of Oxford; Concordia University - Canada; Vienna University of Economics & Business; International Institute for Applied Systems Analysis (IIASA); Massachusetts Institute of Technology (MIT); University of Mons; University of London; London School Economics & Political Science
摘要：Lemoine and Rudik (2017) argues that it is efficient to delay reducing carbon emissions, due to supposed inertia in the climate system's response to emissions. This conclusion rests upon misunderstanding the relevant earth system modeling: there is no substantial lag between CO2 emissions and warming. Applying a representation of the earth system that captures the range of responses seen in complex earth system models invalidates the original article's implications for climate policy. The leas...
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作者：Dobbie, Will; Song, Jae
作者单位：Harvard University; National Bureau of Economic Research
摘要：We study the drivers of financial distress using a large-scale field experiment that offered randomly selected borrowers a combination of (i) immediate payment reductions to target short-run liquidity constraints and (ii) delayed interest write-downs to target long-run debt constraints. We identify the separate effects of the payment reductions and interest write-downs using both the experiment and cross-sectional variation in treatment intensity. We find that the interest write-downs signific...
