-
作者：Fornaro, Luca; Romei, Federica
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Center for Economic & Policy Research (CEPR); Stockholm School of Economics
摘要：This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy is constrained by the zero lower bound. Now imagine that governments implement prudential financial and fiscal policies to stabilize the economy. We show that these policies, while effective from the perspective of individual countries, might backfire if applied on a global scale. In fact, prudential policies generate a rise in the global supply of savings and a drop in global ...
-
作者：Dal Bo, Pedro; Frechette, Guillaume
作者单位：Brown University; New York University
摘要：We use a novel experimental design to reliably elicit subjects' strategies in an infinitely repeated prisoner's dilemma experiment with perfect monitoring. We find that three simple strategies represent the majority of the chosen strategies: Always Defect, Tit-for-Tat, and Grim. In addition, we identify how the strategies systematically vary with the parameters of the game. Finally, we use the elicited strategies to test the ability to recover strategies using statistical methods based on obse...
-
作者：Agarwal, Nikhil; Ashlagi, Itai; Azevedo, Eduardo; Featherstone, Clayton R.; Karaduman, Omer
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Stanford University; Massachusetts Institute of Technology (MIT)
摘要：We show that kidney exchange markets suffer from market failures whose remedy could increase transplants by 30 to 63 percent. First, we document that the market is fragmented and inefficient; most transplants are arranged by hospitals instead of national platforms. Second, we propose a model to show two sources of inefficiency: hospitals only partly internalize their patients' benefits from exchange, and current platforms suboptimally reward hospitals for submitting patients and donors. Third,...
-
作者：Bazzi, Samuel; Gaduh, Arya; Rothenberg, Alexander D.; Wong, Maisy
作者单位：Boston University; University of Arkansas System; University of Arkansas Fayetteville; Syracuse University; University of Pennsylvania
摘要：We use a population resettlement program in Indonesia to identify long-run effects of intergroup contact on national integration. In the 1980s, the government relocated two million ethnically diverse migrants into hundreds of new communities. We find greater integration in fractionalized communities with many small groups, as measured by national language use at home, intermarriage, and children's name choices. However, in polarized communities with a few large groups, ethnic attachment increa...
-
作者：Fudenberg, Drew; Rayo, Luis
作者单位：Northwestern University; Center for Economic & Policy Research (CEPR)
摘要：A principal specifies time paths of effort provision, task allocation, and knowledge transfer for a cash-constrained apprentice, who is free to walk away at any time. In the optimal contract the apprentice pays for training by working for low or no wages and by working inefficiently hard. The apprentice can work on both knowledge-complementary and knowledge-independent tasks. We study the optimal time path of effort distortions and their impact on the knowledge transfer, and analyze the effect...
-
作者：Fetzer, Thiemo
作者单位：University of Warwick
摘要：This paper documents a significant association between the exposure of an individual or area to the UK government's austerity-induced welfare reforms begun in 2010, and the following: the subsequent rise in support for the UK Independence Party, an important correlate of Leave support in the 2016 UK referendum on European Union membership; broader individual-level measures of political dissatisfaction; and direct measures of support for Leave. Leveraging data from all UK electoral contests sin...
-
作者：Kessler, Judd B.; Low, Corinne; Sullivan, Colin D.
作者单位：University of Pennsylvania; Stanford University
摘要：We introduce a new experimental paradigm to evaluate employer preferences, called incentivized resume rating (IRR). Employers evaluate resumes they know to be hypothetical in order to be matched with real job seekers, preserving incentives while avoiding the deception necessary in audit studies. We deploy IRR with employers recruiting college seniors from a prestigious school, randomizing human capital characteristics and demographics of hypothetical candidates. We measure both employer prefer...
-
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...
-
作者：Borenstein, Severin; Bushnell, James; Wolak, Frank A.; Zaragoza-Watkins, Matthew
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Davis; Stanford University; Vanderbilt University
摘要：We study potential equilibria in California's cap-and-trade market for greenhouse gases (GHGs) based on information available before the market started. We find large ex ante uncertainty in business-as-usual emissions and in the abatement that might result from non-market policies, much larger than the reduction that could plausibly occur in response to an allowance price within a politically acceptable range. This implies that the market price is very likely to be determined by an administrat...
-
作者：Farhi, Emmanuel; Werning, Ivan
作者单位：Harvard University; Massachusetts Institute of Technology (MIT)
摘要：This paper extends the benchmark New-Keynesian model by introducing two frictions: (i) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (ii) bounded rationality in the form of level-k thinking. Compared to the benchmark model, we show that the interaction of these two frictions leads to a powerful mitigation of the effects of monetary policy, which is more pronounced at long horizons, and offers a potential rationa...
