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作者：Favilukis, Jack; Lin, Xiaoji; Zhao, Xiaofei
作者单位：University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities; Georgetown University
摘要：We show that labor market frictions are first-order for understanding credit markets. Wage growth and labor share forecast aggregate credit spreads and debt growth as well as or better than alternative predictors. They also predict credit risk and debt growth in a cross section of international firms. Finally, high labor share firms choose lower financial leverage. A model with labor market frictions and risky long-term debt can explain these findings, and produce large credit spreads despite ...
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作者：Lagos, Ricardo; Zhang, Shengxing
作者单位：New York University; University of London; London School Economics & Political Science
摘要：We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the evidence.
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作者：Fisman, Raymond; Shi, Jing; Wang, Yongxiang; Wu, Weixing
作者单位：Boston University; Shandong University of Finance & Economics; Macquarie University; University of Southern California; Shanghai Jiao Tong University; University of International Business & Economics
摘要：We study how sharing a hometown or college connection with an incumbent member of China's Politburo affects a candidate's likelihood of selection as a new member. In specifications that include fixed effects to absorb quality differences across cities and colleges, we find that hometown and college connections are each associated with 5-9 percentage point reductions in selection probability. This connections penalty is equally strong for retiring Politburo members, arguing against quota-based ...
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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：Garriga, Carlos; Hedlund, Aaron
作者单位：Federal Reserve System - USA; University of Missouri System; University of Missouri Saint Louis; Federal Reserve System - USA; Utah System of Higher Education; Utah State University
摘要：Using a quantitative heterogeneous agents macro-housing model and detailed microdata, this paper studies the drivers of the 2006-2011 housing bust, its spillovers to consumption and the credit market, and the ability of mortgage rate interventions to accelerate the recovery. The model features tenure choice between owning and renting, rich portfolio choice, long-term defaultable mortgages, and endogenously illiquid housing from search frictions. The equilibrium analysis and empirical evidence ...
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作者：Meckel, Katherine
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：Quantity vouchers are used in redistributive programs to shield participants from price variation and alter their consumption patterns. However, because participants are insensitive to prices, vendors of program goods are incentivized to price discriminate between program and non program customers. I study these trade-offs in the context of a reform to reduce price discrimination in the Supplemental Nutrition Program for Women, Infants, and Children (WIC), which provides a quantity voucher for...
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作者：Feyrer, James; Mansur, Erin T.; Sacerdote, Bruce, I
作者单位：Dartmouth College; Dartmouth College
摘要：Measuring the geographic spillovers from an economic shock remains a challenging econometric problem. In Feyrer, Mansur, and Sacerdote (2017) we study the propagation of positive shocks from the recent boom in oil and gas production in the United States. We regress changes in income per capita on new energy production per capita within increasingly larger geographic circles. James and Smith (2020) proposes instead a single regression of county income per capita on energy production from succes...
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作者：Chakraborty, Archishman; Ghosh, Parikshit; Roy, Jaideep
作者单位：Yeshiva University; University of Delhi; Delhi School of Economics; University of Bath
摘要：Does public cheap talk by a biased expert benefit voters? The answer depends on the nature of democratic institutions and the extent of communication possibilities. Expert endorsements induce office-seeking parties to serve the expert's interests, hurting voters. Expert advocacy makes policies respond to information, helping voters. Together, policy advocacy and partisan endorsements are often better than either alone. Their interaction creates a delegation benefit that makes indirect democrac...
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作者：Johnson, Matthew S.
作者单位：Duke University
摘要：Publicizing firms' socially undesirable actions may enhance firms' incentives to avoid such actions. In 2009, the Occupational Safety and Health Administration (OSHA) began issuing press releases about facilities that violated safety and health regulations. Using quasi-random variation arising from a cutoff rule OSHA followed, I find that publicizing a facility's violations led other facilities to substantially improve their compliance and experience fewer occupational injuries. OSHA would nee...
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作者：Polisson, Matthew; Quah, John K-H; Renou, Ludovic
作者单位：University of Bristol; University of London; London School Economics & Political Science; Johns Hopkins University; National University of Singapore; University of London; Queen Mary University London; University of Adelaide
摘要：We develop a nonparametric method, called Generalized Restriction of Infinite Domains (GRID), for testing the consistency of budgetary choice data with models of choice under risk and under uncertainty. Our test can allow for risk-loving and elation-seeking attitudes, or it can require risk aversion. It can also be used to calculate, via Afriat's efficiency index, the magnitude of violations from a particular model. We evaluate the performance of various models under risk (expected utility, di...
