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作者：Rotemberg, Martin
作者单位：New York University
摘要：Subsidy programs have two countervailing effects on firms: direct gains for eligible firms and indirect losses for those whose competitors are eligible. In 2006, India changed the eligibility criteria for small-firm subsidies, and the sales of newly eligible firms grew by roughly 35 percent. Competitors of the newly eligible firms were affected, with almost complete crowd-out within products that were less internationally traded, but little crowd-out for more-traded products. The newly eligibl...
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作者：Besanko, David; Doraszelski, Ulrich; Kryukov, Yaroslav
作者单位：Northwestern University; University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We study industries where the price that a firm sets serves as an investment into lower cost or higher demand. We assess the welfare implications of the ensuing competition for the market using analytical and numerical approaches to compare the equilibria of a learning-by-doing model to the first-best planner solution. We show that dynamic competition leads to low deadweight loss. This cannot be attributed to similarity between the equilibria and the planner solution. Instead, we show how lear...
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作者：Fadlon, Itzik; Nielsen, Torben Heien
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research; University of Copenhagen
摘要：We study how health behaviors are shaped through family spillovers. We leverage administrative data to identify the effects of health shocks on family members' consumption of preventive care and health-related behaviors, constructing counterfactuals for affected households using households that experience the same shock but a few years in the future. Spouses and adult children immediately improve their health behaviors and their responses are both significant and persistent. These spillovers a...
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作者：Head, Keith; Mayer, Thierry
作者单位：University of British Columbia; Centre for Economic Policy Research - UK; European Central Bank; Bank of France
摘要：Following the 2016 Leave vote in the referendum on UK membership in the EU and the election of Donald Rump, trade agreements have entered a period of great instability. To predict the impact of possible disruptions to existing arrangements requires counterfactual analysis that takes into account the complex set of factors influencing the production and marketing strategies of multinational corporations. We estimate a model of multinational decision-making in the car industry. This model predic...
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作者：Miao, Jianjun; Shen, Zhouxiang; Wang, Pengfei
作者单位：Boston University; Southwestern University of Finance & Economics - China; Central University of Finance & Economics; Hong Kong University of Science & Technology
摘要：We revisit Gali's (2014) analysis by extending his model to incorporate persistent bubble shocks. We find that, under adaptive learning, a stable bubbly steady state and the associated sunspot solutions under optimal monetary policy are not E-stable. When deriving the unique forward-looking minimum stable variable (MSV) solution around an unstable bubbly steady state, we obtain results that are consistent with the conventional views: leaning against the wind policy reduces bubble volatility an...
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作者：Zimmerman, Seth D.
作者单位：University of Chicago
摘要：This paper asks whether elite colleges help students outside of historically advantaged groups reach top positions in the economy. I combine administrative data on income and leadership teams at publicly traded firms with a regression discontinuity design based on admissions rules at elite business focused degree programs in Chile. The 1.8 percent of college students admitted to these programs account for 41 percent of leadership positions and 39 percent of top 0.1 percent incomes. Admission r...
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作者：Alstadsaeter, Annette; Johannesen, Niels; Zucman, Gabriel
作者单位：Norwegian University of Life Sciences; University of Copenhagen; University of Copenhagen; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Drawing on a unique dataset of leaked customer lists from offshore financial institutions matched to administrative wealth records in Scandinavia, we show that offshore tax evasion is highly concentrated among the rich. The skewed distribution of offshore wealth implies high rates of tax evasion at the top: we find that the 0.01 percent richest households evade about 25 percent of their taxes. By contrast, tax evasion detected in stratified random tax audits is less than 5 percent throughout t...
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作者：Alsan, Marcella; Garrick, Owen; Graziano, Grant
作者单位：Harvard University; University of California System; University of California Berkeley
摘要：We study the effect of physician workforce diversity on the demand for preventive care among African American men. In an experiment in Oakland, California, we randomize black men to black or non-black male medical doctors. We use a two-stage design, measuring decisions before (pre-consultation) and after (post-consultation) meeting their assigned doctor. Subjects select a similar number of preventives in the pre-consultation stage, but are much more likely to select every preventive service, p...
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作者：Asriyan, Vladimir; Fuchs, William; Green, Brett
作者单位：Barcelona School of Economics; Pompeu Fabra University; Center for Economic & Policy Research (CEPR); University of Texas System; University of Texas Austin; Universidad Carlos III de Madrid; Washington University (WUSTL)
摘要：We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents' expectations about market conditions in future periods. Our theory is based on the interaction between adverse selection and resale considerations giving rise to an intertemporal coordination problem that yields multiple self-fulfilling equilibria. We construct sentiment equilibria in which sunspots generate fluctuations in prices, volume, and welfare, all of which are positi...
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作者：Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, Pietro; Riella, Gil
作者单位：Bocconi University; Bocconi University; University of Pennsylvania; Princeton University; Princeton University; Getulio Vargas Foundation
摘要：We study stochastic choice as the outcome of deliberate randomization. We derive a general representation of a stochastic choice function where stochasticity allows the agent to achieve from any set the maximal element according to her underlying preferences over lotteries. We show that in this model stochasticity in choice captures complementarily between elements in the set, and thus necessarily implies violations of Regularity/Monotonicity, one of the most common properties of stochastic ch...
