-
作者：Lin, Tse-Chun; Liu, Qi; Sun, Bo
作者单位：University of Hong Kong; Peking University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study the effect of financial market frictions on managerial compensation. We embed a market microstructure model into an otherwise standard contracting framework, and analyze optimal pay for-performance when managers use information they learn from the market in their investment decisions. In a less frictional market, the improved information content of stock prices helps guide manage-rial decisions and thereby necessitates lower-powered compensation. Exploiting a randomized experiment, we...
-
作者：Ganong, Peter; Noel, Pascal
摘要：Using de-identified bank account data, we show that spending drops sharply at the large and predictable decrease in income arising from the exhaustion of unemployment insurance (UI) benefits. We use the high-frequency response to a predictable income decline as a new test to distinguish between alternative consumption models. The sensitivity of spending to income we document is inconsistent with rational models of liquidity-constrained households, but is consistent with behavioral models with ...
-
作者：Autor, David; Kostol, Andreas; Mogstad, Magne; Setzler, Bradley
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Norges Bank; Statistics Norway; University of Chicago
摘要：There is no evaluation of the consequences of Disability Insurance (DI) receipt that captures the effects on households' net income and consumption expenditure, family labor supply, or benefits from other programs. Combining detailed register data from Norway with an instrumental variables approach based on random assignment to appellant judges, we comprehensively assess how DI receipt affects these understudied outcomes. To consider the welfare implications of the findings from this instrumen...
-
作者：Singleton, John D.
作者单位：University of Rochester
摘要：Charter school funding is typically set by formulas that provide the same amount for students regardless of advantage or need. I present evidence that this policy skews the distribution of students served by charters toward low-cost populations by influencing where charter schools open and whether they survive. To do this, I develop and estimate an equilibrium model of charter school supply and competition to evaluate the effects of funding policies that aim to correct these incentives. The re...
-
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...
-
作者：Mertens, Karel; Ravn, Morten O.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of London; University College London
摘要：In this reply to a comment by Jentsch and Lunsford, we show that the evidence for economic and statistically significant macroeconomic effects of tax changes in Mertens and Ravn (2013) remains present for a range of asymptotically valid inference methods.
-
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...
-
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...
-
作者：David, Joel M.; Venkateswaran, Venky
作者单位：University of Southern California; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
摘要：We develop a methodology to disentangle sources of capital mis-allocation, i.e., dispersion in value-added/capital. It measures the contributions of technological! informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adju...
-
作者：Jentsch, Carsten; Lunsford, Kurt G.
作者单位：Dortmund University of Technology; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Mertens and Ravn (2013) estimateimpulse response functions (MPS) from income tax changes in a structural vector autoregression (SVAR) by using narrative accounts of tax liability changes as proxy variables. To produce confidence intervals for their IRFs, they use a residual-based wild bootstrap, which has subsequently become popular in the proxy SVAR literature. We argue that their wild bootstrap is not valid, producing confidence intervals that are much too small. Using a residual-based movin...
