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作者：Criscuolo, Chiara; Martin, Ralf; Overman, Henry G.; Van Reenen, John
作者单位：Organisation for Economic Co-operation & Development (OECD); Imperial College London; University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
摘要：We exploit changes in the area-specific eligibility criteria for a program to support jobs through investment subsidies. European rules determine whether an area is eligible for subsidies, and we construct instrumental variables for area eligibility based on parameters of these rule changes. Areas eligible for higher subsidies significantly increased jobs and reduced unemployment. A 10-percentage point increase in the maximum investment subsidy stimulates a 10 percent increase in manufacturing...
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作者：Harasztosi, Peter; Lindner, Attila
作者单位：European Commission Joint Research Centre; EC JRC ISPRA Site; University of London; University College London
摘要：This paper provides a comprehensive assessment of the margins along which firms responded to a large and persistent minimum wage increase in Hungary. We show that employment elasticities are negative but small even four years after the reform; that around 75 percent of the minimum wage increase was paid by consumers and 25 percent by firm owners; that firms responded to the minimum wage by substituting labor with capital; and that disemployment effects were greater in industries where passing ...
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作者：Hjort, Jonas; Poulsen, Jonas
作者单位：Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Uppsala University
摘要：To show how fast Internet affects employment in Africa, we exploit the gradual arrival of submarine Internet cables on the coast and maps of the terrestrial cable network. Robust difference-in-differences estimates from 3 datasets, covering 12 countries, show large positive effects on employment rates-also for less educated worker groups-with little or no job displacement across space. The sample-wide impact is driven by increased employment in higher-skill occupations, but less-educated worke...
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作者：Frankel, Alexander; Kamenica, Emir
作者单位：University of Chicago
摘要：We examine ways to measure the amount of information generated by a piece of news and the amount of uncertainty implicit in a given belief. Say a measure of information is valid if it corresponds to the value of news in some decision problem. Say a measure of uncertainty is valid if it corresponds to expected utility loss from not knowing the state in some decision problem. We axiomatically characterize all valid measures of information and uncertainty. We show that if measures of information ...
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作者：Durante, Ruben; Pinotti, Paolo; Tesei, Andrea
作者单位：Pompeu Fabra University; Barcelona School of Economics; ICREA; Center for Economic & Policy Research (CEPR); Bocconi University; Bocconi University; University of London; Queen Mary University London; London School Economics & Political Science
摘要：We study the political impact of commercial television in Italy exploiting the staggered introduction of Berlusconi's private TV network, Mediaset, in the early 1980s. We find that individuals with early access to Mediaset all-entertainment content were more likely to vote for Berlusconi's party in 1994, when he first ran for office. The effect persists for five elections and is driven by heavy TV viewers, namely the very young and the elderly. Regarding possible mechanisms, we find that indiv...
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作者：Auclert, Adrien
作者单位：Stanford University; National Bureau of Economic Research
摘要：This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and US data suggest that all three channels are likely to am...
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作者：Chen, Yuyu; Yang, David Y.
作者单位：Peking University; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：Media censorship is a hallmark of authoritarian regimes. We conduct a field experiment in China to measure the effects of providing citizens with access to an uncensored internet. We track subjects' media consumption, beliefs regarding the media, economic beliefs, political attitudes, and behaviors over 18 months. We find four main results: (i) free access alone does not induce subjects to acquire politically sensitive information; (ii) temporary encouragement leads to a persistent increase in...
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作者：Blanchard, Olivier
作者单位：Peterson Institute for International Economics; Massachusetts Institute of Technology (MIT)
摘要：This lecture focuses on the costs of public debt when rates are low. I develop four main arguments. First, I show that the current us situation, in which safe interest rates are expected to remain below growth rates for a long time, is more the historical norm than the exception. If the figure is like the past, this implies that debt rollovers, that is the issuance of debt without a later increase in taxes, may well be feasible. Put bluntly, public debt may have no fiscal cost. Second, even in...
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作者：Giroud, Xavier; Mueller, Holger M.
作者单位：Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; European Corporate Governance Institute
摘要：Using confidential establishment-level data from the US Census Bureau's Longitudinal Business Database, this paper documents how local shocks propagate across US regions through firms' internal networks of establishments. Consistent with a model of optimal within-firm resource allocation, we find that establishment-level employment is sensitive to shocks in distant regions in which the establishment's parent firm is operating, and that the elasticity with respect to such shocks increases with ...
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作者：Piketty, Thomas; Yang, Li; Zucman, Gabriel
作者单位：University of California System; University of California Berkeley
摘要：We combine national accounts, surveys, and new tax data to study the accumulation and distribution of income and wealth in China from 1978 to 2015. The national wealth-income ratio increased from 350 percent in 1978 to 700 percent in 2015, while the share of public property in national wealth declined from 70 percent to 30 percent. We provide sharp upward revision of official inequality estimates. The top 10 percent income share rose from 27 percent to 41 percent between 1978 and 2015; the bot...
