-
作者：Blundell, Wesley; Gowrisankaran, Gautam; Langer, Ashley
作者单位：Washington State University; University of Arizona
摘要：The US Environmental Protection Agency (EPA) uses a dynamic approach to enforcing air pollution regulations, with repeat offenders subject to high fines and designation as high priority violators (HPV). We estimate the value of dynamic enforcement by developing and estimating a dynamic model of a plant and regulator, where plants decide when to invest in pollution abatement technologies. We use a fixed grid approach to estimate random coefficient specifications. Investment, fines, and HPV desi...
-
作者：Lise, Jeremy; Postel-Vinay, Fabien
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of London; University College London; University of London; London School Economics & Political Science
摘要：We construct a structural model of on-the-job search in which workers differ in skills along several dimensions and sort themselves into jobs with heterogeneous skill requirements along those same dimensions. Skills are accumulated when used, and depreciate when not used. We estimate the model combining data from O*NET with the NLSY79. We use the model to shed light on the origins and costs of mismatch along heterogeneous skill dimensions. We highlight the deficiencies of relying on a unidimen...
-
作者：Liu, Qingmin
作者单位：Columbia University
摘要：We propose a criterion of stability for two-sided markets with asymmetric information. A central idea is to formulate off-path beliefs conditional on counterfactual pairwise deviations and on-path beliefs in the absence of such deviations. A matching-belief configuration is stable if the matching is individually rational with respect to the system of on-path beliefs and is not blocked with respect to the system of off-path beliefs. The formulation provides a language for assessing matching out...
-
作者：Farboodi, Maryam; Veldkamp, Laura
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Big data financial technology raises concerns about market inefficiency. A common concern is that the technology might induce traders to extract others' information, rather than to produce information themselves. We allow agents to choose how much they learn about future asset values or about others' demands, and we explore how improvements in data processing shape these information choices, trading strategies and market outcomes. Our main insight is that unbiased technological change can expl...
-
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...
-
作者：Gabaix, Xavier
作者单位：Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper analyzes how bounded rationality affects monetary and fiscal policy via an empirically relevant enrichment of the New Keynesian model. It models agents' partial myopia toward distant atypical events using a new microfounded cognitive discounting parameter. Compared to the rational model, (i) there is no forward guidance puzzle; (ii) the Taylor principle changes: with passive monetary policy but enough myopia equilibria are determinate and economies stable; (iii) the zero lower bound...
-
作者：Harari, Mariaflavia
作者单位：University of Pennsylvania
摘要：The spatial layout of cities is an important feature of urban form, highlighted by urban planners but overlooked by economists. This paper investigates the causal economic implications of city shape in India. I measure cities' geometric properties over time using satellite imagery and historical maps. I develop an instrument for urban shape based on geographic obstacles encountered by expanding cities. Compact city shape is associated with faster population growth and households display positi...
-
作者：Cai, Jing; de Janvry, Alain; Sadoulet, Elisabeth
作者单位：University System of Maryland; University of Maryland Baltimore; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Using data from a two-year pricing experiment, we study the impact of subsidy policies on weather insurance take-up. Results show that subsidies increase future insurance take-up through their influence on payout experiences. Exploring mechanisms of the payout effect, we find that for households that randomly benefited from financial education, receiving a payout provides a one-time learning experience that improves take-up permanently. In contrast, households with poor insurance knowledge con...
-
作者：Bocola, Luigi; Lorenzoni, Guido
作者单位：Stanford University; Northwestern University
摘要：Foreign currency debt is considered a source of financial instability in emerging markets. We propose a theory in which liability dollarization arises from an insurance motive of domestic savers. Since financial crises are associated to depreciations, savers ask for a risk premium when saving in local currency. This force makes domestic currency debt expensive, and incentivizes borrowers to issue foreign currency debt. Providing ex post support to borrowers can alleviate the effect of the cris...
-
作者：Goldsmith-Pinkham, Paul; Sorkin, Isaac; Swift, Henry
作者单位：Yale University; Stanford University; National Bureau of Economic Research
摘要：The Bartik instrument is formed by interacting local industry shares and national industry growth rates. We show that the typical use of a Bartik instrument assumes a pooled exposure research design, where the shares measure differential exposure to common shocks, and identification is based on exogeneity of the shares. Next, we show how the Bartik instrument weights each of the exposure designs. Finally, we discuss how to assess the plausibility of the research design. We illustrate our resul...
